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Robotic Process Automation (RPA) is currently the fastest growing segment in the global software market.
In 2018, The Australian RPA market increased by 48%, reaching AUD$52.3 million.
The rapid growth has been driven by digital transformation, as businesses look to enhance their operations, efficiency, and competitiveness through a digital workforce. As a result, more businesses are implementing an ‘automation first’ mindset and employing a hybrid workforce solution to achieve better business outcomes.
Although the Australian RPA market is experiencing rapid growth, it is still comparatively small against other leading countries. The Global RPA market was valued at US$846 million in 2018; by 2021, this figure is anticipated to reach US$2.9 billion.
Here is our list of key trends that have been identified for the Australian RPA market as it continues to evolve in 2020:
Intelligent Automation (IA) combines RPA and Artificial Intelligence (AI) to span the entire automation process. By combining RPA and Al, companies can empower rapid end-to-end business process automation and accelerate digital transformation.
In 2020, RPA vendors will converge their initial rules-based offering with AI-powered automation via a fully integrated intelligent automation approach; this will enable them to expand the possibilities of business process automation by spanning the entire automation journey.
The scaling interest in RPA is increasing the demand to expand the possibilities of business process automation to include incredibly complex business tasks.
The market is still in the development phase, and the value of RPA for Australian businesses is evolving. Early implementers of RPA are maturing, and by evaluating their experience and outcomes, we can better identify the value and bandwidth of RPA.
In 2019, RPA was positioned as a solution to improve businesses productivity and efficiency. In 2020, a greater emphasis will be placed on incorporating RPA into businesses security strategy.
RPA can be used to mitigate security threats by removing the universal risk of human error.
Protecting sensitive data is an increasingly complex challenge in the market, and RPA can be used as a guard rail by handling data-intensive tasks efficiently and without the vulnerability of human error.
Gartner predicts that by 2021, 30% of RPA vendors will offer consumption-based pricing instead of per-bot or per-component subscription pricing. This will result in more significant deviations in customer costs and return on investment (EOI).
This change will be influenced by an increase in competitors as startups, test automation vendors, and larger software providers enter the market. RPA vendors also have a better capability to build usage tracking in existing RPA solutions making the proliferation of pricing strategies possible.
Back-office automation is aimed at improving efficiency and productivity while reducing operational costs and errors. Front-office automation is aimed at driving customer satisfaction through sales and customer service. Intelligent Automation will drive front-office automation.
By 2023, the use of RPA for front-office functions is predicted to increase by 30%. This will revolutionise businesses interactions, communications and engagement with consumers.
If you are interested in learning how Robotic Process Automation (RPA) is transforming industries worldwide, download our eBook today.
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