Robotic Process Automation (RPA) A Transformative Technology That Leverages Software

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Nov 6, 2023

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Introduction

According to Robotic Process Automation (RPA) Statistics, Robotic Process Automation (RPA) is a transformative technology that leverages software robots to automate rule-based tasks within digital systems. It operates by identifying repetitive tasks, developing software bots to execute them, and seamlessly integrating these bots with existing software applications. RPA offers numerous benefits, including cost efficiency, accuracy, scalability, and enhanced productivity.

Its adoption is on the rise across industries, with the global RPA market poised for significant growth. This technology has the potential to revolutionize business operations by reducing costs, improving efficiency, and allowing human employees to focus on more strategic activities, ultimately enhancing overall productivity and competitiveness.

Editor’s Choice

  • The global robotic process automation (RPA) market stood at 1.23 billion in 2020, and it is anticipated to reach 12.22 billion by 2029.
  • In 2021, the RPA software revenue continued its ascent, surging to 1,888.1 million USD, showcasing an impressive growth rate of 19.53%.
  • Robotic Process Automation (RPA) adoption varies significantly across industries, with manufacturing leading the way at 35%.
  • A survey found that 53% have already started with RPA, and 19% plan to do so within two years.
  • Impressively, 78% of existing RPA users expect increased investment in the next three years.
  • Many organizations tend to underestimate the time and cost required for RPA implementation, with 63% finding the implementation time longer than expected and 37% experiencing higher-than-anticipated implementation costs.

Global RPA Market Size

  • In 2020, the market stood at 1.23 billion, and this figure surged to 2.07 billion in 2021.
  • The momentum continued into 2022, with the market reaching 3.17 billion.
  • By 2029, the market is anticipated to reach 12.22 billion, and it is expected to surpass 13.39 billion by the year 2030.
Robotic Process Automation

Global RPA Software Revenue

  • In the realm of Robotic Process Automation (RPA), software revenue has demonstrated a remarkable growth trajectory over recent years.
  • In 2019, the revenue reached 1,411.1 million USD, marking a substantial growth of 62.93%. This momentum persisted into 2020, with RPA software revenue increasing to 1,579.5 million USD, reflecting a growth rate of 11.94%.
  • The following year, in 2021, the RPA software revenue continued its ascent, surging to 1,888.1 million USD, showcasing an impressive growth rate of 19.53%.
Robotic Process Automation

RPA Software End-User Spending

  • In terms of end-user spending, there has been a remarkable upward trend over the past few years.
  • In 2021, end-user spending reached 2,389 million USD, experiencing a robust growth rate of 30.9%.
  • This positive momentum continued into the following year, 2022, with end-user spending increasing to 2,854 million USD, reflecting a notable growth rate of 19.5%.
  • The trend persisted into 2023, where end-user spending climbed to 3,352 million USD, marking another substantial growth of 17.5%.

Top Companies RPA Funding

  • In the realm of Robotic Process Automation (RPA) companies, notable funding rounds have played a significant role in their growth.
  • UiPath secured substantial total funding of $1.2 billion across six rounds, while automation Anywhere closely followed with $840 million over four funding rounds.
  • Blue Prism Group accumulated $182 million through five rounds, and Workfusion secured $180 million through six funding rounds.

Industries Adopting RPA

  • Robotic Process Automation (RPA) adoption varies significantly across industries, with manufacturing leading the way at 35%.
  • The technology sector closely follows, with a substantial adoption rate of 31%.
  • In the healthcare industry, RPA adoption stands at 10%, indicating a growing recognition of its potential to streamline administrative and operational processes.
  • Retail and Consumer Packaged Goods (CPG), as well as the finance sector, both report an 8% adoption rate, reflecting a notable presence of automation in these domains.
  • The public sector, including government agencies, demonstrates a 5% adoption rate, while the education sector trails behind with 3%.
Robotic Process Automation

Healthcare

  • Through the incorporation of robotic process automation (RPA) in healthcare claims management, Care1st Health Plan Arizona significantly shortened the time required to process individual claims from 20 seconds to a mere 3 seconds.
  • Another instance of RPA’s impact on healthcare comes from Avera Health, a regional health system operating across five states.
  • Avera effectively deployed RPA bots to verify user account statuses and promptly inform Avera managers about pending or incomplete claims. This strategic move resulted in substantial savings of $260,000 in employee-related expenses for Avera Health.
  • The application of RPA in the realm of medical insurance holds the potential for a substantial 30% reduction in claims processing expenses for companies that automate approximately 60-70% of tasks linked to claims administration.

Manufacturing

  • A survey reveals that 43% of manufacturers currently employ RPA, and an additional 43% intend to launch new RPA projects. RPA is becoming more intelligent through integration with technologies like Artificial Intelligence and Machine Learning.
  • The World Economic Forum predicts that by 2022, 42% of manufacturing tasks will be automated, resulting in significant cost reductions, ranging from 4% to 12% in procurement expenses. This could mean substantial annual savings for certain companies.

Finance

  • Approximately 80% of finance leaders have either already put RPA into action or have intentions to put it into action. However, embracing new digital technologies and transitioning to the cloud continues to pose challenges.
  • Merely 37% of finance departments have a well-defined strategy for investing in digital technology over the next two to three years.
  • Furthermore, 64% of CFOs believe that autonomous finance can be achieved within the next 6 years. 

Telecom Industry

  • In a survey conducted in 2020, it was found that telecom service providers are witnessing a growing preference for unassisted customer service portals.
  • About 69% of telecom customers now try to resolve their technical problems on their own before seeking assistance from the service provider.
  • Moreover, customers who make an unsuccessful attempt to fix their issues before requesting a technician’s help tend to rate their satisfaction 16 points lower on a 1000-point scale.
  • RPA bots offer a self-service portal that’s available around the clock for customers. These bots can gather information about the customer’s inquiry, enhancing the overall customer experience.

E-commerce

  • Approximately 50% of eCommerce companies utilize marketing automation software to attract more shoppers.
  • Projections indicate that by 2025, automated systems will handle 95% of customer interactions with retailers, including phone calls and live chat.
  • Interestingly, a majority of consumers, 73%, are receptive to AI handling customer service as long as it enhances the quality of service.
  • Experian’s findings show that customers receiving automated emails regarding incomplete shopping cart purchases are 2.4 times more likely to complete the purchase.

Benefits of RPA Implementation

  • A survey found that 53% have already started with RPA, and 19% plan to do so within two years.
  • Impressively, 78% of existing RPA users expect increased investment in the next three years.
  • Furthermore, 61% reported successful cost reductions through RPA. In terms of support, 63% will work with implementation partners, 19% seek help from RPA vendors, and 15% will handle it internally.
  • Over 90% of C-level executives using intelligent automation believe their organizations excel at managing change in response to evolving business trends.
  • On the financial side, RPA pilot programs anticipate a 9-month payback, though the actual payback for scaled RPA has been 12 months.

Challenges in RPA Implementation

  • A mere 3% of organizations have successfully expanded their digital workforce.
  • Additionally, many organizations tend to underestimate the time and cost required for RPA implementation, with 63% finding the implementation time longer than expected and 37% experiencing higher-than-anticipated implementation costs.
  • Interestingly, only 17% of respondents encountered employee resistance when piloting RPA, and this resistance dropped significantly to just 3% among those actively implementing or scaling RPA.
  • For the majority of organizations, approximately 63%, the implementation process will involve collaborating with dedicated third-party partners due to a shortage of specialized skills.
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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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