Robotic Process Automation (RPA) Market Size Projected To Reach $8.75 Billion By 2024
In a new report, the analyst Grand View Research, Inc. says that the global Robotic Process Automation (RPA) market is expected to reach USD 8.75 billion by 2024. So RPA is maturing in terms of clarity, credibility and applicability, as organizations are increasingly implementing these solutions. RPA is emerging as a disrupting technology with capabilities of providing benefits such as enhanced accuracy, compliance, cost saving and scalability. As these tools are 65% less expensive than the full-time employees, industry experts have been expecting RPA to disrupt the conventional Business Process Outsourcing (BPO) model and alter the global outsourcing industry. Robots are deployed to handle standardized, repeatable and logical tasks performed by humans. Lower operational cost is one of the primary drivers for the market growth. It is estimated that RPA is expected to cost as one-third of the least expensive offshore labor. The reduction in workforce cost is expected to trigger organizations to adopt the technology over the next eight years. Small and medium enterprises are utilizing a process-based approach instead of using BPM to gain contracts that contain lower full time equivalent cost to program and manage the robots.