Automation is changing the face of business. Robotic Process Automation (RPA) and Hyperautomation are arguably the most important changes toward this end. RPA can help companies with completing repetitive work. This can help to reduce any chances of human errors and guarantee high efficiency.
Just think of how Breakout Koramangala has evolved? Well, it is using fast-changing systems to make workflow easy. Similar is the case with business development through RPA and hyperautomation.
When RPA is paired with AI, ML, or any other advanced technology, it can incorporate automation of complex workflows. According to various research and studies, the RPA and hyperautomation market will experience substantial growth in 2025 onwards. What but how? This article answers such questions. So, check it out now:
1. Growth in the RPA Market
The market of RPA has highly accelerated during the past two or three years. Most industries like banking, health services, and manufacturing significantly adopted RPA. It has helped them to decrease large-scale activities that people handle.
Software bots can handle different manual tasks. Now, this can include entry-related work, customer care, and basic report generation. Bots operate much faster than a human. Thus, they can carry out different daily tasks on a day-to-day basis all year round. Therefore, companies can save time while saving costs.
Research says, more businesses will adopt RPA by 2025. It will happen primarily in retail and logistics. This is because of the rise in e-commerce and the need to respond faster and better. Various studies claim that the market for RPA will reach almost $25 billion by 2025. Soon, small and medium-sized businesses will also start using RPA. Thus, it will find its market in businesses of all sizes!
2. Hyperautomation
The next level of advanced automation is hyperautomation. Hyperautomation is a combination of smart technologies. This includes use of advanced tech like AI, ML, and natural language processing (NLP), with RPA.
Now, RPA only deals with strictly structured tasks according to rules. On the other hand, hyperautomation caters to different complex procedures. This can include tasks like data analysis and the decision-making process. To take an example, hyperautomation can take data collection a step further by analyzing it and offering recommendations. This really helps in predicting what the customer needs or how one can better manage the supply chain.
Hence, the market for hyper automation will increase more sharply than that of RPA. Even more companies will spend their money on hyper automation. They will do it to stay ahead of the competition in 2025 onwards. By 2025, Hyper automation will pass the milestone revenue of $50 billion. Companies do not want to see only completion of work now. They also need insights and value addition through their operations! Thus, all this will drive this growth.
3. Growth Drivers
Some of the key factors that will drive the growth of RPA and hyper automation by 2025, are:
– Increase in Demand of Efficiency: Businesses can control costs by streamlining operations. The use of RPA and hyperautomation can be of immense help here. This is because it can help them to automate various mundane manual tasks.
– Growth of AI and ML: The more AI and ML technologies evolve, the better they can evolve hyperautomation. Now, with more efficient data analysis, machines can make far better decisions. Thus, it will improve overall business outcomes.
– Remote Work: Remote Working has challenged the need for automation in various ways. Now, a company uses digital solutions to make their organizations functional all the time. Moreover, they do not necessarily require employees to be always present for their companies to be functional.
– Customer Expectations: The customers of today want instant and personalized services. Business automation makes it easy to respond fast to the needs of the customers. Further, it allows brands to handle millions of requests at one go.
4. Industries Adopting RPA and Hyperautomation by 2025
Major industries which will benefit from the same are as follows:
Banking and Finance: Always the first in the list of automation agenda is banking. RPA can be used in loan processing, customer support, and compliance checking. Hyperautomation can also help banks by studying financial data to make better lending choices.
Healthcare: A health care service provider automates and increases its performance towards improving the care of patients and lowering running costs. RPA bots help in patient record management, scheduling, and billing. Hyperautomation can help the assessment of data regarding patients for an overall trend of health. Moreover, it can predict risks in the future.
Manufacturing: It would save the cost of production while improving the quality control. RPA will involve stock management, but hyper-automation will work on the whole supply chain. Further, AI predictive maintenance will minimize the downtime. Additionally, it will help machines to keep working smoothly.
Retail and E-commerce: The automation of the retail industry automates customer service management, including order processing. Hyperautomation includes management of stock as well as predicting sales trends. Moreover, it will try to personalize the experience of the customer. If people are buying a lot online, then there is a necessity for automation for retailers!
5. Challenges in the RPA and Hyperautomation Market
While the growth of RPA and hyperautomation has several benefits, it also has various challenges:
Implementation Complexity: Hyperautomation involves many technologies that must work together. The technology is a bit complicated. Thus, it is not easy to implement for smaller firms with fewer technical staff onboard.
Premium Price: Advanced automation solutions like AI and ML are expensive. Small companies cannot always afford it unless they have external funds.
Security Issues: Automation produces large amounts of data. Thus, data privacy and cybersecurity become quite crucial factors. This is because minor flaws can easily harm the goodwill of an organization. Moreover, it will invite legal trouble.
Job Loss: The second reason is that some jobs may be redundant. RPA and hyperautomation can create new job positions. But they can also make certain positions redundant. This can create a feeling of job insecurity among workers.
6. RPA and Hyper Automation Future
RPA and hyperautomation will dominate the digital transformation market by 2025. Here are some of the ways that it will evolve the market:
Rising use of AI and ML: Companies will further enhance automation by using advanced AI and ML models. This can help hyperautomation make better predictions and give sharper insights.
Adoption in new segments: Other new segments such as education, agriculture, and government apart from ones above will start embracing automation. It will allow them to streamline administrative tasks, and data management. Additionally, it will help in better decision-making.
Emphasis on Human-AI collab: Companies will find ways to combine human skills with the efficiency of machines. Thus, automation will now complement the work done by humans. For instance, RPA can do repetitive tasks. Hence, the employee will now be free to focus on problem-solving and decision-making.
Better User Experience: Organisations would adopt hyperautomation to offer better customer experiences. Business automation processes will deliver quick service and information with personalized solutions. Thus, it will improve customer satisfaction.
Conclusion
Markets for RPA and hyperautomation are expected to grow at an accelerated pace in 2025. They will rely on higher efficiency and technological improvements in AI and ML. Industries like banking, healthcare, manufacturing, and retail will also join in.
The use of RPA and hyperautomation will help to streamline processes, and reduce errors. Further, it will offer enhanced customer satisfaction and experience. Thus, despite its challenges, the use of RPA and hyperatuomation holds much promise for the future!
