According to Grand View Research, the global Robotic process automation (RPA) market size is already valued at $1.40 billion in 2019 and is expected to reach $11 billion by 2027, expanding at a CAGR of 34% from 2020 to 2027. Robotic process automation carries out the instructions it is given in a controlled manner. Humans have to identify the processes and direct Robotic process automation to execute tasks.
Identifying small tasks and giving out instructions can be a mundane task and will take a lot of time. But Artificial Intelligence (AI) is breaking barriers and has started a new wave. AI has a great impact on Robotic process automation tool, and combining both these tools brings out the best of both the tools. And this is just the beginning of future of automation.
Deloitte believes that if this trend continues, Robotic process automation will achieve near universal adoption in the next 5 years. Robotic process automation will get a stronger hold in the future with AI. AI and Robotic process automation together enable organizations to achieve new levels of efficiency and innovation. This has brought a shift in how businesses operate in this digital age. Businesses can now streamline processes, drive efficiency, and unlock new opportunities for growth. Robotic process automation and Artificial Intelligence (AI) have revolutionized many industries, including Banking, Financial Services, and Insurance and Retail.
The four primary areas where AI and RPA are advancing are chatbots, unstructured content, IoT sensors and analytics. The capability to attain great insight from unstructured data is the most important aspect in making robots more intelligent.
Key Benefits of Artificial Intelligence RPA:
- Streamlined work structures that ensures smooth operations and reduces errors.
- Improved efficiency that leads to faster task completion and resource optimization.
- Improved customer experience that increases loyalty and boosts customer satisfaction.
- Advanced problem-solving capabilities that enables practical solution to those problems.
- Cost savings and flexibility in business management
Industries that are majorly benefitting from RPA and AI integration:
- Financial Services: Robotic process automation and AI help in framing pattern, fraud detection in turn increases efficiency in service.
- Insurance: The Insurance industry has benefitted in risk assessment, claim processing, customer KYC and customer service
- Retail: Robotic process automation and AI has helped in better retail planning, supply chain management, targeting specific customers, improving operational efficiency and in staying ahead of the competition overall.
Now is the time for Robotic process automation implementation. With widespread enthusiasm about AI, the growth for RPA and AI is about to get bigger and better, promising a great advancement.
Have you decided to get started with RPA? If yes, then our 2-hour assessment consultation is a must for you. During this assessment, CRG Solutions experts will examine and help you assess your current business processes and help you build a Business Case for RPA that best suits your business requirements.
Contact us today – https://crgsolutions.co/robotic-process-automation-consultation/
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