It is no secret that the entire business landscape is rapidly evolving, and revolutionary technologies of Industry 4.0 are paving the way for a more efficient and successful tomorrow. As business leaders scrutinise the technologies to identify the best ones for their companies, they can find RPA at the forefront. As we approach 2024, this article highlights some of the biggest RPA market trends that will change the way businesses operate in the future.
What is RPA?
Robotic Process Automation, aka RPA, is a robust software technology that enables experts to build, deploy and control robots. These bots mimic human actions and interact with different systems and solutions. These are heavily used for process automation and can perform recurring, rule-based tasks such as filling out forms, data extraction, report completion, moving files and more. RPA can be combined with AI, ML and other technologies to accomplish complex tasks.
Why Should you Adopt RPA?
Silver Touch Technologies comesHere are five simple answers advocating the need for RPA in all types of businesses.
- Automation through RPA eliminates human error and can save the business from huge losses.
- They increase organisational agility and accommodate business process changes.
- RPA allows process standardisation, which further contributes to optimising operations.
- As RPA can accomplish tasks faster than humans, companies enjoy efficiency gains.
Since RPA can perform low-value, high-volume tasks, employees can focus on more complex projects and high-value jobs that increase customer satisfaction and support revenue growth. Forrester predicts that the RPA market will rise from 250 million USD in 2016 to 11 billion USD in 2027. Grandview Research says the RPA automation market will be valued at 25.56 billion USD by 2027. Which RPA latest trends will contribute to this proliferation?
RPA Trends in 2024 that will Transform Organisations
RPA adoption can be a game changer for businesses at all levels. It is the key to getting rid of high-volume, repetitive tasks and improving the operational efficiency of the entire organisation. But with technology advancing every minute, the RPA trends are also changing. Staying abreast with the constant evolution is a must for successful RPA adoption. If you are looking to strengthen your organisation with RPA in 2024, you must check out these RPA industry trends to get started.
Rise of Low-Code RPA
RPA platforms will focus on non-technical users, too, and low-code RPA will gain popularity. It will enable such users to design and modify the automation workflows with little to zero knowledge of coding. Low-code RPA will become a key RPA market trend as it will allow more employees to participate in the automation process and streamline efforts.
Greater Analytics-Driven Insights
In present times, businesses are focusing on analytics to make important business decisions. RPA will facilitate this practice as it uses advanced data analytics tools to gather insights from data sets. The deep data insights will help companies identify bottlenecks, spot trends, improve automation, and streamline procedures. The analytics-driven insights will also allow the company to evaluate the success of the automation project, address deviations and take corrective actions.
Human-Robot Interaction
Contrary to popular belief, RPA will bring humans and robots closer. RPA platforms automate monotonous tasks, reducing human intervention. It lets employees work on more sophisticated cognitive tasks. However, automation will not take place without zero human interaction. Companies must draw cooperative strategies that allow humans and bots to coexist harmoniously and increase overall productivity. By maximising the capabilities of the bots and human resources, companies can forge financial success.
Sector-Centric RPA Solutions
An important RPA industry trend that will gain popularity in 2024 is vertical-specific RPA solutions. The industry will move from broader solutions to niche designs for multiple domains. Healthcare, banking, insurance, and manufacturing each will get a specific RPA application that focuses on their pain points and automates their core business processes. Domain-oriented RPA will enable organisations in different industries to leverage the RPA’s potential, increase operational efficiency and enjoy a competitive edge.
RPA in Clouds
Cloud technology is already a favourite concept of many businesses. Now, companies that adopt RPA in clouds shall become unstoppable. The shift to the cloud will provide flexibility, scalability and affordability. By leveraging cloud-based RPA environments, businesses can easily deploy and manage automation. The cloud will reduce infrastructural costs and simplify deployment. Moreover, it will democratise RPA and make it accessible for businesses of all sizes.
Improved Security Measures
As data theft and cyber security concern business leaders and policymakers, in 2024, RPA platforms will emphasise improving security measures. Some of the key features will be exhaustive audit trails, restricted access, and stronger encryption. RPA providers are likely to make huge investments to create a safer environment for the users and safeguard data. They are also likely to impose strict regulatory requirements.
Hyped About Hyper-automation
Hyper-automation is no longer a buzzword. Instead, it is on the list of all companies planning for RPA adoption. It is one of the most significant RPA trends in 2024. Hyper-automation is a dynamic concept of automating all possible business processes that can be accomplished without major human intervention. In 2024, companies can achieve unprecedented levels of efficiency through hyper-automation.
AI-led RPA Gains Popularity
AI-driven RPA will allow organisations to automate intricate cognitive processes. Through machine learning, the RPA bots will be able to effectively mine unstructured data and adjust to changing circumstances. AI will increase the accuracy of business processes and boost employee efficiency.
Automation will not replace humans, but it may eliminate a few specific jobs. However, the rise of RPA will also generate new career opportunities. Despite technological advancement, one must remember that RPA will be a combined effort of man and machine. RPA will free the human resources of menial tasks and enable them to focus on high-cognitive jobs.
Elevate your Business with RPA Services. Unleash Efficiency, Cut Costs, and Embrace Automation for a Transformative Future
Embrace RPA Trends in 2024 with Silver Touch Technologies
The upcoming year will be significant for businesses as RPA, hyper-automation, and cognitive technologies like machine learning, AI vision, and natural language processing will lead the industry. However, there is a gap between the demand and supply of expert AI and RPA experts in the industry. That is where Silver Touch Technologies comes into play. Equipped with years of experience, we have served a varied clientele across multiple business verticals. In addition, our RPA professionals constantly upgrade their knowledge and stay up to date with the latest developments in the automation industry. At Silver Touch, we are dedicated to simplifying your business processes through advanced technologies. To generate outstanding business outcomes, contact us today.
FAQs about RPA’s Latest Trends
As companies strive to achieve high-level efficiency, Gartner suggests that Hyperautomation will be the number 1 trend in RPA. Additionally, it will integrate cognitive technologies, such as AI, ML, and NPL, to facilitate an end-to-end automation lifecycle.
