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Robotic Process Automation is growing at an unprecedented
clip. Here are 7 RPA predictions for 2020 in this multi-billion-dollar
The global economy is gearing up for major changes, and RPA is positioned for a spectacular year in 2020.
According to Gartner, Robotic Process Automation is the fastest-growing segment in the worldwide enterprise software market. By the end of 2020, Gartner predicts that RPA services will be valued at £5.98 billion.
Automation has taken centre stage, and the economy is rapidly adapting
to the changes taking place. A new generation of workers will facilitate the
adoption of RPA technology, and the rapid pace of innovation in the workplace.
Industry analysts anticipate that companies will merge smaller robotic process automation vendors, and work to scale and standardize automation activities. These activities will serve to create an automation first mindset; a strategic objective for enterprises around the world. Among the many predictions for RPA adoption and implementation in 2020 are these top 7 forecasts:
This year, experts anticipate that robotic process automation will become the de facto repository for automation tools, much like Twitter is for microblogging, or Facebook is for social sharing. It will be necessary to develop high utility automation code for RPA technology, allowing
for different industries and geographic domains to utilize the code. All of
this is geared towards more extensible and accessible RPA tech.
Stock markets have been booming for years, but a downturn is imminent. It is uncanny, and unlikely, that the global economy will continue chugging along at a steady growth rate, without any downturns or corrections taking place. Long-term interest rates have plunged, and corporate investments are effectively following suit. All that's needed is a bear market with speculators dumping stocks en masse, for things to really sour. Companies
typically divest and lay off their employees to cut costs, but RPA presents a
new way forward. By implementing RPA technology into businesses, they may be able to scale up robots, rather than scaling down human workers.
A new workforce culture is taking root, and it is one that favours RPA technology. The inefficiencies of archaic systems will necessitate the implementation of novel new processes and techniques for standardising, implementing, and managing routine activities. Kryon RPA software
is a classic example of how effective RPA technology can be with monotonous tasks which can be performed with greater accuracy, speed, and precision, compared to human employees. The modernisation of the workforce will give rise to greater productivity, lower costs, and higher competitiveness among companies. Students have a natural bent to learn about automation technology, and this will compel companies to adopt new methods in day-to-day activities.
As bigger multinational companies enter the RPA market, it's inevitable that mergers and acquisitions with up-and-coming RPA vendors will take place. Market leading entities will likely not be subject to acquisitions, owing to high valuations. Rather, enterprise-level companies will acquire smaller archaic companies in order to compete with the market leading entities. Already we see evidence of this taken place with worldwide service integrator companies purchasing automation-led service companies. This will continue in 2020.
This year, companies will implement RPA technology across the board. Standardisation of RPA technology will become a hot topic issue, and it will ultimately be used across different industries and scores of companies. This will lead to easier scaling, which will prove much more effective than implementing automation technology in silos.
The World Economic Forum (WEF) and the United Nations (UN) are slated to discuss the impact of RPA vis-a-vis global economics, jobs and wages. This will filter down to company level, and the impact that RPA has on their communities, and societies. Broad-scale policy discussions on RPA can be extremely beneficial in the event of an economic downswing, particularly if robots become integral components of the economy.
AI (artificial intelligence), machine learning, and the associated tools and
resources with RPA technology are improving at a steady clip. No longer are certain tasks and duties the exclusive domain of human workers; machines can perform many routine, monotonous, or mundane activities with precision, around-the-clock. Evidence of intelligent machines is seen in quantum computing, and limitations we once thought were ironclad are dissolving before our eyes.
There are significant and dramatic advancements taking place in the fields of artificial intelligence and robotic process automation. These are but a few of the many important trends that are unfolding before our eyes this year. Businesses must be receptive to the changes that are taking place, or else risk falling by the wayside as companies adopt innovative RPA technology to dramatically enhance productivity, efficiency, and cost effectiveness