You can clearly witness the RPA impact in almost all the businesses prevailing in the market space. By leveraging the incredible RPA benefits, the industries are NOW able to enhance productivity and efficiency of business processes.
The RPA industry is growing exponentially! Forrester predicts it will grow from $250 million in 2016 to $2.9 billion in 2021. This is one industry that is growing at a lightning speed. It was already worth $1.7 billion in 2018. Let’s have a look at top RPA trends dominating the business world.
Robotic Process Automation trends have enabled organizations to automate structured functions and allowed them to focus on core business activities. Moreover, the increased adoption of automated software and services has helped organizations to meet consumer expectations and offer enhanced customer management. This is why,
Robotic Process Automation (RPA) software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market, says Gartner. It further expects the RPA software revenue to reach $1.3 billion in 2019.
Top RPA Trends in 2020!
With the continuous rise of automation in the industry these days, leveraging RPA techniques has enabled business organizations to increase productivity by automating trivial and repetitive tasks. RPA has NOW plunged into almost every industry prevailing in the business space.
RPA bots are being used everywhere! According to Deloitte’s third annual RPA survey, 53% of survey respondents are beginning their “RPA journey”. Big names have already started using RPA techniques in their businesses, when will you? Hire RPA developer to incorporate RPA benefits for scaling your business growth.
In this blog, we have discussed top RPA trends. Let’s read further to know about other RPA trends in 2020 dominating the business world.
Cobots in the Workplace!
“Collaborative Robots”, popularly known as“cobots”, work in collaboration with humans to perform their assigned tasks. Cobots physically interact with humans for operating functions.
Cobots provide great value to organizations by augmenting and enhancing human capabilities with strength, precision, and data capabilities. By having humans and cobots work together, companies are leveraging the benefits of improved efficiencies and reduced costs.
By 2025, the market for collaborative robotics is expected to reach $12 billion, says a report.
According to statistics from the Robotic Industries Association (RIA), a little more than 34,600 robots valued at approximately $1.9 billion were ordered in North America, representing growth of 10% in units over 2015.
Cobots can reduce human input on production by up to 50 percent. Here are a few ways they are currently deployed in collaboration with humans.
Ford Fiesta Plant: In Cologne, Germany, Ford factory workers, and cobots are teaming up to install shock absorbers on cars.
Amazon Fulfillment Center: Amazon uses Cobots for bringing shelves of merchandise to Amazon associates thus helping them to prepare for shipment. Now with the help of Cobots, it takes just 15 minutes to complete an order that used to take an hour before.
As you can see, Cobots, by enabling humans and robots to complement each other, helps in increasing business productivity. This is for sure one of the newest RPA trends in 2020 offering cost-effective solutions to industries existing in the market space.
In 2018, the global revenues from collaborative robot production exceeded $550 million, says a report. The analysis also forecasts that the revenues for collaborative robots will reach $5.6 billion in 2027.
With the increase in surgeries, medical robots are on the rise. Market-ready surgical robots have helped ease the strain on the medical surgeons thus rendering improved medical facilities to patients.
Tractica forecasts that healthcare robot shipments will increase from approximately 3,400 units annually in 2016 to more than 10,500 units per year by 2021, with more than 38,400 cumulative units shipped during that period.
Hospitals around the world are using medical and surgical robots for offering quick and better medical treatment to patients. With such widespread use of these across the globe, medical robots are clearly one of the Robotic Process Automation trends in 2020. Surgical robots are currently the largest application market, says Tractica.
The market for healthcare robots, including surgical robots, hospital robots, and rehabilitation robots, will grow in revenue from $1.7 billion in 2016 to $2.8 billion by 2021 at a compound annual growth rate (CAGR) of 9.7%, says Tractica.
The University of Oxford conducted a trial of the PRECEYES Surgical System. The medical test involved 12 patients who needed membranes removed from their eyes or had a buildup of blood underneath the retina due to age-related macular degeneration. Half of the people got conventional procedures, while others used robotic surgeries.
All the surgeries were successful, but the robotic approach was more effective than doing the procedures manually, says the report. This is why there are plans to use surgical robots in the future for dispensing gene therapy to the retina. Clearly, Medical robots are one of the most happening RPA trends in 2020!
Robotics in Agriculture!
Can you imagine using automation in Agriculture? Amazed! So was I when I read about one of the Robotic Process Automation trends doing the rounds: Agriculture Robots. Let's read about this in detail.
Agriculture robots are mobile robots that are used to automate traditionally labor-intensive agriculture practices, with some processes being fully autonomous and some of these being semi-autonomous.
The advent of Agriculture robots has revolutionized the agriculture sector. These robots help in improving agriculture productivity by improving crop yields, monitoring environmental footprints and by providing automated tools for agriculture.
According to MarketsandMarkets, the agricultural robots market size is projected to grow from USD 7.4 billion in 2020 to USD 20.6 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 22.8%.
By helping farmers to increase efficiency and reduce operating costs, the use of robots in agriculture is for sure one of the top RPA trends dominating the ecosystem now. The use of RPA has enabled farmers to increase profits by providing the latest precision agriculture techniques.
So, these are the top RPA trends prevailing in the market space today. After reading this blog, I am sure you have got a clear idea of how RPA has plunged into every business and has helped them grow.
Automation is not a new concept anymore. With almost all major verticals leveraging its benefits, automation technologies such as Robotic Process Automation have become a preferred choice among leading industrialists existing in the market.
Automated technologies could automate 45% of the activities that people are paid to perform and about 60% of all occupations could see 30 percent or more of their constituent activities automated, says McKinsey.