Market Research Report
2018 Robotic Process Automation Product and Market Report
|Published by||DMG Consulting LLC||Product code||547706|
Delivery time: 1-2 business days
|2018 Robotic Process Automation Product and Market Report|
|Published: August 1, 2018||Content info:||
This is DMG Consulting's second report on robotic process automation (RPA), and the first edition dedicated entirely to this fast-growing sector. (DMG covered RPA in 2017 as part of their Robotic Process Automation and Desktop Analytics Product and Market Report.) This Report covers enterprise uses of RPA, with a focus on service-related uses in the front and back office. The Report provides an in-depth analysis of the RPA solutions and the overall sector, and is intended to help companies select the right automation solutions to address their current and future needs.
The bots are marching in, a trend that is going to continue at an increasing pace as robotics use cases expand to address opportunities throughout organizations. Robotic process automation is bringing great value to the market, driving productivity improvements and innovation. Today's bots can handle a growing number of front-and back-office and shared business activities services. Automation and artificial intelligence (AI) are changing how companies operate, allowing them to re-imagine and re-invest in all aspects of their business.
Bots contribute to organizations in a number of quantifiable ways. RPA excels in automating routine, repetitive tasks in an organization. If a company can save 10 seconds to minutes by automating an activity that is performed hundreds or even thousands of times daily by the same employee or hundreds of employees, they can cut thousands to hundreds of thousands of dollars per day from their budget. Moreover, bots don't make human errors, although they do get stuck or experience errors if something changes in the environment, which is why it's essential for an RPA solution to come with a highly effective “control room” to flag anomalies and manage all aspects of the bots. Lastly, robots are typically more reliable than humans; they don't require recruiting, training, vacations, sick days, and don't come in late.
There is great demand for RPA solutions, and vendors from many IT sectors have come to market to fill this need. Two buying cycles are occurring; the first is first-time buyers and the second is a surprisingly healthy replacement cycle for early adopters, most of whom purchased some type of RPA solution in the last 2 years, as well as some who invested in desktop analytics during the past 12 years.
Market estimates are that only 25% of business functions have been automated. If this is the case, it means that there is another 75% of functions that could benefit from RPA. But DMG believes the opportunity is much greater, particularly as these solutions keep getting smarter. As RPA technology gets better and incorporates assisted and unassisted machine learning, their capabilities will expand. Over time, bots will have the smarts to do more and will take on additional responsibilities. As a result, the opportunity and addressable market for RPAs will continue to grow.
RPA is here to stay, but the market is going to morph and these automations are going to be embedded into all kinds of third-party applications. For example, there will be thousands of bots available to fill needs in the worlds of enterprise resource planning (ERP), supply chain, customer relationship management (CRM), workforce optimization, and nearly everything else. RPA and intelligent virtual assistants (IVAs) are going to reduce the need for low-end and low-value agents in contact centers. AI-enabled bots and IVAs will be able to deliver information and provide answers more quickly and accurately, and can do so more cost effectively; this will profoundly change market dynamics. Companies will need to rethink and redefine the role of “agent,” as they will need fewer of these resources. Transaction handling will be personalized and intelligently routed to a highly sophisticated agent who will be able to use servicing solutions to achieve optimal outcomes for the customer and the organization. There is great opportunity for vendors and end-user companies to find creative applications for a new generation of automation that is going to get smarter with each passing year.
The ‘2018 Robotic Process Automation Product and Market Report’ provides the only in-depth coverage of these emerging solutions. It analyzes vendors, products, functional capabilities, pricing strategies, and more. It presents information about how these solutions are being used, their benefits, as well as best practices to help companies realize the greatest return from their investments. It provides a timely and thorough analysis of the overall market. The 6 leading and contending vendors covered in detail in this Report are: Automation Anywhere, Contextor, NICE, Pegasystems, UiPath and Verint Systems. Redwood Software is covered at a higher level.
Attended and Unattended RPA/Bots