In 2024, what is expected from RPA technology?
RPA ("Robotic Process Automation") technology is undergoing a great growth in recent years due to the great value it brings to companies. For those of you who still do not know this technology, to summarize, RPA or Robotic Process Automation is a technology that develops and implements virtual or digital robots in customers, combining Intelligent Automation with Artificial Intelligence. It is capable of automating the vast majority of routine and repetitive tasks performed by employees, such as data management, file downloading, invoice or order creation, accounting, etc.
Because it is a very non-invasive technology and the results can be seen within a few weeks of development, these are projects that have a great return on investment for companies and are providing enormous value in terms of reducing costs, reducing process times and increasing productivity, among other things. The great growth that this technology is having means that it is in the spotlight of all businesses and that everyone wants to benefit from the strengths that it can bring. To give us an idea of the numbers of this growth, Gartner defined that RPA investments will grow around 20% in 2021 with respect to 2020, representing a turnover of more than USD 2 billion per year.
But that's not all, that steep growth has continued over the following years and as of today in 2023, Gartner's new analysis concluded that by 2024, 50% of global enterprises are expected to use Robotic Process Automation (RPA) to increase productivity and reduce costs. In addition, the global RPA market is expected to reach $10 billion by the same year.
In addition, by 2024, this technology is expected to continue its transformation from "Automation" to "Hyper-automation", incorporating more and more Artificial Intelligence to its robotic processes, in order to be able to automate much more complex and demanding processes.
It is also worth mentioning that the growth of this type of tools has grown in all sectors, where previously it was more likely to be used in banking and insurance, now it has expanded and is applied to any sector.
In summary, the growth of RPA technology in recent years has been very pronounced, with all companies in all sectors wanting to take advantage of its benefits, and it is expected that by 2024 and beyond the growth will continue to be even more pronounced, reaching 10 billion dollars in 2024 and that 50% of global companies will be using it.
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