Mushrooming Demand for Virtual Workforce Driving Popularity of Robotic Process Automation

1. How is Rising Need for Virtual Workforce Driving Demand for Robotic Process Automation? The demand for virtual workforce across enterprises has been increasing rapidly since the past few years. This can be attributed to the surging need for increasing productivity in companies, and since humans can only work for certain hours in a day, businesses are being compelled to look for advanced solutions that have the capability of working on mundane and routine tasks with enhanced efficiency. It is due to all these factors that the demand for robotic process automation (RPA), which enables the configuration of computer software for integrating actions of human interaction within digital systems for executing a business process, has been rising in enterprises. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market/report- sample RPA provides scalability, along with decreasing the operational cost by about 50%, since RPA can work around the clock. As suggested by a report by P&S Intelligence, the global ​robotic process automation market is predicted to attain a revenue of $46.0 billion by 2030, rising from $1.6 billion in 2019, progressing at a 36.3% CAGR during the forecast period (2020–2030). Different types of RPA processes are interaction solution, automated solution, and decision support & management, among which, the demand for automated solution was the highest in the past. This is due to the increasing efforts by companies for automating their basic processes and operations, including data entry, verifying information for automatic rejections or approvals, uploading scanned documents, and handling customer queries. In addition to this, RPA solutions further allow enterprises to decrease their operating costs, as they execute high-volume repetitive tasks with zero error rate. Other than this, the demand for decision support and management process is also projected to rise considerably in the near future, as this process allow robots to make decisions and follow business rules with enhanced accuracy, i.e. without introducing technical debt in an organization. Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=robotic-process-automation-mark et

2. A number of industries are making use of RPA solutions, namely healthcare and pharmaceuticals, banking, financial services, and insurance (BFSI), manufacturing, telecom and IT, and retail & consumer goods. Out of all these, the BFSI industry made the most use of RPA solutions in the past. BFSI companies face various challenges, such as fragmented and expensive IT environments and complex back and middle-office processes. RPA solutions make these processes of copying and pasting data and filling forms automated. Apart from this, the healthcare and pharmaceuticals industry is also predicted to make considerable use of these solutions in the years to come. RPA solutions provide various benefits, such as savings on unnecessary spending on administrative resources, by automating several healthcare processes, and improvements in revenue cycle management, by decreasing write-offs and advancing the billing efficiency. Geographically, North America emerged as the largest ​robotic process automation market in the past, which can majorly be ascribed to the growth of the BFSI, healthcare, and retail industries in the region. In addition to this, a number of RPA solution providers are present in the region, which is further driving the market. In conclusion, the demand for RPA solutions is growing due to the increasing need for virtual workforce in enterprises.