Automation of reoccurring processes can be of great essence for organizations in achieving greater efficiencies at workplace. For these opportunities, IT robotics is ideal, not only automating the processes but also providing advanced analytics that can detect areas of further enhancements. IT robots are constructed specific to a program that can be rule-based or data driven, and are finding strong application numerous business processes including workflow processes, IT management and support processes, and back-office processes.
At the end of it all, cost benefits and assurance of accuracy is what is driving the IT robotic automation market, which is projected for an exuberant growth rate of 47.1% during the forecast period of 2016 to 2024, as per a recent business intelligence study by Transparency Market Research (TMR). Revenue-wise, the TMR report has estimated the global IT robotic automation market to attain a valuation of US$16.8 billion by 2024. Here are a few factors highlighted by the TMR report that are stocking the demand for IT robotic automation across enterprises of diverse industries:
- Ease of Business: Although the installation of an efficient robotic automation setup may add to the cost of business for a quarter but once up and running, these tools have a strong potential of increasing efficiencies as well as save expenditure on monotonous measures. Additionally, owing to reduced human interference, opportunities of negligence are almost nullified.
- Integrate with Existing Infrastructure: Apart from their striking benefits in easing business processes, robotic automation are easy to get integrated into the existing infrastructure, however big or small. For instance, training of new employees is foremost for organizations to start the return of investment, and they can decide on adopting specific educational functionalities before trying out professional services such as consulting and product development.
- New Opportunities from Logistics Sector: While the issues pertaining to data security continues to hinder the market for IT robotic automation, the logistics and BPO sectors stand to provide for new opportunities as a number of their daily business transactions are repeated.
- Growing Competition within Organizations: Small and medium business (SMB) enterprises are mushrooming across developed and developing countries, and are competing within their fields at consistently reducing margins as newer players are emerging. In this scenario, SMBs are keen on undertaking new options to gain an edge over their competitors as well as lure best of the talent to work for them.