Robotic Process Automation Market To Reach $7.6 Billion By 2028, Could This Be The Next Big Thing In Automation?

“Robots are coming” was the title of a report published by Deloitte in 2015.

That sounds scary for someone who knows robots from The Walt Disney Co.’s DIS 20th Century Fox motion picture “I, Robot.” But the robots (bots) the report was talking about aren’t those steel-encased, super scary beings that some might believe will take over the world.

The bots Deloitte referred to are bots residing inside computers or servers. These bots make up part of an emerging technology called robotic process automation (RPA).

What Is RPA?

RPA is a technology that helps in automating routine business processes through the use of computer bots that emulate human actions to perform error-free tasks at high speed. It involves breaking down monotonous tasks into fragments and then automating them using a computer program.

RPA has a wide use case, ranging from banking, finance and telecommunications to healthcare and human resources. In human resources, RPA can be used in hiring and onboarding new employees. For instance, a bot can be used to outsource applicants without bias and then screen candidates’ resumes.

Why Does A Business Use RPA?

RPA is said to reduce human error associated with repeating the same task over and over again. For example, before implementing automation at global chemicals company Lubrizol Corp., a subsidiary of Berkshire Hathaway Inc. (NYSE: BRK-A), scientists found it stressful and time-consuming to monitor exotherms. After implementing RPA, the company reduced stress and eliminated human errors.

RPA reportedly helps cut human labor costs as companies scale up and improves employee satisfaction by helping them use their skills and knowledge. Mundane tasks like data entry can be automated while employees are assigned tasks that use their learned skills.

RPA is menat to help reduce costs associated with error and also frees up employees to focus on tasks valuable to business development. 

The RPA Market

According to a report by Fortune Business Insights, the global RPA market, which was valued at almost $1.3 billion in 2020, is expected to grow at a compound annual growth rate (CAGR) of 25% to reach $7.6 billion by 2028.

A growing number of businesses are implementing automation in their daily workflow. A 2020 survey by McKinsey & Co. showed that 66% of organizations had automated at least one of their business functions.

HeartCore Enterprises Inc. HTCR, a software development company headquartered in Tokyo, reports looking to gain ground in this emerging technology.

Entering The Market With A Bang?

HeartCore operates a business that provides robotics process automation, process mining and task mining digital transformation to aid in accelerating digital transformation for its customers. The company boasts that its RPA solution HeartCore Robo is the most universal solution on the planet with support for all platforms including Linux, Android, Mac  and Windows.

HeartCore Robo can be used to automate different tasks, including invoice processing, employee onboarding, account reconciliation, sales orders, payroll and data queries.

HeartCore recently announced the launch of an e-commerce store called Robot Store that provides RPA services to its Japanese customers. Through this store, companies can purchase ready-to-use robots to help automate their daily tasks.

Speaking at the launch of the store, HeartCore CEO Sumitaka Kanno said the company decided to open the store after receiving several requests from its clients regarding automation and digital transformation. 

Kanno said the range of RPA tools the company offers enables its customers to seamlessly automate a number of tasks without experiencing errors.

For more information about HeartCore’s RPA solution, visit https://www.heartcore.co.jp/en/rpa/rpa.html

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Featured photo by Geralt on Pixabay