by Aratrika Dutta
January 20, 2022
Robotic automation has revolutionized the way to administer business processes, IT management and support processes, workflow processes, and back-office work
The global IT robotic automation market was valued at US$11 billion in 2017 and is expected to reach US$125 billion by 2027 with an annual growth of 58% during the forecast period. Organizations that are investing in labor on a large scale are likely to boost their capabilities while saving time and money with robotic automation. Robotic automation has revolutionized the way to administer business processes, IT management and support processes, workflow processes, and back-office work. Furthermore, automation enables improvements in accuracy and increased productivity in-process transactions while elevating the nature of work by eliminating employees from doing dull and repetitive tasks.
Over the projection period, a shift in firm business operations due to the pandemic-induced work-from-home condition is likely to support market growth. With the integration of cognitive technologies and changing business processes across companies, the market is expected to evolve. Furthermore, the market is likely to be driven by the growing requirement to automate redundant tasks over the forecast period. Automation allows businesses to quickly implement, execute, and arrange a vast amount of data in less time than a mechanical operation, while also lowering their overhead costs.
Today, the finance industry also uses IT robotic automation to improve business outcomes and provide better customer support. Tasks can be automated such as invoice processing, debiting/defining, and cash management. These CPA networks are made up of several machines that run on dedicated software programs. Robotic process automation systems bring increased profitability and productivity for finance businesses.
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