Key RPA Trends in China
Published on : Sep-2022
Robotic Process Automation refers to the technology which allows individuals to configure a robot in order to follow and combine human actions while interacting within digital systems to execute a business process. They decode responses and communicate with other systems to perform a variety of repetitive tasks with zero error. The robotic process automation is increasing due to the increasing demand for automation used for various tasks in businesses along with machine learning and artificial intelligence improvements. In China, the RPA market is still on the rise even with the novel coronavirus pandemic as existing and new vendors in the market have started adopting more of artificial intelligence by increasing their investment in research and development in their businesses.
Driving factors of Robotic process automation
Robotic process automation emerged in China after the hype of artificial intelligence technology by digital giants and other big startups. AI technology collaborated with RPA technology created intelligent automation that took over half of the clients in the region. Robotic Process Automation enables faster implementation, execution, and scaling of the huge volume of data resulting in less time consumption and reduced overhead expense of the companies. It alleviates human workers from their repetitive daily tasks by completing work more efficiently and quickly.
Organizations worldwide are continually looking to identify processes that can be automated to accelerate productivity. The combination of AI, machine learning, and other cognitive technology with robotic process automation is expected to reshape the global business environment. Robotic process automation does not eliminate business management need but offers a way to automate costly and complex tasks. RPA technology improves as well as expands the business, data security and effectiveness through adoption and interpretation of the existing application in order to process transactions, trigger responses, manipulate data and communicate with other systems. It helps an organization to stay in the competition and have revolutionized ways in which businesses can work well with remote infrastructure, IT support by providing accuracy and increased productivity.
The COVID-19 pandemic is expected to fuel its demand due to a significant rise in the digital workforce that opens up various opportunities for the RPA vendors. While companies following RPA projects pre-COVID-19 have been successful and have earned an additional advantage.
Factors such as consolidation of RPA with traditional businesses and ease of doing business owing to RPA installation, artificial intelligence tools, machine learning abilities and architectural tools for time and money-saving are expected to increase the demand for the robotic process automation in China. The rise in popularity of enterprise resource planning in China is also driving the organizations toward digital automation services.
Opportunities and challenges
Fatpos Global predicts that Robotic process automation market is anticipated to register a significant CAGR in the coming decade owing to the realization of its key benefits in artificial intelligence and machine learning as well as due to its opening of new job opportunities for people who are experts in augmenting user interfaces and are skilled to collaborate with RPA technology. The robotic process automation market is expected to open new ways for opportunities such as integration of new and upcoming technologies with RPA, its increasing demand in the logistics industry as well as the rising adoption of automation processes in the BPO sector. Though the RPA technology also faces some challenges besides opportunities which comprise of data security risk in the financial sector, lack of awareness in organizations for RPA and less potential in business processes which are knowledge-based for RPA.