Tuesday, 06 February 2018 23:44

Huge expansion in robotic process automation predicted: Juniper

By
Huge expansion in robotic process automation predicted: Juniper Image courtesy of Farbentek at FreeDigitalPhotos.net

Robotic process automation software and services revenue is predicted to reach close to US$900 million globally by 2022, according to newly published research.

Juniper Research data expects the RPA market value, estimated at US$214 million in 2018, to expand over four times by 2022 – and found that the following five vendors are currently leading the market in delivering advanced cognitive, or intelligent RPA solutions: IP Soft, Antworks, Pegasystems, Wipro and Workfusion.

Juniper notes that RPA was traditionally limited to replicating simple or repetitive tasks that require high accuracy, such as data entry.

But, the research company now says the market currently represents a "perfect storm" created by the convergence of chatbots, AI-driven RPA software and banks’ digital transformation strategies.

The research also found that this has created renewed interest in RPA for financial services, driving market spend.

The study highlighted IP Soft and Antworks in particular for their impressive integration of AI into their RPA solutions, using both knowledge-based and pattern-recognition AI to generate dynamic process execution.

According to the research where AI is combined with automation tools, the potential for RPA in the banking industry is far-reaching. Use cases include compliance, digital on-boarding, and personalised cross- or upsell opportunities.

Juniper predicts that banking and financial services will represent 34% of the global RPA market by 2022, with regulatory burdens and a desire to reduce offshore outsourcing cited as key drivers.

This estimate is supported by Juniper’s RPA cost analysis, which revealed implementation cost-savings of up to 40% over a baseline ‘do nothing’ scenario.

“Intelligent RPA makes for a compelling case, in terms of flexibility as well as efficiency,” noted research author Steffen Sorrell.

“Incumbents who are unable to harness, and connect data between chatbots, banking API use and AI-driven RPA software will soon lose any competitive edge.”

BUSINESS WORKS BETTER WITH WINDOWS 1O. MAKE THE SHIFT

You cannot afford to miss this Dell Webinar.

With Windows 7 support ending 14th January 2020, its time to start looking at your options.

This can have significant impacts on your organisation but also presents organisations with an opportunity to fundamentally rethink the way users work.

The Details

When: Thursday, September 26, 2019
Presenter: Dell Technologies
Location: Your Computer

Timezones

QLD, VIC, NSW, ACT & TAS: 11:00 am
SA, NT: 10:30 am
WA: 9:00 am NZ: 1:00 pm

Register and find out all the details you need to know below.

REGISTER!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments