Similar to AI and Machine Learning, Robotic Process Automation (RPA) is a technology that automates tasks. RPA uses software to handle business processes, like interpreting applications, processing transactions, managing data, and responding to emails. It automates tasks that were once done manually by people.
Forrester Research suggests that RPA automation may affect around 9 percent of the global workforce, impacting approximately 230 million knowledge workers. However, this technology is also generating new jobs and transforming existing ones. According to McKinsey, only about 5 percent of jobs can be fully automated, but around 60 percent can be partially automated.
Areas of developments in 2024 may include:
- Increased Adoption Across Industries: widespread adoption across various industries, including finance, healthcare, manufacturing, and more,
- Advanced Intelligent Automation: the use of AIA will lead to enhanced decision-making capabilities and the ability to handle more complex tasks,
- Focus on Hyperautomation: Hyperautomation involves combining RPA with complementary technologies like process mining, analytics, and AI to create end-to-end automation solutions. Some progress in this field is expected in 2024,
- Cloud-Based RPA Solutions: Cloud-based RPA offers scalability, flexibility, and accessibility, allowing organizations to deploy and manage automation more efficiently,
- Integration with Other Technologies: tight integration with other emerging technologies such as blockchain, IIoT (Industrial Internet of Things), and cognitive computing, expanding its capabilities and potential use cases,
- Focus on Governance and Security: increased emphasis on governance, compliance, and security to ensure the responsible and secure use of automation technologies, – Skill Development and Workforce Transformation: The role of employees is expected to shift towards more value-added tasks, creativity, and problem-solving,
- Vendor Landscape Changes: We expect further consolidation, partnerships, and acquisitions that will shape the competitive landscape.