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.
{loadposition peter}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.”