Every technology breakthrough would usually be labelled as a ‘luxury’ catering only to the privileged sections of the society. With time, the very same items would become affordable to the mass market audience. Now, we cannot imagine households without TV, refrigerators, computers and cars, but these were all once beyond the reach of a commoner.

RPA technology is also marked with the same shallow criticism, but technology advancements have made it possible for everyone, even in the SME industry to adapt them.

Also Read: Ways RPA bots can transform industry in the next 5 years

Market projection of RPA

Trade analyst magazine Gartner expects the RPA software market to reach $ 1.5 billion this year and continue to grow in double digits. Let us now summarize the recent market trends in RPA.

1. Adoption of RPA by SME’s:
   The low price point of RPA has given SME firms the opportunity to use them as digital workers within their organization. In order to save time and money, these companies prefer to subscribe to using digital workers on a pay as you go model.
   This flexibility benefits small companies immensely as RPA service providers give them the latest technology, maintenance and customer service.
   According to trade publication Mordor Intelligence, it is estimated that automation will have a growth rate to 26.9% in the forthcoming next five years.
2. Healthy competition:
   The demand for RPA has given a boost for many RPA service providers to enter the automation industry. These RPA service providers have started offering schemes like free online training to the client’s selective users, customized pricing etc. This gives the SME firms a wide range of choice of RPA service providers. This promotes a healthy competition in the market.
3. Expanding beyond finance & accounting sectors:
   Finance and accounting departments currently are the favourite home turf for implementing RPA. It is easy to adopt automation in finance and accounting because of its homogenous, numerical and data entry related back-office jobs. However, RPA can be implemented in other departments that have structured and semi-structured data.
   With this possibility, many areas come into its fold. The most sought-after areas are Payroll, HR (Hire to retire), Marketing, Sales, Operations etc. where accuracy, time management and customer satisfaction is needed the most. RPA is well equipped to extend its services to these departments with ease.
4. Advancing along with AI and ML Technologies:
   Automation does not stop with just RPA alone, because it just mimics human activities. Innovations in the form of Machine learning, Artificial intelligence support RPA software. Through this advancement, it is able to achieve better results while performing its operations.
5. Taming the data monster:
   In the digital world, we are immersed with a variety of large volume data. This voluminous data serves as a catalyst for helping decision makers in making crucial decisions. RPA technology helps in enhancing and reforming data management and presenting it for clear decision making. When all the types of data are converted into structured data, then business insights, challenges and opportunities can easily unravel through the help of RPA tools.
6. Interfacing with other software tools:
   Robotic automation software has the flexibility to adapt or interface with most software applications or platforms. This proves to be advantageous as it does not disrupt the normal work routine of the firm’s functions. Due to flexibility, the companies can expand its IT software stack without constraints.
7. Sharing space in the cloud:
   RPA allows its clients to move to the cloud, enabling them to align with other enterprise platforms already in the cloud. This feasibility helps firms to enjoy the benefits of cost savings, access anywhere and minimize technical team requirement and enhanced infrastructure.

Also Read: Emerging Technological Trends in Finance and Accounting

Every accounting firm has started taking a look at automation to achieve better results. We have been in the business of supporting accounting firms for two decades. As accounting automation and AI experts, we can help accounting firms of all sizes take the automation journey with complete confidence. Contact us for a free personalized accounting automation demo.