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RPA has seen a consistent rise over the past decade. With automation coming more to the forefront in modern society, let's look at how RPA will continue to revolutionize business practices in the future.

Applications of RPA

RPA stands for robotic process automation. Put simply, RPA allows businesses to define instructions or rules for a virtual or physical bot to perform, automating time-consuming manual processes. With this in mind, RPA is most commonly used in applications such as invoice processing, payroll, employee onboarding, recruitment, logistics, and customer service, just to name a few.

In the UK, one of the more unique applications of RPA lies within the online casino industry. When players sign up to the platform, RPA is used to ensure fairness of the games and speed up registration for increased customer satisfaction. In addition, RPA allows online platforms to provide more personalized casino offers and promotions to players. For example, if a player has just signed up, they will automatically be eligible for welcome bonuses such as free spins, whereas long-standing members might receive prompts to opt into promotions such as daily cash drops and weekly giveaways instead. Here, RPA is employed to filter out which players are new, and which are existing, automating the process and allowing for more effective personalization. 

So now you know what RPA is and what it's used for, just how popular is RPA at present? And, to what extent is the use of RPA expected to increase? Let's take a look at the statistics.

Global adoption of RPA is on the rise

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One new study has estimated that the global RPA market size will reach $66,079.34 million USD by 2032, rising from $3661.89 million in 2023. This shows a compound annual growth rate (CAGR) of 37.9 percent. The study looked at both rule-based and knowledge-based RPA across a wide range of industries, including retail, logistics, IT, telecommunications, and manufacturing. The data also revealed that RPA was primarily deployed as a tool, application, or to aid in training schemes, integration, development, or consulting, as either an automated or interactive solution, with the aim to support decision-making and management. 

Over the past few years, RPA has particularly seen an increasing uptake amongst Indian firms. In fact, one study of Indian organizations found that 82 percent increased their spending on RPA in one year alone - and, 32 percent of these increased their spending by 20 percent. The study also found that 84 percent aim to increase their RPA initiatives or deploy RPA throughout the entire business by 2025. This is in line with the fact that 88 percent believe that automation will be a key element of business competitiveness, customer experience, and success in the next few years. 

As we have noted in previous years, RPA bots in India already surpassed the usage of those in the rest of the world, with 67 percent of Indian companies using this technology, compared to 21 percent across the rest of the world. As Indian businesses are primarily service-based offerings, this goes to show just how critical RPA is as a strategy to sustain performance throughout the country, as well as staying competitive in the global market.

For more information on last year's annual global RPA industry report, click here.