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Savings from low-cost labor and improved processes had yielded savings, but managers were eager to explore whether automation could unlock new opportunities. After assessing for themselves how much work could be automatable, estimating the value at stake, and calculating the investment required, they challenged the company’s offshore business-process outsourcer (BPO) to show that it could compete with an automated model. In the end, the pharmaco managers decided not to bring the outsourced elements home to automate. But they did renegotiate the company’s BPO contract, saving 40 percent or more over the next three years. Offshoring, outsourcing, and centralization have been the bread and butter of improving the finance function’s productivity for decades.
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Robotic process automation (RPA) software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market, according to Gartner, Inc.
Gartner expects RPA software revenue to reach $1.3 billion in 2019. “The RPA market has grown since our last forecast, driven by digital business demands as organizations look for ‘straight-through’ processing,” said Fabrizio Biscotti, research vice president at Gartner. “Competition is intense, with nine of the top 10 vendors changing market share position in 2018.” The top-five RPA vendors controlled 47% of the market in 2018.
The vendors ranked sixth and seventh achieved triple-digit revenue growth (see Table 1). Table 1: RPA Software Market Share by Revenue, Worldwide (Millions of Dollars) Due to rounding, numbers may not add up precisely to the totals shown Source: Gartner (June 2019) Digital Transformation Efforts Drive RPA Adoption “This is an exciting time for RPA vendors,” said Mr. Digital Process Automation Market - Global Forecast to 2023: Increasing Demand for Streamlining Business Processes & Integration of AI and Machine Learning. DUBLIN, Feb. 14, 2019 /PRNewswire/ -- The "Digital Process Automation Market by Component, Business Function (Sales Process Automation, Supply Chain Automation, Claims Automation & Marketing Automation), Deployment Type, Organization Size, Industry Vertical & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The digital process automation market is expected to grow from USD 6.76 billion in 2018 to USD 12.61 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. Several factors that are expected to drive the market include the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies with digital process automation solution, demand for IT resources according to business priorities, and improved IT systems to meet customers' dynamic requirements.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. Business Process Management Market Share Report.