IT robotic automation to grow 58% annually

IT robotic automation is a form of industrial process automation technology based upon digital logic / digitally automated robots or on artificially intelligent digital workers. It can be called high-level software automation. Such automation technologies include advanced system and software solutions that allow Computer Numerical Control (CNC) to manufacture products. IT robotic automation has been able to significantly reduce the labor cost for many industries.

Industries are making use of this form of robotic process automation for their operations because users do not need to hire more manpower to perform the same tasks. It also reduces total operational costs. Some of the tasks that can be automated by these robots include packaging jobs, welding jobs, cutting jobs, and more.

Today, the finance industry also uses IT robotic automation to improve business outcomes and provide better customer support. Tasks can be automated such as invoice processing, debiting/defining, and cash management. These CPA networks are made up of several machines that run on dedicated software programs. Robotic process automation systems bring increased profitability and productivity for finance businesses.

According to Coherent Market Insights, the global IT Robotic Automation Market is expected to be valued at $125 billion by 2027 with annual growth of 58% during the forecast period from 2020 to 2027. Robotic process automation (RPA) is a form of business process automation technology based on metaphorical software robots or artificial intelligence.

Some of the common types of IT robotic automation systems include RFID (Radio Frequency Identification) industrial robots. They are mostly used in distribution, warehousing, and production. Also, there are LPI (Line Inertial Robots) which are mostly used for long-term positions in the field. Finally, there is the PLC (Programmable Logic Controller) which is mostly used for low-level processes in the automation hierarchy.  These are the most popular software robots.

There are other tasks that can also be automated such as packaging of finished goods, the collection, and composition of data from different sources, data cleansing, and quality control of products. The PLC process involves a lot of computer programming and, therefore, needs skilled people to troubleshoot and fix machines. However, IT robotic automation software has made it possible for businesses to carry out these tasks with just one machine. It has transformed the finance industry into one big warehouse.

IT robotic automation in its advanced form refers to digital automated process technology - a model that integrates hardware and software solutions from various components. It can be referred to as software robotic automation. Such technologies are used in different sectors such as manufacturing, supply chain management, healthcare, hospitality, and others. It helps to create new business models and increase operational efficiency in the organization.

The main concept behind an Intelligent Automation Platform (IAP)  is to build up a fully automated manufacturing process that helps in the production of quality goods in the most cost-effective manner. Such robotic process automation technologies provide solutions for the elimination of various activities that consume valuable human capital. For instance, it provides solutions for redundant activities like measuring, maintaining, and recording data that are non-sequential. They also ensure that there is minimal disturbance and waste of precious time and money.

As more industries realize the benefits of such IT robotic automation, there is a tremendous rise in the number of companies moving towards this field. Most industries have started using IT robotic automation solutions to streamline the production process and make the tasks easier and less costly. In fact, the demand for such processes is increasing at a faster pace. In fact, today, more industries than ever are exploring the IT robotic automation market to build efficient systems that not only minimize the waste of resources but also bring about considerable cost savings and a significant reduction in the operation and maintenance costs.

Soumya Ranjan Mohanty is manager of digital marketing for Coherent Market Insights.