The notion that robotic software can eliminate the need to offshore and at the same time lead to highly automated efficiency has captured the attention of a large number of IT players, globally.

Albany, NY -- (SBWire) -- 10/10/2016 --Technology is increasingly complementing humans and adding value to several business processes these days. As a result, we are rapidly moving towards an era of ubiquitous human and machine interface where software tools have emerged as the robots for automating repetitive and core processes in business settings. Since these automation tools are not capable of doing the typical variety of physical work that other robots can do, such as sweeping, moving objects around, they are not being immediately recognized as 'robots'. However, the impact they are making is real.

The annual revenue of the global IT robotic automation market is expected to reach US$769.2 mn by the end of 2016 and further rise to more than US$4.9 bn by the end of 2020.

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Use of these 'robots' for automating business processes by virtue of software tools is termed as robotic process automation. Many IT processes such as availability management, request management, access management, problem management, incident management, and monitoring are being increasingly carried out through the robotic process automation activities. Along with the benefit of added cost savings, robotic process automation helps in making business profiles more agile to serve the varying and evolving needs of customers.

Growing Adoption in BPOs Crucial for IT Robotic Automation Market

The prime driver for the global IT robotic automation market is the increasing awareness about its benefits in BPO operations. While BPO services are already commonly utilized in the business sector and have reduced the required expenditure of businesses significantly, the incorporation of IT robotic automation services has the potential to reduce the costs of business process management even further, albeit in the long run.

"While some human labor will probably be necessary in the BPO sector in the coming years, robotic automation can take care of several formalities. This will smoothen the process of business process management, allowing the human employees to focus on customer service and other areas that can't be controlled by robotic systems," said TMR's lead analyst.

The rising adoption of IT robotic automation in the financial sector is a crucial driver for the global market. Due to the menial nature of many operations in the financial sector, a large part of it can be effectively managed by robotic automation services. Invoicing, compliance, payment processing, and task allocation are some of the key operations in the financial sector that can be managed better by robotic services than by humans, since the possibility of human error is removed. The large-scale adoption of IT robotic automation services in the financial sector could help the former achieve feasible economies of scale in the coming years.