Navigant Research Report Shows Robotic Process Automation in the Utility Industry Is Expected to Experience a Nearly 26% Compound Annual Growth Rate
BOULDER, Colo.--(BUSINESS WIRE)--Oct 2, 2018--A new report from Navigant Research examines robotic process automation (RPA) across the utility value chain, providing an overview of adoption trends, as well as global market forecasts broken out by segment, use case, and region, through 2027.
As energy demand remains flat, utilities are turning to technology to cut costs, increase efficiencies, and improve the bottom line. RPA is one tool that promises to significantly improve the operational efficiency of utilities by automating tasks—particularly within the contact center, in the back office, and in field operations—and allowing staff to focus on more valuable processes, to be trained in new areas, or to be taken out of the business. Click to tweet: According to a new report from @NavigantRSRCH, RPA revenue in the utility industry is expected to grow at a compound annual growth rate (CAGR) of 25.8%, reaching $470.9 million in 2027.
“RPA offers the utility industry significant opportunities to automate high volume, repeatable, manual tasks,” says Stuart Ravens, principal research analyst with Navigant Research. “Many utilities have already implemented RPA, which has many use cases across the energy value chain. Benefits are typically first realized in the back office, but contact centers and even grid operations can also benefit.”
However, according to the report, RPA presents challenges if not implemented correctly. For instance, a tactical approach to RPA can create automation silos that fail to scale or fully leverage value for all lines of business. More value can be lost if companies focus heavily on the cost efficiency aspects of automation.
The report, , discusses potential use cases across the utility value chain, including within the contact center, in the back office, and in field operations. The study discusses adoption trends and how market structures affect the rate at which RPA is being adopted and the use cases for which it is deployed. Global market forecasts, broken out by segment, use case, and region, extend through 2027. The report also examines two uses cases from the UK—one of an electricity supplier and the other a water utility—to give readers a more in-depth insight into what different companies are doing with RPA. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Robotic Process Automation for Digital Utilities, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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CONTACT: Navigant Research
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: ENERGY UTILITIES OTHER ENERGY TECHNOLOGY ELECTRONIC DESIGN AUTOMATION OTHER TECHNOLOGY
SOURCE: Navigant Research
Copyright Business Wire 2018.
PUB: 10/02/2018 05:15 AM/DISC: 10/02/2018 05:15 AM