Business automation, the use of software or other technologies to automate repetitive tasks and processes, has been on the rise in recent years and is expected to continue to grow in the coming years. According to a report by the market research firm MarketsandMarkets, the business automation market is expected to reach $11.8 billion by 2022, with a compound annual growth rate of 14.5%. So, what's driving this growth and how is business automation changing the landscape of work?
One of the main drivers of the growth of business automation is the increasing adoption of artificial intelligence (AI) and machine learning. These technologies allow businesses to automate more complex tasks, such as data analysis and customer service, which was once thought to be the domain of humans. In fact, a survey by the software company Adobe found that 55% of companies are already using AI for customer service, and another 23% plan to implement it within the next year.
But it's not just AI that's driving the growth of business automation. The increasing availability and affordability of cloud computing is also playing a role. Cloud computing allows businesses to access and use software and other resources over the internet, rather than having to install them on their own servers. This can help reduce costs and increase flexibility.
So, what does all this mean for the future of work? While some people may worry that business automation will lead to job loss, the reality is more complex. Yes, certain tasks and jobs may be automated, but it's also expected to create new jobs in areas such as data science and AI development. And for those who do see their jobs affected by automation, there may be opportunities to retrain and take on new roles within the organization.
Overall, business automation is changing the way we work, and it's important for businesses to stay up to date with these developments and consider how they can use automation to improve efficiency and competitiveness. As the business automation market continues to grow, it's likely that we'll see even more exciting developments in the future of work.