Global robotic process automation (RPA) software revenue is projected to reach $2.9 billion in 2022, an increase of 19.5% from 2021, according to the latest forecast from Gartner, Inc.
“By achieving a growth rate of 31% in 2021, the RPA market grew well above the average growth rate of the global software market of 16%,” said Cathy Tornbohm, distinguished VP analyst at Gartner. “Organizations are using RPA to accelerate business process automation initiatives and digital transformation plans, connecting their legacy nightmares with their digital dreams to improve operational efficiency.”
Although growing more slowly than previous years, the global RPA software market is forecast to continue experiencing double-digit growth in 2023, growing 17.5% year-on-year (see Table 1).
Table 1. Global RPA Software Revenue Forecast (Millions of US Dollars)
RPA remains an attractive and high-growth market with vendors rapidly developing their RPA offerings into a broader automation platform with embedded hyper-automation capabilities. As a starting point towards hyper-automation, organizations will increase their spending on RPA software because they have a lot of repetitive manual work that, through automation, could free up employee time to focus on more strategic work.
“Competitive RPA vendors and many software vendors are pushing beyond a traditional single technology-focused offering to a more advanced suite of tools encompassing low-code application platforms, process mining, task mining, decision modeling, iPaaS , computer vision, and IDP capabilities. on top of their current RPA offering. This allows them to offer, or rather makes them ready to offer, an all-inclusive hyperautomation enabling technology platform,” said Varsha Mehta, senior market research specialist at Gartner.
In fact, Gartner predicts that through 2024, the drive toward a state of hyperautomation will drive organizations to adopt at least three of the 20 types of process-agnostic software that enable hyperautomation.
North America, Western Europe and Japan together are on pace to account for 77% of the global RPA revenue market in 2022. North America will account for the largest revenue share at 48.5%, followed by Western Europe and Japan at 19% and 10%, respectively.
Gartner clients can read more in “Forecast: Enterprise Infrastructure Software, worldwide, 2020-2026, 2Q22 Update”.
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