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 worldwide software market growth rate of 16%,” said Cathy Tornbohm, distinguished VP analyst at Gartner. “Organizations are leveraging RPA to accelerate business process automation initiatives and digital transformation plans, linking their legacy nightmares to their digital dreams to improve operational efficiency.
Although growing at a slower pace than previous years, the worldwide RPA software market is projected to continue to experience double-digit growth in 2023, growing 17.5% year over year (see Table 1).
Table 1. Worldwide RPA Software Revenue Forecast (Millions of U.S. Dollars)
Source: Gartner (August 2022
“RPA companies are rapidly evolving to provide a wider set of larger automation platforms. Organizations will look to increase their spending on RPA software solutions because they still have a lot of repetitive, manual work that through automation could free up employees’ time to focus on more strategic work,” said Varsha Mehta, senior market research specialist at Gartner.
Competitive RPA vendors and many software vendors are pushing beyond a traditional single technology-focused offering to a more advanced suite of tools that encompasses low-code application platforms, process mining, task mining, decision modelling, iPaaS, computer vision, and IDP capabilities on top of their existing RPA offering. This makes them poised to offer, an all-encompassing hyper-automation-enabling technology platform.
In fact, Gartner predicts that through 2024, the drive toward a state of hyper-automation will drive organizations to adopt at least three out of the 20 process-agnostic types of software that enable hyper automation.
North America, Western Europe and Japan together are on pace to account for 77% of 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.