The robotic process automation (RPA) software market is slated for massive growth as it’s projected to reach $2.9 billion in revenues in 2022, according to the latest figures from Gartner.
The forecasted revenues represent an increase of 19.5 percent from 2021.
“By achieving a growth rate of 31 percent in 2021, the RPA market grew well above the average worldwide software market growth rate of 16 percent,” said Cathy Tornbohm, distinguished VP analyst at Gartner.
“Organisations 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 percent year over year to reach $3.3 billion.
Demand for automation tools grows as businesses look to accelerate efficiency
According to Gartner, RPA continues to be an attractive and high-growth market with vendors rapidly evolving their RPA offerings into a broader automation platform with embedded hyperautomation capabilities.
Many organisations are adopting the technology as a means to jumpstart their hyperautomation projects. This in turn will increase spending on RPA software solutions, especially for organisations that still have a lot of repetitive, manual work that through automation could free up employees’ 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 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 allows them to offer, or rather makes them poised to offer, an all-encompassing hyperautomation-enabling technology platform,” said Varsha Mehta, senior market research specialist, Gartner.
In fact, Gartner predicts that through 2024, the drive toward a state of hyperautomation will drive organisations to adopt at least three out of the 20 process-agnostic types of software that enable hyperautomation.
