- Vendors embrace hyperautomation-enabling technologies for growth
- North America, Western Europe and Japan together account for 77% of the market in 2022.
Robotic process automation (RPA) software revenue is expected to grow 19.5 per cent to $2.85 billion this year compared to $2.39 billion a year ago, with North America, Western Europe and Japan together accounting for 77 per cent of the market in 2022.
North America will account for the largest revenue share at 48.5 per cent, followed by Western Europe and Japan at 19 per cent and 10 per cent, respectively.
By achieving a growth rate of 31 per cent in 2021, Cathy Tornbohm, distinguished VP analyst at Gartner, said the RPA market grew well above the average worldwide software market growth rate of 16 per cent.
“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 in previous years, the worldwide RPA software market is projected to continue to experience double-digit growth in 2023, growing 17.5 per cent year over year.
“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,” 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 hyperautomation-enabling technology platform.
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.