RPA software revenue to grow 19.5% to $2.9 bn: Gartner

Global robotic process automation (RPA) software revenue is projected to grow at 19.5 percent to $2.9 billion in 2022, according to a report from Gartner.
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“By achieving a growth rate of 31 percent in 2021, the RPA market grew well above the average software market growth rate of 16 percent,” 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.”

The worldwide RPA software market is projected to continue to experience double-digit growth in 2023, growing 17.5 percent year over year

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 modeling, 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 at Gartner.

Gartner predicts that through 2024, the drive toward a state of hyperautomation will drive organizations to adopt at least three out of the 20 process-agnostic types of software that enable hyperautomation.

North America, Western Europe and Japan together are on pace to account for 77 percent of global RPA revenue market in 2022. North America will account for the largest revenue share at 48.5 percent, followed by Western Europe and Japan at 19 percent and 10 percent, respectively.