Analysts highlight that RPA vendors are adopting technologies that enable hyperautomation as a strategy to maintain accelerated growth in the segment
Global software market revenue Robotic Process Automation (RPA) expected to reach around US$ 2.9 billion in 2022, which represents an increase of 19.5% compared to 2021, according to research by the Gartner, Inc., world leader in business research and advice.
“Organizations are leveraging RPA solutions to accelerate business process automation initiatives and their digital transformation plans, linking their legacy systems with their digital dreams to improve operational efficiency,” says Cathy Tornbohm, Analyst and Vice President of Gartner. According to her, the growth rate of 19.5% is higher than that of the software market as a whole, which recorded an increase of 16%.
Although developing at a slower pace than in previous years, the global RPA software market is expected to continue gaining ground with double-digit growth in the coming cycles, reaching around 17.5% in 2023.
The RPA market remains an attractive and high-growth segment, with vendors rapidly evolving their offerings into a broader automation platform with built-in hyperautomation capabilities. As a starting point, organizations will increase their spending on RPA software solutions as they still have a lot of repetitive manual work and through automation, employees will be able to dedicate their time to more strategic activities.
“The most competitive RPA vendors, as well as many software vendors in general, are moving beyond a traditional offering focused on a single technology to a more advanced set of tools, which encompass low-code application platforms, process mining , task mining, decision modeling, iPaaS, computer vision and IDP capabilities in addition to your existing RPA offering. This allows them to offer, or rather be ready to offer, a comprehensive hyperautomation technology platform,” comments Varsha Mehta, Senior Market Research Specialist at Gartner.
Gartner predicts that, by 2024, the trend toward a state of hyperautomation will lead organizations to adopt at least three of the 20 types of process-agnostic software that enable hyperautomation.
Regional Perspective - North America, Western Europe and Japan together account for 77% of the global RPA revenue market in 2022. However, North America represents the largest revenue share with 48.5%, followed by Western Europe and Japan with 19% and 10%, respectively.
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