Global robotic process automation (RPA) software revenue is likely to reach $2.9 billion in 2022, an increase of 19.5 per cent from last year, a report showed on Monday.
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 per cent year over year, according to the latest forecast from Gartner.
"By achieving a growth rate of 31 per cent in 2021, the RPA market grew well above the average worldwide software market growth rate of 16 per cent," said Cathy Tornbohm, distinguished VP analyst at Gartner.
RPA companies are rapidly evolving to provide a wider set of larger automation platforms.
"Organisations 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.
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.
North America, Western Europe and Japan together are on pace to account for 77 per cent of global RPA revenue market this year.
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, the report showed.