Technology peripheralsAIGartner expects global RPA software market to grow significantly this yearGartner expects global RPA software market to grow significantly this year
According to a market research report recently released by research firm Gartner, driven by enterprises’ continued demand for automated repetitive tasks, the global Robotic Process Automation (RPA) software market in 2022 Revenue is expected to reach $2.9 billion, up 19.5% compared to last year.
Gartner said that in the global RPA software market, North America will account for the largest revenue share, reaching 48.5%, followed by Western Europe and Japan, with 19% and 10% respectively.
Varsha Mehta, senior market research expert at Gartner, said, "Enterprises will look to increase spending on RPA software solutions because they still have a lot of repetitive manual work. By adopting automation technology, employees can free up time To focus on more strategic work.”
Mehta said this demand has also spawned competition among RPA software vendors, which are moving beyond traditional technology-focused products to more An advanced tool suite that includes a low-code application development platform, process and task mining, decision-making and other technologies. Modeling, integration platform as a service (iPaaS), computer vision and identity management capabilities are all implemented on top of existing RPA products.
Adopting RPA will gain technology for hyper-automation
Mehta said this phenomenon will enable vendors to provide technology that supports hyper-automation in the future. "Hyperautomation" as defined by Gartner involves the use of a variety of technologies that enterprises can use to quickly identify, review and automate as many business and IT processes as possible.
However, Gartner said that while RPA revenue will continue to grow, its growth will slow. RPA software revenue will grow 31% year-over-year in 2021, above this year's expected growth of 19.5%. The company expects growth to slow further to 17.5% in 2023, with revenue reaching $3.5 billion.
The company said this is due to improvements in other technologies such as modernization of integration strategies, spending on distributed cloud storage and cloud-native applications to enable business architecture composability prior to automation or process efficiency needs . Composable architecture treats IT resources as services that can be provided on demand based on the needs of different applications and users.
Mehta added that “slow implementation of one or more business functions will slow down the return on investment cycle and is one of the reasons for the slow growth in RPA spending.” He pointed out that one reason for the slow deployment of RPA is Projects often focus on a specific process or initiative, which leads to scalability issues in customizing RPA robots for different enterprise or business functional needs.
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