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Global RPA software revenue to touch $2.9bn this year

Global RPA software revenue to touch $2.9bn this year
Photo Credit: Pixabay
1 Aug, 2022
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The global robotic process automation (RPA) software revenue is projected to reach $2.9 billion in 2022, an increase of 19.5% from 2021, according to the latest forecast from Gartner Inc. 

RPA, recognised as one of the most widely adopted automation capabilities, simulates repetitive human tasks such as logging into applications, entering tons of data, and sending emails, remains the fastest-growing market in the software industry, consistently outperforming other areas in the field.  

“By achieving a growth rate of 31% in 2021, the market for RPA grew well above the average software market growth rate of 16%,” Cathy Tornbohm, distinguished VP analyst at Gartner said in a statement. 

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 “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,” she said, adding that 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% year over year hitting a revenue of $3.4 billion. 

“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. 

The market is largely driven by businesses in North America, Western Europe, and Japan, Gartner said, with the three regions accounting for 77% of the global RPA market revenue this year. North America claims the largest share out of the three, accounting for 48.5% of the global revenue overall, with Western Europe contributing 19% of the global revenue and Japan contributing 10%. 

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In India too, the market for RPA is scaling at an unprecedented level in traditional industries, government systems and service sectors. According to Kenneth market research report, India’s RPA market is expected to grow at a CAGR of above 20.0 percent during the forecast period 2019-2025.