New Delhi, Aug 1 (IANS) Global robotic process automation (RPA) software revenue is likely to reach $2.9 billion in 2022, an increase of 19.5 percent from last year, a report showed on Monday. Although growing at a slower pace than in previous years, the worldwide RPA software market is projected to continue to experience double-digit growth in 2023, growing 17.5 percent year over year, according to the latest forecast from Gartner. “By achieving a growth rate of 31 percent in 2021, the RPA market grew well above the average worldwide software market growth rate of 16 percent,” 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. By 2024, the drive toward a state of hyper-automation will drive organizations to adopt at least three out of the 20 process-agnostic types of software that enable hyper-automation.
North America, Western Europe, and Japan together are on pace to account for 77 percent of the global RPA revenue market this year. 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, the report showed.
