RPA Revenue

RPA technology is changing how the world gets work done. 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.

By achieving a growth rate of 31% in 2021, the RPA market grew well above the average worldwide software market growth rate of 16%. Organizations 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.

Although growing at a slower pace than previous years, Gartner expects worldwide RPA software sales to increase at 17.5% year over year through 2023. RPA mimics transaction steps within a process or workflow including data manipulation, passing data to and from applications, triggering responses and/or executing transactions. RPA relies on a combination of user interface interaction and descriptor technologies that overlay on one or more applications.

RPA companies are rapidly evolving to provide a wider set of larger automation platforms. Organizations 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. RPA and other intelligent automation technologies rely heavily on Artificial Intelligence.

AI is an extremely important component of intelligent automation because it helps drive data-driven decision-making and via machine learning it can start to extract and categorize emails, customer applications which include structured and unstructured text for example.

Secondly, Competitive RPA vendors and many software vendors are pushing beyond a traditional single technology-focused offering to a more advanced suite of tools that encompasses low-code application platforms, process mining, task mining, decision modelling, iPaaS, computer vision, and IDP capabilities on top of their existing RPA offering. This makes them poised to offer an all-encompassing hyper-automation-enabling technology platform.

Gartner predicts that through 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.

S Mohini Ratna, Editor, VARINDIA