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%,” said Cathy Tornbohm, distinguished VP analyst at Gartner. “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.”

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.

Worldwide RPA Software Revenue Forecast (Millions of US Dollars)

Source: Gartner (August 2022)

“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.

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.