Gartner: global RPA software revenue to reach US$2bn in 2021
Recent research made by Gartner reports a projected increase of 19.5% in revenue in 2021 compared to 2020.
The projection will see the RPA software industry reach US$1.89bn despite economic pressures that have been caused due to COVID-19. In addition the company also expects double digit growth rates through to 2024.
“The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organisations try to meet the demands of cost reduction during COVID-19,” commented Fabrizio Biscotti, research vice president at Gartner.
“Enterprises can quickly make headway on their digital optimisation initiatives by investing in RPA software, and the trend isn’t going away anytime soon.”
At the end of 2020, the global RPA software revenue is expected to reach US$1.58bn in 2020 - an increase of 11.9% compared to 2019. Other expectations predicted for 2020 include the decrease of average RPA princes by 10 to 15%. While 2021 and 2022 are expected to see decreases of 5 to 10%.
COVID-19’s impact on RPA interest from enterprises
Elsewhere in Gartner’s forecasting report, the company highlighted that the pandemic and coming recession will drive interest from enterprises in RPA. The company predicts that 90% of large organisations will have adopted some form of RPA by 2022 to drive resilience and scalability of critical business processes.
“Gartner anticipates RPA demand to grow and service providers to more consistently push RPA solutions to their clients because of the impact of COVID-19,” commented Cathy Tornbohm, distinguished Research Vice President at Gartner.
“The decreased dependency on a human workforce for routine, digital processes will be more attractive to end users not only for cost reduction benefits, but also for insuring their business against future impacts like this pandemic.”
Expectation to grow RPA Capacity
Gartner also predicts that by 2024 large organisations will have tripled the capacity of their current RPA, with a large proportion of ‘new’ spend coming from the purchase of new add-on capabilities.
“As organisations grow, they will need to add licenses to run RPA software on additional servers and add additional cores to handle the load,” added Mr. Biscotti.
“This trend is a natural reflection of the increasing demands being placed on an organisation’s ‘everywhere’ infrastructure.”
Future RPA clients
Finally Gartner indicates in its forecast that as the awareness of RPA grows among business users, nearly half of new RPA clients will be from business buyers outside IT organisations by 2024.
“Leading RPA software vendors have successfully targeted chief financial officers (CFOs) and chief operating officers (COOs), instead of IT alone. They like the quick deployment of low-code/no-code automation. The challenge they have is integrating RPA successfully across heterogeneous, changing environments, which is where IT coordination can make the difference,” concluded Mr. Biscotti.
To read the full forecast report, click here!
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