Global revenue generated by the robotic process automation (RPA) software industry is expected to hit $1.89 billion in 2021 - representing a 19.5 percent rise year-on-year - according to new forecast from market analysts Gartner.
Even though the Covid-19 pandemic has placed a lot of pressure on companies in all industries, the RPA market is still expected to achieve double-digit growth rates until 2024.
For Fabrizio Biscotti, Research VP at Gartner, the technology's biggest strength is the ability to improve process quality, speed and productivity, which is something businesses will look for as they seek to cut costs during the pandemic.
“Businesses can quickly make headway on their digital optimization initiatives by investing in RPA software, and the trend isn’t going away anytime soon,” he said.
This year, global RPA software revenue is expected to hit $1.58 billion, up 11.9 percent compared to 2019. Throughout the year, average RPA prices should drop anywhere between 10-15 percent, with annual 5-10 percent decreases expected in the next two years.
Gartner believes the pandemic triggered an increased interest in RPA, further stating that 90 percent of large organizations globally will have adopted the tech in some form within the next two years.
Through 2024, large businesses are expected to triple the capacity of existing RPA portfolios, with the majority of fresh investment coming from firms looking to add to their existing ecosystems.
“As organisations grow, they will need to add licenses to run RPA software on additional servers and add additional cores to handle the load,” said Biscotti.
“This trend is a natural reflection of the increasing demands being placed on an organization’s ‘everywhere’ infrastructure.”