North America will account for the largest revenue share at 48.5%, followed by Western Europe and Japan at 19% and 10%, respectively, according to Gartner. Credit: Shutterstock Driven by the ongoing need for companies to automate repetitive tasks, global RPA (robotic process automation) software revenue is expected to reach $2.9 billion in 2022, up by 19.5% from last year, according to a market research report by Gartner. North America will account for the largest revenue share at 48.5%, followed by Western Europe and Japan at 19% and 10% respectively, Gartner said. “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,” said Varsha Mehta, a senior market research specialist at Gartner. The demand is also breeding competition among RPA software vendors who, according to Mehta, are pushing beyond a traditional single technology-focused offering to a more advanced suite of tools that encompasses technology including low-code application development platforms, process and task mining, decision modeling, iPaaS (integration platform as a service), computer vision, and identity management capabilities on top of their existing RPA offering. RPA embraces tech that will lead to hyperautomation This phenomenon will enable vendors to offer hyperautomation-enabling technology in the future, Mehta said. Hyperautomation, as defined by Gartner, involves the use of multiple technologies that companies can use use to rapidly identify, vet and automate as many business and IT processes as possible. However, even though RPA revenue will continue to increase, growth will slow down, Gartner says. RPA software revenue grew at 31% year over year during 2021, higher than the projected growth of 19.5% this year, and next year the market research firm expects that growth will further slow, to 17.5%, reaching $3.5 billion. This is because other technology improvements—such as modernization of integration strategy, distributed cloud storage, and spending on cloud-native applications—to achieve business architecture composability is taking precedence over automation or process efficiency demands, the company said. Composable architecture treats IT resources as services that can be made available on an as-needed basis, depending on the needs of different applications and users. “Slow implementation across one or multiple business functions slows down the ROI cycle—one of the causes of slow spending on RPA,” Mehta added. She said that one reason for slow deployment is that RPA projects are usually focused on a particular process or initiative, which then pose scalability issues for tailoring RPA bots to varying organizational or business function needs. More on RPA: Top RPA tools available today How to choose RPA software: 10 key factors to consider 15 top RPA certifications 8 keys to a successful RPA implementation 10 dark secrets of robotic process automation 8 keys to a successful RPA implementation Related content feature How Southwest’s CIO modernized the airline through turbulent times Thrown into the deep end as CIO following an IT collapse, Lauren Woods drew on her transformation experience and a leadership style rooted in authenticity and courage to help get the airlines back on course. By Sarah K. White Apr 19, 2024 9 mins Travel and Hospitality Industry Digital Transformation IT Leadership case study Travelex leverages cloud-based customer data platform to boost retention International prepaid travel cards are a great resource for travellers that offer improved safety and locked-in rates, and make it easier to calculate foreign currencies. Here, Hans van der Waal, Travelex’s global IT director, explains how the By Joanne Carew Apr 19, 2024 4 mins CIO Travel and Hospitality Industry ICT Partners news analysis Generative AI gold rush drives IT spending — with payoff in question Worldwide IT spending should grow by 8% this year, with AI hype and COVID-era device replacements helping to push the spending numbers up, Gartner predicts. By Grant Gross Apr 19, 2024 5 mins Generative AI Budgeting brandpost Sponsored by VMware Cloud native platforms: To build or to buy? Ask yourself…should you choose the components you need for a platform and integrate them, or should you buy a pre-integrated platform? Learn more today. By Michael Coté, Senior Member of Technical Staff, Tanzu Division, Broadcom Apr 18, 2024 8 mins Cloud Computing PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe