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 TransUnion transforms its business with IT On the heels of its Neustar acquisition, the consumer credit reporting agency seeks to give customers access to its troves of consumer data to fuel next-generation services through solutions platform OneTru. By Paula Rooney Apr 26, 2024 6 mins Financial Services Industry Digital Transformation Artificial Intelligence feature The 10 highest-paying industries for IT talent The tech industry isn’t the only hot spot for IT jobs, as there’s a growing demand for IT pros across every industry. These 10 verticals pay the most for IT roles, according to data from Dice. By Sarah K. White Apr 26, 2024 7 mins Salaries IT Jobs Careers brandpost Sponsored by Palo Alto Networks M&A action is gaining momentum, are your cloud security leaders prepared? Direct visibility is critical in M&A, and cloud-native application protection platforms (CNAPP) are ideal to provide this capability. By Amol Mathur, SVP & GM of Prisma Cloud, Palo Alto Networks Apr 25, 2024 4 mins Cloud Management news CIOs eager to scale AI despite difficulty demonstrating ROI, survey finds CIOs prioritize integrating AI into their organizations alongside cybersecurity, according to a new survey. By Sandeep Budki Apr 25, 2024 5 mins Artificial Intelligence 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