Gartner has projected the global RPA market could reach about $1.89 billion in 2021 increasing by 19.5% from 2020. The RPA market is expected to grow at double-digit rates through 2024 despite downward pricing pressure.
Key Drivers
“The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organizations try to meet the demands of cost reduction during COVID-19.
Enterprises can quickly make headway on their digital optimization initiatives by investing in RPA software, and the trend isn’t going away anytime soon,” said Fabrizio Biscotti, research vice president at Gartner Analyst.
Leading RPA software vendors have successfully targeted CFOs and COOs, instead of IT alone
Gartner Analyst
Also read: COVID-19 triggered the biggest technology spend in history: KPMG CIO Survey
RPA software growth
The RPA trend is not going away anytime soon
COVID economy helped RPA
About 90% of large organizations globally will have adopted RPA in some form by 2022.
Through 2024, large organizations will triple the capacity of their existing RPA portfolios as the pandemic and pressure on the economy have increased interest in RPA.
Nearly half of all new RPA clients will come from business buyers who are outside the IT organization
Gartner forecast
Downward Pricing Pressure
Gartner noted the average RPA prices are expected to decrease by 10% to 15% through 2020. About 5% to 10% decreases are foreseen in 2021 and 2022, creating strong downward pricing pressure.
Future RPA Clients Will Come from Non-IT Buyers
Adoption of RPA will increase as awareness of RPA grows among business users.
“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,” Gartner noted.
