{"id":19703,"date":"2020-09-28T13:59:01","date_gmt":"2020-09-28T17:59:01","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=67989"},"modified":"2020-09-28T13:59:01","modified_gmt":"2020-09-28T17:59:01","slug":"worldwide-robotic-process-automation-software-revenue-to-reach-nearly-2-billion-in-2021-gartner","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/09\/28\/worldwide-robotic-process-automation-software-revenue-to-reach-nearly-2-billion-in-2021-gartner\/","title":{"rendered":"Worldwide Robotic Process Automation Software Revenue to Reach Nearly $2 Billion in 2021: Gartner"},"content":{"rendered":"

RPA market forecast to grow at double-digit rates through 2024 despite economic pressures from COVID-19<\/h3>\n

Stamford, CT (July 15, 2020) \u2013 Global robotic process automation (RPA) software revenue is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020, according to the latest forecast from Gartner, Inc. Despite economic pressures caused by the COVID-19 pandemic, the RPA market is still expected to grow at double-digit rates through 2024.<\/p>\n

\u201cThe 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,\u201d said Fabrizio Biscotti, research vice president at Gartner. \u201cEnterprises can quickly make headway on their digital optimization initiatives by investing in RPA software, and the trend isn\u2019t going away anytime soon.\u201d<\/p>\n

Worldwide RPA software revenue is expected to reach $1.58 billion in 2020, an increase of 11.9% from 2019 (see Table 1). Through 2020, average RPA prices are expected to decrease 10% to 15%, with annual 5% to 10% decreases expected in 2021 and 2022, creating strong downward pricing pressure.<\/p>\n

Table 1. Worldwide RPA Software Revenue (Millions of U.S. Dollars)<\/strong><\/h4>\n\n\n\n\n\n
<\/td>\n2019<\/strong><\/td>\n2020<\/strong><\/td>\n2021<\/strong><\/td>\n<\/tr>\n
Revenue ($M)<\/td>\n1,411.1<\/td>\n1,579.5<\/td>\n1,888.1<\/td>\n<\/tr>\n
Growth (%)<\/td>\n62.93<\/td>\n11.94<\/td>\n19.53<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

COVID-19 Increased Enterprise Interest in RPA<\/h4>\n

The pandemic and ensuing recession increased interest in RPA for many enterprises. Gartner predicts that 90% of large organizations globally will have adopted RPA in some form by 2022 as they look to digitally empower critical business processes through resilience and scalability, while recalibrating human labor and manual effort.<\/p>\n

\u201cGartner anticipates RPA demand to grow and service providers to more consistently push RPA solutions to their clients because of the impact of COVID-19,\u201d said Cathy Tornbohm, distinguished research vice president at Gartner. \u201cThe 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.\u201d<\/p>\n

Organizations Are Expected to Grow their RPA Capacity<\/h4>\n

Through 2024, large organizations will triple the capacity of their existing RPA portfolios. The majority of \u201cnew\u201d spend will come from large organizations that are purchasing new add-on capacity from their original vendor or partners within the ecosystem.<\/p>\n

\u201cAs organizations grow, they will need to add licenses to run RPA software on additional servers and add additional cores to handle the load,\u201d said Mr. Biscotti. \u201cThis trend is a natural reflection of the increasing demands being placed on an organization\u2019s \u2018everywhere\u2019 infrastructure.\u201d<\/p>\n

Future RPA Clients Will Come from Non-IT Buyers<\/h4>\n

Adoption of RPA will increase as awareness of RPA grows among business users. In fact, by 2024, Gartner predicts nearly half of all new RPA clients will come from business buyers who are outside the IT organization.<\/p>\n

\u201cLeading 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,\u201d said Mr. Biscotti.<\/p>\n

Gartner clients can read more in Forecast Analysis: Robotic Process Automation, Worldwide<\/strong><\/em><\/a>.<\/p>\n

All figures in U.S. dollars (USD).<\/em><\/p>\n

About Gartner<\/b><\/h4>\n

Gartner, Inc. (NYSE: IT)<\/em>, is the world\u2019s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities today and build the successful organizations of tomorrow.<\/p>\n

Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and an objective resource for more than 14,000 enterprises in more than 100 countries \u2014 across all major functions, in every industry and enterprise size.<\/p>\n

To learn more about how we help decision-makers fuel the future of business, visit www.gartner.com<\/a>.<\/p>\n

Source: Gartner<\/i><\/p>\n

Tags: coronavirus<\/a>, epidemic<\/a>, Gartner<\/a>, outlook \/ predictions<\/a>, Robotic Process Automation (RPA)<\/a>
\nRead the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

RPA market forecast to grow at double-digit rates through 2024 despite economic pressures from COVID-19 Stamford, CT (July 15, 2020) \u2013 Global robotic process automation (RPA) software revenue is projected to reach $1.89 billion...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19703"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19703"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19703\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}