The New Zealand robotic process automation (RPA) software market is expected to maintain double digit revenue growth this year, rising by 18.4 per cent to reach $11 million.
This is according to research firm Gartner, which claimed the market will slow somewhat compared to last year, which experienced growth of 23 per cent. However, the market is expected to pick up in 2023, with a forecasted increase of 20.5 per cent, up to $14 million.
This is largely in line with global figures, which rose 30.9 per cent in 2021 to reach US$2.4 billion, then is expected to slow down this year with growth of 19.5 per cent, hitting US$2.9 billion.
As for 2023 however, the global market is expected to slow down again, with a revenue growth outlook of 17.5 per cent, reaching US$3.4 billion.
Regardless of the slight global slowdown, Gartner claims RPA is continuing to be an “attractive and high-growth” market, which is seeing vendors changing their RPA offerings into broader automation platforms with embedded hyper automation capabilities.
Part of that attractiveness come from the fact, Gartner continued, that organisations are anticipated to increase their spending on RPA software solutions as they have a lot of repetitive and manual work that could be managed through automation and free up time for employees to focus on more strategic work.
“Competitive RPA vendors and many software vendors are pushing beyond a traditional single technology-focused offering to a more advanced suite of tools that encompasses low-code application platforms, process mining, task mining, decision modeling, iPaaS, computer vision and IDP capabilities on top of their existing RPA offering,” said Varsha Mehta, senior market research specialist at Gartner.
“This allows them to offer, or rather, makes them poised to offer, an all-encompassing hyper automation enabling technology platform.”