Robotic Process Automation is a fast-growing market amid the pandemic, and is projected to touch $2 million in 2021 – claims a Gartner study.
In light of the pandemic, more businesses have adopted advanced technology and RPA to speed up their operations and remain competitive. As a whole, the market uncertainties and economic woes have not slowed down the growth of automation (RPA) software.
There has been a drastic rise in robots for higher competency among organizations. The RPA market revenue is projected to have revenue of $1.58 billion in this year, besides, a growth of 19% in estimated for 2021 – putting it at nearly $2 million. These findings are as per the latest research study by Gartner.
Lately, most people worldwide are persistently dependent on digital channels and technologies like never before. COVID-19 forced the world to function with minimal human intervention – adding to the rapid rise of use of RPA bots. Thus, RPA providers are using this situation and its impact on productivity, to push it as a solution.
As mentioned by Cathy Tornbohm, Research VP at Gartner, in the company blog post – “The 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.”
Gartner also predicts the corresponding decreases in the RPA market price. In 2020, the average costs are most likely to decline by 10-15%, with nearly 5% to 10% reductions are expected (annually) in 2021 and 2022. This is creating a substantial downward pricing pressure, and this could be the reason for almost 90% of large organizations will switch to RPA by 2022.
The majority of the anticipated growth in RPA will be from bigger organizations, which already use RPA and will invest in expansion in usage. Organizations from such categories are most likely to triple the volume of their existing RPA and advanced tech portfolios by 2024. This trend is a reflection of the increasing demands placed on a business.
The upcoming RPA clients will likely come from outside of IT departments, the study finds that by 2024, nearly half of the new RPA purchases will be coming from buyers outside of IT. Basically, the major RPA vendors have well targeted the CFOs and COOs – instead of only IT leaders. Adding the non-IT professionals in the low or no-code ecosystems of RPA make it easy for the users.
With the global economy slowly making progress from the pandemic, automation- especially RPA tools- will only accelerate. As a result, many mundane manual jobs that do not need differential skills, such as admin, support, sales, and other automation-vulnerable tasks, will probably never return in the marketplace.