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The RPA and hyperautomation market size is projected to increase by USD 31.64 billion growing at a CAGR of 27.77% between 2023 and 2028. Market expansion hinges on various factors, notably the escalating demand for automation across major industries, adoption of cutting-edge techniques like RPA and hyperautomation, and the surging need for swift service delivery. As industries increasingly prioritize efficiency and cost-effectiveness, the push for automation has become paramount. This trend aligns with the adoption of sophisticated technologies such as robotic process automation (RPA) and hyperautomation, driving market growth. Moreover, the modern business landscape's emphasis on rapid service provision, propelled by customer expectations, contributes significantly to market expansion. These factors collectively drive the evolution of automation solutions, reshaping how businesses operate and optimizing processes for enhanced productivity and competitiveness.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about key companies, including Akabot, Alteryx Inc., Appian Corp., Automation Anywhere Inc., Celonis SE, Compulink Management Center Inc., Datamatics Global Services Limited, Fortra LLC, International Business Machines Corp., Juniper Networks Inc., Microsoft Corp., NICE Ltd., PagerDuty Inc., Pegasystems Inc., ProcessMaker Inc., SAP SE, SolveXia Pty Ltd., SS and C Technologies Holdings Inc., UiPath Inc., and Zendesk Inc.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Automation Anywhere Inc. - The company offers RPA and hyperautomation, such as Automation 360.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In today's competitive market environment, organizations are turning to Robotic Process Automation (RPA) and Hyperautomation to stay ahead. These technologies empower topic specialists to focus on high-value tasks by handling repetitive activities, thereby enabling capacity creation and optimizing ROI expectation. The automation of business processes using AI, ML technologies, and advanced techniques ensures digital transformation and enhances user experience. RPA and Hyperautomation solutions cater to key industries across sectors, providing them with digital agility and scale flexibility to adapt to changing market demands. During the evaluation phase, businesses recognize the criticalities of the processes and address manual involvement to eliminate flaws. This approach aligns with business objectives and provides visibility to the business process for enterprise executives.
The market share growth by the solutions segment will be significant during the forecast period. Solutions use RPA and hyperautomation to increase operational effectiveness and reduce human work processes. RPA and hyperautomation are the applications of AI and related emerging technologies, such as machine learning, cognitive automation, and computer vision. These solutions offer users cutting-edge technologies and exile procedures.
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The solutions segment was valued at USD 2.91 billion in 2018. With the use of RPA and hyperautomation solutions, organizations can reduce the time and cost needed to complete business operations and workflows. RPA and hyperautomation solutions enable effective and economical corporate operations by automating rule-based, manual, and back-office administrative tasks. Creating a virtual workforce increases accuracy while lowering implementation costs. Such factors are expected to drive the growth of the solution segment during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Many industry verticals in North America have undergone a digital transformation. Businesses in the region have generated large amounts of data, which has created favorable opportunities for the deployment of RPA and hyperautomation solutions. Some of the industries that have adopted RPA and hyperautomation include BFSI, IT, telecom, transportation, logistics, manufacturing, and retail. These factors will drive the growth of the regional market during the forecast period.
The markets are experiencing significant growth due to the increasing adoption of digital transformation strategies in various industries. Hyperautomation, an extension of RPA, integrates AI technologies and ML technologies to automate complex business processes. Businesses are automating repetitive tasks to enhance efficiency, reduce errors, and improve customer satisfaction. However, digital initiatives come with challenges such as safety violations, accidents, and liabilities, particularly in industries with onsite workers and pedestrian walking lanes. Safety equipment and visibility at touchpoints are crucial to mitigate risks. The banking market is a significant contributor to the RPA and Hyperautomation market, with a focus on automating digital programs like mortgage lending processes, loan initiation, document processing, and financial comparisons. Quality control is essential to ensure accuracy and compliance, making Hyperautomation an attractive solution for industries undergoing digital transformation. ML and AI technologies enable automation of complex tasks, such as document processing and financial comparisons, while human input remains necessary for decision-making and quality control. The future of RPA and Hyperautomation lies in seamless integration with existing systems and processes, ensuring a smooth digital transformation journey. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the need for automation within major industries is notably driving the robotic process automation market growth. Most industries are trying to keep up with the changes related to the development of different technologies. For instance, businesses can use this to find safety violations before they occur to prevent accidents or liabilities. It also ensures that job site employees follow pedestrian walking lanes and make sure that the equipment is safe and secure.
Moreover, the integration and widespread use of automation in construction projects, as well as other industries, are expected to present opportunities for hyperautomation. This technology presents real-time data on job-site behavior, which enables companies to make modifications based on data rather than speculation. Thus, the rise in the need for automation among major industries is expected to drive the growth of the global robotic process automation and hyperautomation market during the forecast period.
Growing technological advancements are a key trend influencing the robotic process automation market growth. Major organizations in the automation sector are focusing on creating new technology solutions, such as a single platform for hyperautomation, to stay competitive in the market. For instance, in December 2020, US-based enterprise software and cloud computing provider Appian introduced a new iteration of its low-code automation platform. The latest version of the Appian platform combines process automation, low-code RPA, and AI.
Moreover, businesses can use the new-generation, robust, scalable, integrated enterprise automation technologies. Thus, the growing technological advancements are expected to support the growth of the global robotic process automation and hyperautomation market during the market forecast period.
The lack of awareness regarding RPA and hyperautomation solutions may impede the robotic process automation market growth. RPA and hyperautomation are different concepts that focus on the shift from a manual workforce to a virtual workforce in business process management. The robotic software deployed to standardize business processes is a new concept for industries, including small and medium enterprises. In addition, the awareness about RPA and hyperautomation software is low in regions such as APAC owing to the presence of low-cost industrial workers.
For the successful implementation of RPA and hyperautomation software, awareness about the implementation and advantages achieved through RPA and hyperautomation software over manual labor is necessary. However, due to low awareness, the adoption of market has been low in price-sensitive regions. Such factors are expected to hinder the growth of the global robotic process automation and hyperautomation market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Hyperautomation is the next evolution of automation technologies, which includes AI technologies and ML technologies. It goes beyond traditional automation by adding capabilities such as cognitive automation and computer vision. Hyperautomation is transforming business processes in various industries, including IT and Telecom, Transportation and Logistics, Manufacturing, and Banking. Digital transformation is a key driver for the adoption of hyperautomation. Enterprise constraints, such as safety violations, accidents, and liabilities, are leading businesses to prioritize digital initiatives and digital programs.
Further, hyperautomation solutions offer visibility into business operations, enabling organizations to optimize touchpoints and improve operational efficiency. The integration of hyperautomation into business processes is essential for safety, particularly in industries with onsite workers and pedestrian walking lanes. Safety equipment and job site behavior are critical factors in ensuring safety. The solutions segment of hyperautomation includes various applications, such as document processing, financial comparisons, quality control, and customer satisfaction. Banks are increasingly adopting hyperautomation to streamline mortgage lending processes, including loan initiation and document processing.
Also, by automating these tasks, banks can improve operational efficiency, reduce human input, and enhance customer satisfaction. Hyperautomation can also help ensure regulatory compliance and reduce the risk of errors. In conclusion, hyperautomation is revolutionizing business processes across various industries, enabling organizations to improve operational efficiency, enhance safety, and provide better customer experiences. The adoption of hyperautomation is a crucial part of digital transformation strategies and can help businesses stay competitive in today's digital age.
Industry Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.77% |
Market growth 2024-2028 |
USD 31.64 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.76 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akabot, Alteryx Inc., Appian Corp., Automation Anywhere Inc., Celonis SE, Compulink Management Center Inc., Datamatics Global Services Limited, Fortra LLC, International Business Machines Corp., Juniper Networks Inc., Microsoft Corp., NICE Ltd., PagerDuty Inc., Pegasystems Inc., ProcessMaker Inc., SAP SE, SolveXia Pty Ltd., SS and C Technologies Holdings Inc., UiPath Inc., and Zendesk Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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