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The RPA and hyperautomation market is estimated to grow at a CAGR of 23.59% between 2022 and 2027. The size of the market is forecasted to increase by USD 20,532.42 million. The growth of the market depends on several factors, including the rise in the need for automation within major industries, the use of advanced sophisticated techniques in RPA and hyperautomation, and the increase in demand for fast delivery of services.
This report extensively covers market segmentation by component (solutions and services), technology (RPA, business process management suites, decision management systems, and integration platform as a service), and geography (North America, Europe, APAC, South America, and Middle East & Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global RPA and hyperautomation market as a part of the global application software market, which covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rise in the need for automation within major industries is notably driving the market growth, although factors such as lack of awareness regarding RPA and hyperautomation solutions may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key RPA and Hyperautomation Market Driver
The rise in the need for automation within major industries is notably driving the robotic process automation (RPA) and hyperautomation market growth. Most industries are trying to keep up with the changes related to the development of different technologies. For instance, businesses can use hyperautomation to find safety violations before they occur to prevent accidents or liabilities. Hyperautomation also ensures that job site employees follow pedestrian walking lanes and make sure that the equipment is safe and secure.
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.
Significant RPA and Hyperautomation Market Trend
Growing technological advancements are a key trend influencing the robotic process automation (RPA) and hyperautomation 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.
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 forecast period.
Major RPA and Hyperautomation Market Challenge
The lack of awareness regarding RPA and hyperautomation solutions may impede the robotic process automation (RPA) and hyperautomation 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 RPA and hyperautomation 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.
Key RPA and Hyperautomation Market Customer Landscape
The report includes the adoption lifecycle of the market, 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 growth strategies.
Global RPA and Hyperautomation Market Customer Landscape
Vendors 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.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 2,474.05 million in 2017 and continued to grow by 2021. 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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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the robotic process automation (RPA) and hyperautomation market in North America witnessed a temporary decline due to COVID-19. However, the initiation of large-scale vaccination drives resulted in the resumption of operations of production units of end-user industries. This boosted the demand for RPA and hyperautomation solutions for different applications in the first half of 2021. Therefore, the robotic process automation and hyperautomation market in North America is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
RPA and Hyperautomation Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.59% |
Market growth 2023-2027 |
USD 20,532.42 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
20.68 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East & Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Automation Anywhere Inc., Akabot, Alteryx Inc., Appian Corp., Celonis SE, Compulink Management Center Inc., Datamatics Global Services Ltd., 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, and Market condition analysis for the forecast period. |
Customization purview |
If our 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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