The global hyperautomation market size was worth around USD 9 billion in 2021 and is predicted to grow to around USD 26.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 23.5% between 2022 and 2028.
The global hyperautomation market size was worth around USD 9 billion in 2021 and is predicted to grow to around USD 26.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 23.5% between 2022 and 2028. The report analyzes the global hyperautomation market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hyperautomation market.
Hyperautomation Market: Overview
Hyperautomation goes one step beyond automation by divulging into technologies like Artificial Intelligence (AI) and Robotic Process Automation (RPA) which enables any complex task to be carried out with absolute ease. With the help of such advanced technology processes, an organization can automate its automated tasks with the help of dynamically created bots by automatically discovering business processes. Gartner, a USA-based technological research and consulting firm rated hyperautomation as one of the top 10 strategic technology-related trends. A combination of RPA and AI allows for the power and flexibility to automate any process that was deemed impossible to automate until a few years ago. By investing in hyperautomation, a company may benefit by accelerating complex work since the advanced technology provides support by automating complex tasks and engaging everyone associated with business transformation.
For developing an excellent hyperautomation process, it is important to have a strong automation procedure that forms the building base. Smaller automated programs and tools are used to conduct smaller tasks. This is then followed by the process of orchestration, which involves bringing together all the individually automated segments in line with one another. The final step in developing a hyperautomated protocol involves optimization which means adding an extra coating of intelligence and optimizing the entire process to deliver the most efficient output.
The global market cap benefited greatly due to the onset of Covid-19 since it forced technological sectors to hyperautomate their processes in order to survive the large-scale implication of the virus. The IT sector was largely seen to be driven during 2020 and the world witnessed some great innovations, like the use of drones to deliver essential products, food items, and medicines, or to survey any area that was in complete lockdown. The virus managed to pave a way for a hyperautomated future because now organizations are aware of the new potential dangers and are looking for ways to navigate through them.
Hyperautomation Market: Growth Drivers
Growing applications of RPA and AI to drive market growth during the forecast period.
The global hyperautomation market cap may grow owing to the rising trend of using robotic process automation and artificial intelligence technology in advanced technologies. RPA simply means using computer programming languages to carry out a set of complex and repetitive tasks within a certain set of rules. RPA market value was estimated to be around USD 1 billion in 2019 and may grow more than 33.5% by 2028 because of rising adoption. RPA is not a complex process to be automated and its ease corresponding with the quality output is what seems to attract investors or organizations to the technology. In 2018, more than USD 2 billion was invested in RPA. As per Deloitte, robotic process automation technology is heading towards universal adoption in the coming few years. At the same time, Artificial Intelligence technology has managed to carve a name for itself in the technical market. Processes like Image Recognition, Natural Language Processing, Speech Analysis, etc. have become extremely popular in the last decade. AI has allowed software to not just carry out certain tasks and with the ability to make decisions as well.
Hyperautomation Market: Restraints
High initial cost of adoption to restrict market expansion
Setting up hyperautomated processes may be expensive or a high-cost investment for many enterprises owing to the advanced technologies used along with the added cost of training or hiring trained professionals capable of handling such technologies. As per estimates, SMEs may have to invest between USD 4,000 to USD 15,000 for a single bot, and in the case of larger organizations, the amount may go up to USD 20 million. This is the approximate value of using the technology. The training cost of employees and other relevant expenses may increase this final cost to an even higher number. It will take time for businesses to reap the actual benefits of hyperautomation since the result will not be seen overnight which restricts global market size owing to a reluctance amongst organizations about the actual benefit of hyperautomation processes.
Hyperautomation Market: Opportunities
Applications in raising security standards to provide growth opportunities
RPA and AI have used applications in raising security standards at national as well as regional levels. Hyperautomation is widely used to detect any safety violations thus preventing serious accidents. The defense sector of many advanced economies has started considering using hyperautomation to upgrade their security systems and procedures. Aerospace is expected to benefit the highest in case of the adoption of RPA and AI in its protocols. Higher global market growth opportunities can be expected due to the increasing number of strategic collaborations witnessed amongst market players. Many enterprises can be witnessed tying up with other organizations in order to enhance their global footprint thus benefiting the global market expansion.
Hyperautomation Market: Challenges
Lack of skilled personnel to challenge market cap growth
Since hyperautomation is a relatively newer concept, there is a lack of sufficient institutes offering quality education in such advanced technologies. There is a significant gap between the demand and the actual number of skilled professionals present. This may considerably impact global market growth because more time will be utilized to train professionals before they can practically and efficiently execute hyperautomation. The global market needs more investors in the educational field to provide learning opportunities that will aid the creation of qualified and skilled professionals in the hyperautomation field.
Hyperautomation Market: Segmentation
The global hyperautomation market is segmented based on organization size, technology type, industry vertical, and region.
Based on organization size, the global market segments are small & medium enterprise and large enterprise. Currently, the global market is dominated by large enterprises however there is a significant increase in the adoption rate amongst SMEs as well, even though they are at a smaller scale. In a 2021 survey conducted by Gartner, which comprised respondents from large-scale to small-scale organizations, over 85% of the responses stated that they will either continue or increase their investment in hyperautomation in the coming years.
Based on technology type, the global market is segmented into biometrics, natural learning generation, context-aware computing, chatbots, robotic process automation, and machine learning. Chatbots, machine learning, and robotic process automation are currently the go-to technologies for many organizations. Com100 published a report in 2022, saying that chatbots were able to manage more than 69% of chats from start to finish on their own, in the year 2019.
Based on industry vertical, the global market segments are BFSI, retail, IT & telecom, education, automotive, manufacturing, and healthcare & life sciences. Currently, the global market is dominated by the BFSI segment. As per the 2017 Mckinsey report, more than 10 to 15% of the banking tasks can be efficiently executed by hyperautomating processes. This number has significantly increased as of 2022 with the emergence of 24*7 availability of chatbots, payment gateways, query resolution, etc.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Hyperautomation Market: Regional Analysis
North America to lead owing to higher technology adoption rate during the forecast period
The global hyperautomation market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to the presence of key players in the USA. Some of the players include companies like Uipath and Automation Anywhere Inc. The regional market cap may also benefit owing to the higher adoption rate of advanced technologies in Canada, and the USA. The North American market is full of immense amounts of data which is a result of technological growth. This has propelled the need of adopting hyperautomation in order to process as well secure the information available.
Europe is expected to generate significant revenues owing to the increasing demand for efficient organizational outputs. The growth is projected to be highest in Germany since there is an increase in investments toward hyperautomating supply chain processes.
Hyperautomation Market: Competitive Analysis
The global hyperautomation market is dominated by players like Alteryx, HelpSystems, akaBot, ProcessMaker, IBM, SAP, Decisions, Quale Infotech, Datamatics, Automation Anywhere, Blue Prism, Automate.io, Rocketbot, Microsoft, ElectroNeek, Simple Fractal, and Juniper Networks.
The global hyperautomation market is segmented as follows:
By Organizational Size
By Technology Type
By Industry Vertical
The global hyperautomation market cap may grow owing to the rising trend of using robotic process automation and artificial intelligence technology in advanced technologies. Higher global market growth opportunities can be expected due to the increasing number of strategic collaborations witnessed amongst market players. Many enterprises can be witnessed tying up with other organizations in order to enhance their global footprint thus benefiting the global market expansion.
According to Zion Market Research, the global hyperautomation market size was worth around USD 9 billion in 2021 and is predicted to grow to around USD 26.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 23.5% between 2022 and 2028.
The global hyperautomation market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to the presence of key players in the USA.