|Market Size in 2021||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 9 Billion||USD 26.5 Billion||23.5%||2021|
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.
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.
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.
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.
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.
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.
|Report Attributes||Report Details|
|Report Name||Hyperautomation Market Size Research Report|
|Market Size in 2021||USD 9 Billion|
|Market Forecast in 2028||USD 26.5 Billion|
|Compound Annual Growth Rate||CAGR of 23.5%|
|Number of Pages||240|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Alteryx, HelpSystems, akaBot, ProcessMaker, IBM, SAP, Decisions, Quale Infotech, Datamatics, Automation Anywhere, Blue Prism, Automate.io, Rocketbot, Microsoft, ElectroNeek, Simple Fractal, and Juniper Networks.|
|Segments Covered||By Organizational, By Technology Type, By Industry Vertical, And By Region|
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
The global hyper-automation market is dominated by players like
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.
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.
Hyperautomation is a process that involves organizations automating complex and repetitive tasks by utilizing a combination of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and other digital tools.
This process is also known as robotic process automation (RPA). The term "hyper automation" refers to a level of automation that goes beyond ordinary automation by automating not just straightforward but also intricate end-to-end business processes. The end goal of hyperautomation is to develop a fully automated digital workforce that can increase productivity, accuracy, and efficiency while simultaneously lowering expenses and the number of mistakes made.
When businesses implement hyper-automation, they are able to automate processes that were previously either impossible to automate or required the involvement of humans. It can be utilized in a variety of company tasks, such as accounting, human resources, customer support, administration of supply chains, and far more.
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