23.59% CAGR growth in RPA and Hyperautomation Market, increasing need for automation within major industries to drive growth - Technavio

Growing technological advancements is a major trend in the market. Prominent players in the automation industry are dedicated to developing innovative technology solutions, like a unified platform for hyperautomation, to maintain competitiveness in the market.

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- The RPA and hyperautomation market is estimated to grow by USD 20.53 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 23.59% during the forecast period. However, the growth momentum will progress. The rise in the need for automation within major industries is a key factor driving market growth. Industries are adapting to technological advancements, such as hyperautomation, to enhance safety and efficiency. In construction, hyperautomation identifies safety violations preemptively, ensuring compliance with pedestrian walking lanes and equipment safety. The integration of automation offers real-time data, allowing companies to make informed modifications based on data, and fostering opportunities for improved processes.

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Technavio has segmented the market based on Component (Solutions and Services), Technology (RPA, Business process management suites, Decision management systems, and Integration platform as a service), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). 

The market share growth by the solutions segment will be significant during the forecast period. RPA and hyperautomation solutions leverage AI, including machine learning, cognitive automation, and computer vision, to enhance operational efficiency by automating tasks. These technologies enable organizations to streamline business operations, reducing both the time and costs associated with workflows.

Based on geography, the global RPA and hyperautomation market is segmented into North America, Europe, APAC, South America, and Middle East & Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global RPA and hyperautomation market.

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. Numerous sectors in North America have embraced digital transformation, resulting in substantial data generation. This trend provides a conducive environment for implementing RPA and hyperautomation solutions. Industries such as BFSI, IT, telecom, transportation, logistics, manufacturing, and retail are actively adopting these technologies, fueling regional market growth.

Insights on the contribution of various segments including country and region, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Free Sample Report

Growing technological advancements are a key trend. The lack of awareness regarding RPA and hyperautomation solutions is a significant challenge restricting market growth.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021), and forecast period(2023 to 2027)- Request a free sample report!

Hyperautomation: Major Applications 

RPA (Robotic Process Automation) and hyperautomation solutions play a pivotal role in driving efficient and cost-effective corporate operations by automating rule-based, manual, and back-office administrative tasks. Leveraging RDA (Robotic Desktop Automation), Attended Automation, and Unattended Automation, these solutions create a virtual workforce that significantly enhances accuracy and productivity while reducing implementation costs. With capabilities such as Automation Scripting, Process Discovery, Low-Code/No-Code development, Orchestrator for centralized management, Data Integration, Decision Automation, Enterprise Automation, Process Mining for process optimization, RPA Analytics for performance insights, Automation Governance for compliance, Bot Deployment, Legacy System Integration, Human-in-the-Loop (HITL) for human oversight, Natural Language Processing (NLP) for text analysis, and Task Automation, RPA and hyperautomation are revolutionizing the way businesses streamline their operations.

What are the key data covered in this RPA and Hyperautomation Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the RPA and Hyperautomation Market between 2023 and 2027
• Precise estimation of the RPA and Hyperautomation Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the RPA and Hyperautomation Market industry across North America, Europe, APAC, South America, and the Middle East & Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of RPA and Hyperautomation Market companies

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Segmentation by Component

Segmentation by Technology

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio