Statistics Report: Global Hyperautomation Market Size & Share to Surpass USD 26.5 Billion by 2028, Predicts Zion Market Research | Industry Trends, Growth, Value, Segmentation Analysis & Forecast by ZMR
NEW YORK, Aug. 18, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
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.
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Key Industry Insights & Findings of the Hyperautomation Market Reports:
- As per the analysis shared by our research analyst, the Hyperautomation Market is expected to grow annually at a CAGR of around 23.5 % (2022-2028).
- Through the primary research, it was established that the Hyperautomation Market was valued at approximately USD 9 billion in 2021 and is projected to reach roughly USD 26.5 billion by 2028.
- 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.
- The defense sector of many advanced economies has started considering using hyperautomation to upgrade their security systems and procedures.
- 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.
Zion Market Research published the latest report titled "Global Hyperautomation Market By Organizational Size (Small & Medium Enterprise, and Large Enterprise), By Technology Type (Biometrics, Natural Learning Generation, Context-Aware Computing, Chatbots, Robotic Process Automation, and Machine Learning), By Industry Vertical (BFSI, Retail, IT & Telecom, Education, Automotive, Manufacturing, and Healthcare & Life Science), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
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.
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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.
Global 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.
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List of Key Players in Hyperautomation Market:
- Alteryx
- HelpSystems
- akaBot
- ProcessMaker
- IBM
- SAP
- Decisions
- Quale Infotech
- Datamatics
- Automation Anywhere
- Blue Prism
- Automate.io
- Rocketbot
- Microsoft
- ElectroNeek
- Simple Fractal
- Juniper Networks
Key questions answered in this report:
- What are the growth rate forecast and market size for Hyperautomation Market?
- What are the key driving factors propelling the Hyperautomation Market forward?
- What are the most important companies in the Hyperautomation Market Industry?
- What segments does the Hyperautomation Market cover?
- How can I receive a free copy of the Hyperautomation Market sample report and company profiles?
Report Scope:
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Recent Developments
- In January 2022, Alteryx agreed to acquire Trifacta for a value of USD 400 million. The acquisition was closed in the 1st QN of 2022, adding cloud-native technologies to the Alteryx portfolio while aiming to accelerate the company's move towards the cloud. With the acquisition of Trifacta, a cloud data management, and machine learning platform provider, Alteryx will also benefit by expanding its presence to include customers in large to very large enterprises.
- In February 2022, IBM and SAP announced a strong partnership intended to help customers move workloads from SAP solutions. IBM will be receiving technological and consulting services from SAP which will help the clients transition smoothly towards a hybrid cloud approach.
Regional Dominance:
- 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.
Global Hyperautomation Market is segmented as follows:
Hyperautomation Market: By Organizational Size Outlook (2022-2028)
- Small & Medium Enterprise
- Large Enterprise
Hyperautomation Market: By Technology Type Outlook (2022-2028)
- Biometrics
- Natural Learning Generation
- Context–Aware Computing
- Chatbots
- Robotic Process Automation
- Machine Learning
Hyperautomation Market: By Industry Vertical Outlook (2022-2028)
- BFSI
- Retail
- IT & Telecom
- Education
- Automotive
- Manufacturing
- Healthcare & Life Science
Hyperautomation Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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