PUBLISHER: The Business Research Company | PRODUCT CODE: 1425786
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425786
RPA And Hyperautomation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rpa and hyperautomation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rpa and hyperautomation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rpa and hyperautomation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
RPA and hyper-automation encompass the automation of intricate business processes that previously necessitated involvement from subject matter experts or professionals. Robotic Process Automation (RPA) involves the use of robots programmed to automate repetitive, predictable, and routine tasks, aiming to replicate human behavior in interactions.
The primary components of RPA and hyper-automation include solutions and services. These technologies are designed to enhance operational efficiency by automating tasks that were previously reliant on human labor. Hyper-automation provides robust automation solutions such as Robotic Process Automation (RPA), Intelligent Document Processing (IDP), Intelligent Business Process Management Suites (iBPMS), among others. RPA and hyper-automation can be deployed both on-premise and in the cloud, supporting various functions including sales and marketing, finance and accounting, human resources, supply chain and operations, and information technology (IT).
The RPA and hyper automation market research report is one of a series of new reports from The Business Research Company that provides RPA and hyper automation market statistics, including RPA and hyper automation industry global market size, regional shares, competitors with a RPA and hyper automation market share, detailed RPA and hyper automation market segments, market trends and opportunities, and any further data you may need to thrive in the RPA and hyper automation industry. This RPA and hyper-automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The rpa and hyperautomation market size has grown rapidly in recent years. It will grow from $12.24 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. During the historic period, the growth in RPA and hyper-automation can be attributed to several key factors. These include achieving cost efficiency and heightened productivity through automation, optimization of business processes to enhance overall efficiency, a significant shift toward digital transformation initiatives, a focused effort on enhancing the workforce through automation, and the early adoption of these technologies in IT operations. These elements collectively contributed to the observed growth within the RPA and hyper-automation domains during that period.
The rpa and hyperautomation market size is expected to see exponential growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. Anticipated growth in the forecast period within RPA and hyper-automation is expected to stem from various factors, including the expansion of hyperautomation practices, transformative changes following the pandemic, continued focus on cost efficiency and productivity gains, industry-specific applications, and the increasing adoption of cloud-based solutions. Key trends projected for the forecast period encompass heightened concerns regarding data security and privacy, an emphasis on scalability and flexibility in automation solutions, the proliferation of intelligent automation technologies, changes in workforce skill development and dynamics due to automation, and increased innovation and competition among vendors in this domain.
The increasing significance of robotics across various industries is a significant driver for the growth of the RPA and hyper-automation markets. Robots, defined as automated machines capable of performing specific tasks swiftly and accurately with minimal human involvement, have become integral in various sectors. Hyper-automation, which combines robotic process automation (RPA) with artificial intelligence, further amplifies the role of robotics in diverse industries. According to a 2021 report from the International Federation of Robotics (IFR), a non-profit organization promoting the global robotics industry, 3 million industrial robots are currently in use worldwide, marking a 10% increase from 2020. Despite a modest 0.5% growth rate in the sales of new robots, with 384,000 units sold globally in 2020, the rising significance of robotics is expected to drive the growth of the RPA and hyper-automation market.
The growth of the RPA and hyper-automation markets is anticipated to be propelled by organizations undergoing digital transformation initiatives. Digital transformation involves integrating digital technology into all aspects of a business, fundamentally changing its operations and value delivery. As organizations redefine their business strategies to remain competitive and relevant, RPA and hyper-automation play crucial roles in supporting these efforts. These technologies provide tools to enhance productivity, streamline workflows, and create organizations that are more responsive and flexible. For example, Zippia, Inc., a US-based data company providing online recruitment services, reported that global spending on digital transformation is projected to reach $6.8 trillion in 2023, a significant increase from $1.5 trillion in 2021. With 70% of organizations either implementing or developing a digital transformation strategy, the trajectory of these initiatives is expected to drive the growth of the RPA and hyper-automation markets.
A key trend in the RPA and hyper-automation markets is the continuous technological advancements in automation processes. Major companies in the automation sector are actively developing cutting-edge technological solutions, such as unified platforms for hyper-automation, to solidify their positions in the market. In December 2020, Appian, a US-based cloud computing and enterprise software company, introduced a new version of its low-code automation platform. This updated platform integrates low-code robotic process automation (RPA), artificial intelligence (AI), and process automation. It simplifies the generation of quick and significant business value, showcasing the evolution of powerful and scalable, unified enterprise automation technologies. This technological advancement trend is expected to contribute significantly to the growth and innovation within the RPA and hyper-automation markets.
Major players in the RPA and hyper-automation market are actively pursuing strategic collaborations with prominent manufacturing companies as a key approach to fortify their market positions. Strategic collaborations enable companies to form partnerships with other entities possessing the requisite expertise, turning conceptual ideas into tangible realities. An illustrative example is the announcement made in February 2023 by DRUID AI, a Romania-based conversational artificial intelligence (AI) platform, regarding a multi-year strategic partnership with Roboyo GmbH, a Germany-based hyperautomation professional services company. This collaboration leverages DRUID's conversational AI technology layer and ROBOYO's extensive automation technology portfolio and consulting experience. Together, the companies aim to execute automation transformation projects that deliver substantial value across various industries.
In a significant move in August 2021, Salesforce, Inc., a US-based cloud-based software company, acquired Servicetrace for an undisclosed amount. This strategic acquisition is positioned to enhance the robotic process automation (RPA) capabilities of Mulesoft RPA within Salesforce. The objective is to provide a leading hyper-automation solution in the market, combining integration with hyperscale resilience, universal governance, end-to-end security, and scalability of reuse. Servicetrace GmbH, based in Germany, is a software company specializing in the development of software robots and solutions for process automation. Salesforce's acquisition of Servicetrace reflects a strategic effort to bolster its position in the hyper-automation landscape, emphasizing the importance of collaboration and integration of capabilities for market leadership.
Major companies operating in the rpa and hyperautomation market report are IBM Corporation, Microsoft Corporation, SAP SE, Alteryx Inc., Nice Ltd., Juniper Networks Inc., Pegasystems Inc., Appian Corporation, UiPath Inc., HelpSystems LLC, Zendesk Ltd., Automation Anywhere, ProcessMaker, SolveXia, Blue Prism Group Plc., Celonis, Laserfiche, Tata Consultancy Services, Mitsubishi Electric Corporation, Catalytic Inc, OneGlobe LLC, PagerDuty Inc., Honeywell InternationalInc., NTTData, Accenture, Capgemini, Cognizant, Infosys, Larsen & Toubro Infotech, Tech Mahindra
North America was the largest region in the RPA and hyperautomation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rpa and hyperautomation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the rpa and hyperautomation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The RPA and hyper-automation market consists of revenues earned by entities by providing automation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The RPA and hyper-automation market also includes sales of solutions through artificial intelligence, machine learning, chatbots, and conversational AI. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.