Authored By: Sarah
11 Jul 2024

 Rpa And Hyperautomation Market Size to grow by USD 31635.5 million between 2024-2028

According to a research report “ Rpa And Hyperautomation Market” by Component (Solutions, Services) Technology (RPA, Business process management suites, Decision management systems, Integration platform as a service) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 31635.5 million, at a CAGR of  27.77% during the forecast period. In today's business landscape, staying abreast of technological advancements is crucial for every industry. Hyperautomation, a technology that leverages Robotic Process Automation (RPA) and AI, offers significant benefits in ensuring compliance with safety regulations in various sectors. By identifying potential safety violations before they lead to accidents or liabilities, hyperautomation minimizes risks. Moreover, it ensures adherence to pedestrian walking lanes, confirms the functionality and security of safety equipment, and ensures their consistent usage. The increasing adoption of automation in industries such as construction, coupled with the real-time data generated for data-driven decision-making, presents substantial opportunities for hyperautomation. Consequently, the burgeoning demand for automation in major industries is a primary growth driver for the global RPA and hyperautomation market during the forecast period.

Browse market data tables, figures, and in-depth TOC on “Rpa And Hyperautomation Market” by Component (Solutions, Services) Technology (RPA, Business process management suites, Decision management systems, Integration platform as a service) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Component, the Solutions segment is projected to dominate the market size in 2024

The RPA and Hyperautomation market is experiencing significant growth due to the increasing adoption of automated business processes. Companies are leveraging Robotic Process Automation (RPA) to automate repetitive tasks, while Hyperautomation adds intelligence and automation to complex processes. This results in increased efficiency, reduced errors, and enhanced productivity. The market is expected to expand further as more organizations seek to digitally transform their operations.

By Technology, RPA  segment is expected to hold the largest market size for the year 2024

The solution segment dominates the global RPA and hyperautomation market in 2023, driven by the increasing adoption of these technologies to optimize business processes and reduce manual work. RPA and hyperautomation represent the application of advanced technologies, including AI, machine learning, cognitive automation, and computer vision, to automate complex tasks. These solutions offer organizations significant benefits, such as increased operational efficiency, faster decision-making, and cost savings. By implementing RPA and hyperautomation solutions, businesses can streamline their workflows, reduce errors, and enhance overall productivity.

North America is forecasted to hold the largest market size by region in 2024

The RPA and Hyperautomation market is experiencing significant growth due to the increasing adoption of automated business processes. Companies are leveraging Robotic Process Automation (RPA) to streamline repetitive tasks, while Hyperautomation enables the automation of complex processes using AI, machine learning, and other advanced technologies. This results in increased efficiency, reduced errors, and improved customer experience. The market is expected to continue expanding as businesses seek to digitally transform and remain competitive.

The Rpa And Hyperautomation Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Akabot
  • Alteryx Inc.
  • Appian Corp.
  • Automation Anywhere Inc.
  • Celonis SE
  • Compulink Management Center Inc.
  • Datamatics Global Services Limited
  • Fortra LLC
  • International Business Machines Corp.
  • Juniper Networks Inc.
  • Microsoft Corp.
  • NICE Ltd.
  • PagerDuty Inc.
  • Pegasystems Inc.
  • ProcessMaker Inc.
  • SAP SE
  • SolveXia Pty Ltd.
  • SS and C Technologies Holdings Inc.
  • UiPath Inc.
  • Zendesk Inc.
.

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Research Analysis Overview

The RPA (Robotic Process Automation) and Hyperautomation markets have been gaining significant traction in various industries, including banking, due to their ability to enhance customer satisfaction, improve quality control, and reduce costs. In the banking market, RPA is being used to automate document processing, loan initiation, and mortgage lending processes, freeing up human resources for more complex tasks. Hyperautomation, an extension of RPA, leverages ML (Machine Learning) and AI technologies to automate more complex business processes. For instance, in the mortgage lending process, Hyperautomation can analyze financial comparisons and identify potential risks, ensuring compliance with safety regulations and reducing liabilities from accidents and safety violations. Digital transformation strategies are a key driver for RPA and Hyperautomation adoption, as they enable businesses to streamline processes, increase visibility, and reduce touchpoints. However, enterprise constraints and the need for human input can pose challenges to digital initiatives. In other industries, such as manufacturing, RPA and Hyperautomation are used to improve safety by automating safety equipment inspections and monitoring pedestrian walking lanes. By implementing digital programs and initiatives, businesses can improve overall safety, reduce liabilities, and enhance operational efficiency.

Market Research Overview

The RPA and Hyperautomation market is experiencing significant advancements, driven by the adoption of artificial intelligence (AI) and digitalization in various industries, including banking and financial services. The banking industry's digital transformation strategy is focused on improving the digital banking experience for consumers, particularly millennials, who prefer digital channels over traditional banking methods. However, resistance to adoption, organizational misalignment, and the presence of unstructured data are hindering factors. In the banking market, RPA and Hyperautomation are being used to automate laborious and repetitive tasks, increasing efficiency and productivity. Fintech startups and cybersecurity concerns are driving the competition in this space. The adoption of blockchain technology is also expected to impact the market, enhancing security and transparency in financial transactions. Outside of banking, RPA and Hyperautomation are being adopted in industries such as Manufacturing, Transportation and logistics, IT and Telecom, and more. Cognitive automation, computer vision, and ML (Machine Learning) technologies are key areas of focus for solutions segment. However, organizational difficulties, integration, and safety concerns are some of the challenges hindering the adoption of automation. In the digital economy, RPA and Hyperautomation are being used to streamline business processes, improve operational efficiency, and ensure safety and compliance. The adoption of automation in industries such as manufacturing and construction is expected to increase, with a focus on safety, integration, and job site behavior. Digital programs and initiatives are also driving the need for RPA and Hyperautomation in areas such as document processing, loan initiation, and mortgage lending process, reducing the need for human input and increasing quality control and financial comparisons.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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