Global RPA and Hyperautomation Market Size, Share & Industry Trends Analysis Report By Vertical, By Component (Solution and Services), By Deployment Type, By Organization Size, By Business Function, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the RPA and Hyperautomation Market
Market Report Description
The Global RPA and Hyperautomation Market size is expected to reach $29.2 billion by 2028, rising at a market growth of 22.2% CAGR during the forecast period.
Hyperautomation provides automation for nearly any repetitive action performed by business users by combining AI tools with RPA (Robotic Process Automation). It even optimizes the automation by finding business processes dynamically and creating bots to automate them. In addition, hyperautomation is a mechanism for true digital transformation, with tools like Robotic Process Automation (RPA), artificial intelligence (AI), and machine learning (ML) working together to automate complicated business processes comprising where subject matter professionals were once necessary.
Combining RPA and AI technology gives the organizations the power and agility to automate operations that were previously impossible to automate, such as undocumented activities with unstructured data inputs. RPA+AI are the crucial ingredients of hyperautomation, as AI distinguishes Digital Workers from traditional automation methodologies.
This helps businesses to quickly respond to client expectations, achieve corporate objectives, increase productivity, and boost efficiency. Pure RPA bots, for example, can only read standardized and digitized invoices and documents. When OCR and NLP are combined with RPA, hyperautomated robots may do time-consuming yet intuitive activities like sales reports, contracts, and scanning bills, emails, or formal documents from numerous vendors in various formats. They can also hear, read, and converse at breakneck speed to assist in responding to and identifying opportunities.
By boosting customer on-boarding, reducing compliance processes, and enhancing precision and speed, financial institutions may improve the operations and remain competitive. A corporation must discover ways to adjust its operations to meet customer problems and improve the customer experience as customer expectations and needs change. Customer service processes and technologies that incorporate hyperautomation can eliminate manual duties, categorize inquiries, give quick solutions, and simplify workflows.
Process discovery utilizes AI to unveil processes and develop bots automatically, speeding up the automation process by up to 5 times. Automation ground-breaking architecture allows business stakeholders to participate at every stage of the process automation journey. Business leaders, process analysts, technological specialists, and knowledge workers may grow automation to unprecedented levels while preserving stringent governance and data protection. Hyperautomation analytics are created using the data that bots acquire while they work.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has led to the digital transformation process into disarray. For an extended period of time, executives were not prepared for an overnight transformation to 100 percent digital operations. Remote work, security, e-commerce, supply chain, and business processes and software were all vulnerable to crushing expectations, bottlenecks, and points of failure across the organization. Business continuity and stability became everyone's top priority all of a sudden. COVID-19 drove old processes and BPOs well past peak capacity, which was both obvious and unanticipated.
Market Growth Factors
The rise in the need for automation within major industries
Technology is progressing, and every industry is attempting to keep up with the changes. Hyperautomation assists businesses in detecting safety infractions before they become accidents or liabilities. Also, hyperautomation also ensures that onsite workers are following pedestrian walking lanes accurately, validates the security of safety equipment and that it is being worn at all times. It also provides real-time data of job-site behavior so that changes can be made based on data rather than guesswork, and thus integration and widespread acceptance of automation in the building projects, as well as other industries, are likely to bring opportunity for hyperautomation.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches.
Rise of digital transformation with sophisticated techniques in RPA and Hyperautomation
Hyperautomation is a true digital transformation that uses sophisticated technologies. It automates complex business procedures, even when subject matter experts were formerly required. This is an extension of typical business-process automation methods. Hyperautomation, which combines AI and RPA, enables robots to do digital tasks that would normally be performed by humans. With the advancement of automation technologies, hyperautomation is becoming more prevalent. People-centred and smart working environments are becoming more common in businesses. There are various firms that dedicatedly work for different industries to incorporate automation in the business processes.
Market Restraining Factors
The problem in accounting for regulatory and firm limitations
Large enterprises frequently discover that the objectives are mismatched with enterprise restrictions and insight into crucial business operations after integrating the digital workforce. Automated business processes that are linked to changing touch-points, controls, or decisions must be taken out of production, re-analyzed, and then updated before being re-implemented. This whole process is very timely as well as resource-consuming. It involves the requirement of a skilled and competent workforce to match the aim of business with the business process, but there is still a scarcity of quality workforce.
Based on Vertical, the market is segmented into BFSI, Telecom & IT, Manufacturing & Automotive, Retail & Consumer Goods, Transportation & Logistics, Healthcare & Life Sciences, and Others. The Manufacturing & Automotive segment garnered a significant revenue share in the RPA and Hyperautomation market in 2021. Manufacturers are seeking to automation and Industry 4.0 technologies to boost the efficiency as a result of the ongoing need to generate throughput and save expenses. Automation is now more commonly understood as the use of machines to lessen human labor. It is now often related to electro-mechanical systems that may be programmed to carry out a variety of tasks.
Based on Component, the market is segmented into Solution and Services. The Solution segment acquired the highest revenue share in the RPA and Hyperautomation market in 2021. It is because these solutions enhance operational efficiency and reduce human labor processes with RPA and hyperautomation solutions. The application of AI and associated developing technologies to robotic process automation, such as computer vision, cognitive automation, and machine learning, is known as RPA and Hyperautomation.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into Cloud and On-premise. The cloud segment garnered the maximum revenue share in the RPA and Hyperautomation Market in 2021. This is owing to simplified distributed energy resource management, improved outage management, and ease in complicated device unification. The cloud is best suited to maintain an advanced software for any type of objective.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The Cloud segment witnessed a significant revenue share in the RPA and Hyperautomation market in 2021. Companies are increasingly turning to cloud deployment because of its numerous advantages, including cheaper costs, no need for staff for hardware maintenance, faster and more efficient outcomes, and comprehensive flexibility and scalability, all of which result in lower OPEX and CAPEX.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment the largest revenue share in the RPA and Hyperautomation market in 2021. It is owing to the greater preference of the large enterprises towards automating various business procedures. In addition, large enterprises implement RPA to boost the speed of their production in order to generate more revenue with better efficiency.
Business Function Outlook
Based on Business Function, the market is segmented into Information Technology (IT), Sales & Marketing, Finance & Accounting, Human Resources (HR), and Supply Chain & Operations. The Sales & Marketing segment witnessed a promising revenue share in the RPA and Hyperautomation market in 2021. When businesses use hyperautomation in marketing and sales, it can optimize a prospect's complete journey by enabling an automated ecosystem to assist management in finding a product/service, resolving questions, placing orders, and receiving post-sales services.
|Market size value in 2021||USD 7.3 Billion|
|Market size forecast in 2028||USD 29.2 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 22.2% from 2022 to 2028|
|Number of Pages||369|
|Number of Tables||564|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Market Share Analysis, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Deployment Type, Organization Size, Business Function, Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific garnered a significant revenue share in the RPA and Hyperautomation market in 2021. The primary nations driving the RPA and Hyperautomation market in APAC are China, Japan, and India. In this region, SMEs and major corporations have become more cognizant of government rules and compliances, and have begun to deploy RPA and Hyperautomation technologies proactively. The acceptance of AI technology by many verticals, such as BFSI, manufacturing, and retail, is likely to fuel the RPA and Hyperautomation market's rapid expansion.
KBV Cardinal Matrix - RPA and Hyperautomation Market Competition Analysis
Free Valuable Insights: Global RPA and Hyperautomation Market size to reach USD 29.2 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunners in the RPA and Hyperautomation Market. Companies such as IBM Corporation, SAP SE, Juniper Networks, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, SAP SE, Alteryx, Inc., Nice Ltd., Juniper Networks, Inc., Pegasystems, Inc., Appian Corporation, UiPath, Inc., and HelpSystems, LLC.
Recent Strategies Deployed in RPA and Hyperautomation Market
» Partnerships, Collaborations and Agreements:
- May-2022: UiPath came into a partnership with airSlate, a fast-growing workflow automation company. This partnership aimed to strengthen individuals and small businesses to build, innovate, and automate to digitally transform the organizations to run quicker, simpler, and more efficiently.
- Jan-2022: Alteryx came into a partnership with Trifacta, an award-winning cloud company. This partnership aimed to guide and speeds up Alteryx’s journey to the cloud and opens new categories of buyers throughout IT within large enterprises.
- Oct-2021: UiPath formed a partnership with Snowflake, the Data Cloud company. This partnership aimed to provide customers with quicker data processing while enabling customers to perform long-term historical analyses to scale the automation journeys.
- Sep-2021: Alteryx formed a partnership with UiPath, a leading enterprise automation software company. This partnership aimed to simplify the process of digital transformation by gathering value from enterprise data.
- Aug-2021: Alteryx came into a partnership with Blue Prism, an RPA provider based in the United Kingdom. This partnership aimed to make bi-directional unification by which customers of both companies can leverage the other’s technology. Under this partnership, Blue Prism users can apply Alteryx data intelligence to the automation by the Alteryx Visual Business Object for Blue Prism Studio.
- Nov-2020: NICE formed a partnership with Symphony, an Indian multinational electronics company. This partnership aimed to optimally scale the intelligent automation and enhance value for customers and employees.
- Jul-2020: Nice came into a partnership with Minit, a process intelligence technology provider. This partnership aimed to aid organizations to find optimal processes to automate graphically with supreme accuracy. In addition, this partnership would result in enhanced deployment success, operational efficiency, and return on investment (ROI).
- Oct-2020: UiPath came into a partnership with Expleo, a global engineering, technology, and consulting service provider. This partnership aimed to aid clients to develop flexible, transparent, and robust automation solutions. In addition, this partnership would integrate Expleo’s sector knowledge with UiPath’s expertise in enterprise automation software. Also, clients would gain the assistance required to drive productivity, speed to market, and cost efficiencies, while lowering the burden of mundane, administrative tasks.
- Sep-2020: UiPath formed a partnership with EY, a global leader in assurance, tax, strategy and transactions, and consulting services. This partnership aimed to help businesses execute hyper-automation at scale and aid businesses to attain consistent and successful delivery of IA at the pace of hyper-automation.
- Sep-2020: UiPath came into a partnership with Sitel Group, a leading global customer experience (CX) management provider. This partnership aimed to unify Sitel Group’s breadth of industry experience and customer-centric approach with the UiPath end-to-end platform for hyper-automation. In addition, this partnership would enable thousands of associates throughout the world to better satisfy and assist the rapidly changing and unique demands of the group’s 400+ clients.
» Product Launches and Product Expansions:
- May-2022: UiPath released the Automation Cloud Robots. This new product would offer enterprises an even more complete automation foundation to attain fast and precise outcomes. In addition, this product would deepen the reach of automation in the enterprise.
- Mar-2022: Alteryx released the Alteryx Analytics Cloud. This product is aimed to help businesses make more informed decisions with data and make it simpler for any user to gain insights that aid people to tackle business issues.
- Dec-2021: NICE unveiled the new AI-powered capabilities. This product comprises document digitization, ROI-based recommendation of ideal processes to automate, and an additional resource center with ready-made low-code/no-code resources for sharing. Furthermore, this new product would lower process analysis time and automate manual tasks and assist organizations to boost ROI and maximize the value of automation projects for the business.
- Sep-2021: HelpSystems introduced the Automate Bot Store. This product would translate and perform tasks for organizations, enabling to simply accelerate the automation projects. In addition, this product is a one-stop solution for Automate users to develop meaningful automation with pre-built bots.
- Aug-2021: NICE unveiled the brand new edition of its robotic process automation (RPA) solution with advanced AI capabilities. This product would allow organizations to gain even more from smarter process recommendations that are deeply customized to assist the objectives.
- May-2021: Microsoft expanded its product line with Microsoft Process Advisor. This product would offer an automation platform that can be utilized by anyone from business users up to IT developers and everyone in between.
- May-2021: Appian introduced the Appian Low-code Automation Platform. This new product expands the outlines of the low-code industry with the release of low-code data and a new code-free approach to integrating enterprise data.
- Dec-2020: Appian expanded its product line with the latest version of the Appian Low-code Automation Platform. This new product would make it simple than ever for IT to drive quick and substantial business value from a new generation of powerful and scalable enterprise automation technologies, integrated into the industry’s leading platform for low-code development.
- Dec-2020: SAP introduced the Intelligent Robotic Process Automation 2.0. This product would provide a Low-Code experience, even allowing most use cases to be built with No-Code. This new cloud studio is a major release of SAP products geared towards the democratization of automation.
- Nov-2020: IBM introduced an end-to-end hyperautomation platform combining leading automation technologies. This product increases customer value, developing a holistic insight and issue management platform.
- Nov-2020: Pegasystems unveiled the Pega RPA auto-balancing feature. This product uses artificial intelligence (AI) to intelligently and automatically assess the availability of bot resources without any interference by humans.
- Mar-2020: Appian introduced the Appian RPA. This new product would integrate AI, RPA, workflow, decision rules, and case management at the speed of low code. In addition, this means businesses can apply the right technology for the right use case to automate any end-to-end process.
» Acquisitions and Mergers:
- May-2022: Pegasystems took over Everflow, an innovative process mining software company based in Brazil. This acquisition aimed to allow Pega clients to uncover and resolve hidden process inefficiencies that often hamper organizational operations. In addition, this acquisition would help Pega provide the most comprehensive hyper-automation solution available for enterprises.
- Apr-2021: IBM took over MyInvenio, a process mining software company located in Reggio Emilia, Italy. This acquisition aimed to unify MyInvenio technology in more depth into its Cloud Pak for Automation platform.
- Mar-2021: SAP took over Signavio, a German process intelligence firm. This acquisition aimed to boost a new business transformation solution that shifts more systems to the cloud as a way to make businesses more resilient. In addition, this acquisition would let companies to easily comprehend, better, transform and handle the business processes at scale.
- Dec-2020: Juniper took over Apstra, intent-based networking, and analytics provider. This acquisition aimed to move deeper automation into Juniper’s Junos-based data center networking platform. In addition, this acquisition would better locate Juniper in the intent-based networking segment.
- Jul-2020: IBM took over WDG Automation, a Brazillian software provider specializing in robotic process automation. This acquisition aimed at IBM's expansion into the AI-infused automation market, as it looked to offer its customers the capability to easily spot more granular prospects for automation. In addition, this acquisition would ensure consistent and precise data is being used in overall tools and business functions, comprising customer service, IT, finance, HR, and supply chain.
- Jan-2020: Appian took over Novayre Solutions SL, a developer of the Jidoka RPA platform. This acquisition aimed to make Appian a one-stop-shop for Automation, with best-in-class solutions for workflow, AI, and RPA.
» Geographical Expansions:
- Jul-2021: Appian expanded its geographical footprints with Appian regional office in Japan. This geographical expansion aimed to enhance the value of all Japanese corporate brands and the transparency and intelligent automation of Japanese public institutions.
Scope of the Study
Market Segments Covered in the Report:
- Telecom & IT
- Manufacturing & Automotive
- Retail & Consumer Goods
- Transportation & Logistics
- Healthcare & Life Sciences
By Deployment Type
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Business Function
- Information Technology (IT)
- Sales & Marketing
- Finance & Accounting
- Human Resources (HR)
- Supply Chain & Operations
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Alteryx, Inc.
- Nice Ltd.
- Juniper Networks, Inc.
- Pegasystems, Inc.
- Appian Corporation
- UiPath, Inc.
- HelpSystems, LLC
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