RPA and Hyperautomation Market Size, Share & Industry | 2031

Report Description

The global RPA and hyperautomation market size was valued at USD 11.21 Billion in 2022 and is expected to reach USD 73.30 Billion by 2031 and expand at a CAGR of 23.2% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for automated solutions for business continuity and planning among key industries.

Hyperautomation is a real digital transformation that uses sophisticated technologies including Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML). It automates complex business procedures, even when subject matter experts were formerly required. This is an extension of typical business-process automation methods.

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By combining AI with RPA, hyperautomation allows robots to undertake virtual jobs that would otherwise be handled by humans. With the advancement of automation technology, hyperautomation is becoming more prevalent. People-centered and intelligent working environments are becoming common in businesses.

This shift has ushered in a new era for organizations that rely on technology and automation to maintain their competitive advantage. Businesses are expected to move beyond technology's distinct advantages to full digital agility and scale flexibility by combining all sorts of automation in close partnership.

A global slowdown in industrial activities is having a negative impact on market size in 2020, due to the COVID-19 pandemic. Globally, rising automation trends in the industrial and healthcare industries are propelling the hyper automation market forward. Several manufacturing businesses are employing hyper automation to save operating costs (OPEX) and increase overall production process efficiency.

RPA and Hyperautomation Market Dynamics

Major Drivers

Increasing implementation of robotic process automation is expected to drive the market. Rising investments by small and medium enterprises in the automation industry are projected to propel the market during the forecast period.

Existing Restraints

High initial cost is anticipated to hinder the market. Lack of skilled professionals is expected to hamper the market in the coming years.

Emerging Opportunities

Increasing demand for precision and accuracy in numerous industries is projected to create lucrative opportunities for market players. 

Scope of RPA and Hyperautomation Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

RPA and Hyperautomation Market Segment Insights

Application Segment Analysis

On the basis of application, the RPA and hyper automation market is segmented into operations & supply chain, IT, and HR. The operations & supply chain segment is projected to expand at a considerable CAGR during the forecast period.

The hyperautomation connects supply chains with many activities such as digitization, resulting in data availability. The IT segment is anticipated to account for a major market share during the forecast period, owing to rising investments by small and medium enterprises.  

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Component Segment Analysis

Based on component, the market is divided into service and solution. The service segment is expected to hold a significant share of the market in the coming years. Deployment, integration, product update, maintenance, training, and consulting are all services that are part of the software lifecycle.

Professional services are received from parent corporations directly. Third-party suppliers provide managed services, which include hosting and administering servers, applications, and networks for clients. The solution segment accounts for a significant market share, due to the increasing demand for solutions from various industries.

Deployment Segment Analysis

On the basis of deployment mode, the RPA and hyperautomation market is segregated into on-premise and cloud-based. The cloud-based segment is anticipated to expand at a substantial CAGR during the forecast period, owing to its major benefits including low cost, and no requirement of manpower for hardware maintenance. The on-premise segment is expected to hold a significant share of the market, due to increasing demand for robotic process automation.   

Industry Vertical Segment Analysis

Based on industry vertical, the market is segmented into IT & telecom, manufacturing, and BFSI. The manufacturing segment is projected to register a considerable share of the market in the coming years, owing to low technological risk and improved organizational productivity. The IT & telecom segment is expected to hold substantial CAGR, due to the increasing awareness about the advantages of using automation.   

Regional Analysis

In terms of region, the RPA and hyper automation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the forecast period, owing to the increasing adoption of automation in the region.

The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to increasing demand for precision and accuracy in numerous industries.  

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