The global hyperautomation market is set to experience significant growth, with its value predicted to increase from £35 billion in 2023 to a staggering £160 billion by 2033, according to a new report by Spherical Insights & Consulting. This represents a compound annual growth rate (CAGR) of 16.47% during the forecast period.
Hyperautomation, a strategic approach to automating as many business and IT tasks as possible, is gaining traction as organisations seek to enhance efficiency and reduce operational costs. This involves leveraging a suite of technologies including robotic process automation (RPA), low-code application platforms (LCAP), artificial intelligence (AI), and virtual assistants. The ease of implementation across various IT and business applications, coupled with increasing global investment and demand, are driving market growth.
The report highlights several key factors propelling the hyperautomation market:
Digitalisation and automation of traditional industries: As organisations embrace digital transformation, the demand for hyperautomation solutions is increasing across various sectors, including manufacturing and logistics.
Advancements in AI and RPA: Rapid advancements in these technologies are enabling more complex automation processes, further fuelling market growth.
Growing need for data security and storage: The increasing reliance on data analytics and complex business tools is driving the demand for secure data storage solutions, particularly in corporate data centres, which benefits RPA-based solutions.
However, the report also acknowledges challenges:
High initial investment costs: Implementing hyperautomated processes can be expensive due to the advanced technologies involved and the need for training or acquiring skilled personnel.
The report delves into various market segments, providing insights into their growth potential:
Component: The hardware segment is projected to witness the highest CAGR during the forecast period. This is attributed to the growing adoption of automation hardware in industries, which improves productivity, quality, and reduces manufacturing errors.
Technology: The robotic process automation (RPA) segment is expected to hold the largest market share during the forecast period. This is driven by the sector-specific applications of RPA, and the rising need for data storage in businesses.
Function: The marketing & sales segment accounted for the largest revenue share of the hyperautomation market during the forecast period. The use of generative automation processes in marketing and sales is helping organisations generate leads and increase campaign accuracy.
Region: North America is expected to dominate the hyperautomation market over the forecast period, driven by increased demand for efficiency and cost reduction, rapid digitisation adoption, and a focus on supply chain resilience. However, Asia Pacific is projected to witness the fastest growth rate, driven by the transformation of traditional industries into fully automated smart factories, increasing investments in IT infrastructure and data centres, and the adoption of cloud computing.
Key Players: The report provides an analysis of major players in the hyperautomation market, including Alteryx, UiPath, Wipro Ltd., Tata Consultancy Services Ltd., Mitsubishi Electric Corporation, Honeywell International Inc., SolveXia, PagerDuty, Inc., OneGlobe LLC, Automation Anywhere Inc., JK Tech, Vuram Technologies, IBM, and Oracle.
Recent Developments: The report highlights the latest developments in the hyperautomation market, such as the launch of new solutions by Hyperscience, a leading hyperautomation and AI infrastructure software provider, that leverage large language models (LLMs) for back office operations.
The report provides a comprehensive analysis of the global hyperautomation market, offering valuable insights for businesses seeking to leverage this transformative technology.
For further information and access to the full report, please contact:
Spherical Insights & Consulting
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Follow Spherical Insights & Consulting on:
LinkedIn | Facebook | Twitter