Hyper Intelligent Automation Spend by Global Enterprises Will Reach USD 4.7 Billion in 2020, Says Zinnov
BANGALORE, June 9, 2020 /PRNewswire/ --
- The Hyper Intelligent Automation (HIA) spend by enterprises is expected to grow by a CAGR of 55% through 2025 and touch a staggering USD 42 Billion
- Robotic Process Automation (RPA) spend accounts for USD 3.6 Billion of the HIA spend currently, and is expected to account for USD 25 Billion by 2025
Zinnov, a leading global management and strategy consulting firm, released the global ratings of Robotic Process Automation (RPA) Services Companies, titled, "Zinnov Zones for RPA Services - 2020," today. The study helps enterprise customers understand the evolving market landscape of outsourced RPA services and enables them to make informed decisions in their partner selection for their much needed RPA-led initiatives. The evaluation spanned ~30 major Global RPA Service Providers across their RPA services competency, including industry-specific capabilities.
COVID-19 is serving as an inflection point for digital transformation across industries, with RPA playing a pivotal role in 'flattening the curve.' With enforced lockdowns and consequent shut down of operations across industries, a greater reliance on enabling digital operations has been established. This has led to an enhanced focus on the automation of both customer-facing processes as well as back-end processes that are labor-intensive. RPA has and will continue to play a major role in automating a bulk of these processes, enabling business continuity that will be applicable in the long term.
With the intent of capturing the impact, value, and scalability of this technology, "Zinnov Zones for RPA Services" analyzed the Global RPA market and trends from both the Spenders' and the Service Providers' perspectives. Here are a few insights that have emerged from the study:
- HIA is a holistic, end-to-end automation philosophy that augments the core RPA competence with additional capabilities such as Use Case Discovery, Intelligent Document Processing, and Analytics for reporting and dashboarding.
- The spend by global enterprises on HIA is estimated at USD 4.7 Billion for 2020
- The HIA spend by enterprises is expected to grow by a CAGR of 55% through 2025 and touch a staggering USD 42 Billion
- RPA accounts for USD 3.6 Billion of the HIA spend currently, and is expected to account for USD 25 Billion by 2025 - Large Enterprises continue to dominate HIA adoption (account for >70% of all HIA investments) and 75% of Fortune 250 customers have already made significant early-stage commitments towards HIA
- Adoption of RPA is and will continue to grow rapidly as COVID-19-hit industries such as BFSI, Travel & Hospitality, and Manufacturing embrace HIA to ensure Business Continuity Planning
- Newer RPA use cases are percolating across industries to combat COVID-19. Zinnov has identified ~50 newer use cases across industries such as Healthcare, Travel & Hospitality, BFSI, and essential Retail
- Enterprises are increasingly looking at adopting Intelligent/Cognitive Automation that leverages Artificial Intelligence and Machine Learning techniques to handle unstructured data and automate tasks with humanoid decision-making
Speaking about the study, Sidhant Rastogi, Managing Partner, Zinnov, said, "The value that RPA/Automation can unlock for enterprises on the other side of COVID-19 is gargantuan. This pandemic has forced enterprises to leapfrog their automation journeys as they think beyond the present and future-proof their technology estates. Newer use cases are percolating across industry verticals such as BFSI, Healthcare, Business Process Management (BPM), Retail, etc., and is indicative of the fact that enterprises are channelizing their automation journeys in favor of scaling. This unprecedented growth in this segment has led Service Providers to invest in industry-specific RPA capabilities and platform partnerships to partake in enterprise automation-led transformative journeys."
Zinnov's Global RPA Service Providers Rating evaluates the RPA Service competencies at an overall level, by size, by maturity of RPA offerings, and by business verticals - BFSI, Healthcare, Retail and CPG, Telecom & Media, and Travel & Hospitality.
Service Providers assessed as part of the study include Accenture, Aspire Systems, Birlasoft, Brillio, Bristlecone, Capgemini, Cigniti, Cybage, Cyient, Genpact, Happiest Minds, HCL, IBM, Infogain, ITC Infotech, Larsen & Toubro Infotech, Mphasis, NIIT Technologies, Persistent Systems, Prodapt, R Systems, Sonata Software, TCS, Tech Mahindra, UST Global, Virtusa, Wipro, Yash Technologies, Zensar.
About Zinnov Zones
Zinnov Zones is an annual rating published by Zinnov which rates global Service Providers based on their competencies, capabilities, and market success. Since 2009, Zinnov Zones (previously known as GSPR - Global Service Provider Ratings) has become one of the most trusted studies globally, for both enterprises and Service Providers to better understand the vendor ecosystem across multiple domains, such as Digital Transformation, ER&D services, IoT, RPA, and Media & Entertainment.
About Zinnov
Founded in 2002, Zinnov is a leading global management and strategy consulting firm, with presence in Santa Clara, Houston, Bangalore, Gurgaon, and Paris. Over the past 18 years, Zinnov has successfully consulted with over 250+ Fortune 500 enterprises and technology companies to develop actionable insights that help them create value - across dimensions of both revenue and optimization. Zinnov has core expertise in Product Engineering, Digital Transformation, Innovation, and Outsourcing Advisory.
With their team of experienced consultants, subject matter experts, and research professionals, Zinnov serves clients from across multiple industry verticals including Enterprise Software, BFSI, Healthcare, Automotive, Retail, and Telecom in the US, Europe, Japan, and India.
For more information, visit http://zinnov.com.
For media queries, please contact:
Nitika Goel
Chief Marketing Officer, Zinnov
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+91 98450 16255
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