RPA and Hyperautomation Market worth $26.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 10, 2022 /PRNewswire/ -- According to a new market research report "RPA and Hyperautomation Market by Component (Solution, Services), Business Function (IT, Operations & Supply Chain, and HR), Deployment Mode (Cloud, On-premises), Vertical (BFSI, IT & Telecom, and Manufacturing) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global RPA and Hyperautomation Market size is to grow from USD 9.2 billion in 2022 to USD 26.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. The RPA and Hyperautomation Market comprises three broad technologies: digital transformation with advanced techniques and surging demand for AI, ML, advanced analytics technologies for enhanced business operations, and rising demand for automated solutions for business continuity and planning is driving the growth of RPA and Hyperautomation Market.
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312 – Tables
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The services segment to hold a higher CAGR during the forecast period
Based on components, the services segment holds a higher CAGR during the forecast period. RPA and Hyperautomation combine multiple technologies to automate complex end-to-end business processes that involve decision-making and continuous learning. Businesses are leveraging this opportunity by automating small rule-based tasks to complex business processes. To respond to this dynamic trend, organizations need superior automation capabilities. Services form an integral part of the software lifecycle, including deployment, integration, product upgrade, maintenance, training, and consulting. Servers, apps, and managed services are the three types of services into which this segment is divided. Managed services are used for hosting and managing servers, applications, and networks for clients; these services are provided by third-party vendors. Professional services are obtained directly from parent companies.
The SMEs segment is estimated to have a higher CAGR during the forecast period
Based on organization size, the SMEs segment is estimated to have a higher CAGR during the forecast period. The intense competitive market scenario has encouraged SMEs to invest in RPA and Hyperautomation solutions and services, grow their productivity, and reduce costs. These enterprises aggressively opt for RPA due to flexibility, cost-effectiveness, lower technology risks, resource utilization scalability, and improved organizational productivity. The increasing awareness about the advantages of using automation within SMEs can help boost market growth. SMEs have limitations regarding human resources and budget and need to retain their operational expenses. The RPA enables SMEs to overcome the reduced human error and shortage of employees for redundant tasks by supporting automation functions, which is expected to boost the RPA and Hyperautomation Market.
The cloud segment is expected to have a higher CAGR during the forecast period
Based on deployment mode, the cloud segment is expected to have a higher CAGR during the forecast period. SMEs are majorly moving toward adopting the cloud deployment type due to its major benefits, such as lower costs, no requirement of manpower for hardware maintenance, faster and efficient results, and complete flexibility and scalability, which result in reduced Operational Expenditure (OPEX) and CAPEX. Seamless flexibility and scalability enable customers to store and retrieve actionable insights anytime and anywhere easily. The cloud-based deployment type enables users to easily access RPA and Hyperautomation solutions from a remote location in real-time. Cloud-based RPA and Hyperautomation solutions provide cost-saving benefits, which improve enterprises' operational efficiency and reduce operational costs.
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Europe is expected to hold the second largest share during the forecast period
RPA can help European society adapt faster and smarter, boost its productivity, and ensure more creative work modes. Some of the leading European countries that contribute to the RPA and Hyperautomation Market are the UK, Germany, Spain, France, and Italy. Despite a dynamic regulatory environment, Europe has witnessed significant economic growth in the past few years. European organizations increasingly focus on investing in innovations and are among the early adopters of leading technologies. Germany is considered one of the major manufacturing hubs for automotive, machinery and equipment, and electrical equipment. RPA and Hyperautomation help companies automate customer service functions and decrease manual processing costs related to promotional funds management, order management, warranties, and returns processing.
Key Players
Key players offering RPA and Hyperautomation Market are IBM (US), Microsoft (US), SAP (Germany), Alteryx (US), Appian (US), Juniper Networks (US), NICE (Israel), Zendesk (US), Pegasystems (US), Automation Anywhere (US), UiPath (US), ProcessMaker (US), SolveXia (Australia), PagerDuty (US), Celonis (US), Blue Prism (UK), Laserfiche (US), akaBot (Vietnam), HelpSystems (US), Decisions (US), Datamatics (US), Quale Infotech (India), Laiye (China), Rocketbot (Chile), ElectroNeek (US), Automate.io (US), AutomationEdge (US), Techforce.ai (US), Turbotic (Sweden), Simple Fractal (US), and G1ANT (England).
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