RPA and Hyperautomation Market Forecasts to 2030 - Global Analysis By Component, Deployment Type, Organization Size, Business Function, End User and By Geography

According to Stratistics MRC, the Global RPA and Hyperautomation Market is accounted for $12.05 billion in 2023 and is expected to reach $46.85 billion by 2030 growing at a CAGR of 21.4% during the forecast period. A digital transformation strategy called RPA and Hyperautomation involves automating as many business processes as possible while digitally enhancing the ones that need human input. It makes use of cutting-edge technologies like machine learning, robotic process automation, and artificial intelligence. Hyperautomation enables robots to carry out virtual tasks that would typically be handled by humans. It is becoming more common as automation technology advances.

According to a report published by the International Federation of Robotics (IFR), a non-profit organization that promotes, strengthens, and protects the robotics industry worldwide, a total of 3 million industrial robots are now in use in different industries around the world, which shows a 10% increase compared to 2020.

Market Dynamics:

Driver:

Rapid advancement in automation of banking industry

Banks can perform a wide range of tasks that would otherwise require a lot of labor and time through automation. Additionally, automation in banking services significantly reduces errors caused by human factors. Extremely efficient transactions improve client satisfaction and streamline a number of processes. With the aid of automation, banking institutions enable their staff to work more productively and concentrate on other key tasks by getting rid of tedious and repetitive tasks. By interacting with customers in real-time and utilizing the enormous advantages of robots, robotic process automation also helps banks and financial institutions increase their productivity. This is one of the key elements driving the market's expansion.

Restraint:

Issues with accounting for firm and regulatory restrictions

After integrating the digital workforce, large businesses frequently find that their objectives are at odds with organizational constraints and knowledge of critical business operations. It is necessary to remove automated business processes from production, re-analyze them, and then update them before re-implementing them if they are connected to shifting touchpoints, controls, or decisions. This entire process takes a lot of time and resources. To match a company's goal with its business process, a skilled and competent workforce is necessary, but such workers are still in short supply.

Opportunity:

Automation technology advancements

Automation process technological developments have become a major trend in the RPA and hyperautomation markets. Enterprises can find safety violations with the aid of hyperautomation, preventing accidents and liability. To strengthen their market position, major automation industry players are concentrating on creating the newest technological solutions in automation, such as a unified platform for hyper-automation.

Threat:

Lack of awareness regarding RPA and hyperautomation solutions

The growth of the robotic process automation (RPA) and hyperautomation markets may be hampered by a lack of knowledge about these technologies. RPA and hyperautomation are two distinct ideas that concentrate on the change in business process management from a manual workforce to a virtual workforce. A novel idea for many industries, including small and medium-sized businesses, is the robotic software used to standardize business processes. Additionally, RPA and hyperautomation market adoption has been low in price-sensitive regions due to low awareness. These elements are predicted to impede growth.

COVID-19 Impact:

Due to the COVID-19 pandemic, which put the world's human workforce on lockdown and forced financial institutions to use RPA to continue operating, there is now a greater demand for RPA and hyperautomation in the banking industry. The extreme shift in workload pressures on specific processes, such as accounts receivable, and the delays brought on by remote working were two of the major difficulties that financial firms faced during COVID-19. Therefore, financial institutions are investing more and more in RPA and hyperautomation, which enable them to get rid of manual processes' burdens, reassign their workforce to jobs that add value, and prepare for quick recovery. As a result, RPA and hyperautomation in the banking industry were positively impacted by the COVID-19 pandemic.

The banking, financial services and insurance (BFSI) segment is expected to be the largest during the forecast period:

Over the forecast period, the BFSI segment is anticipated to have the largest market size. In the BFSI sector, various systems are interfaced with one another to allow the transfer of transaction-related data. To ensure smooth transaction execution and remove workflow bottlenecks, automation solutions control and monitor these interfaces. By gathering information from various systems and performing validation checks to make it ready for in-depth analysis, these solutions enhance the accuracy and efficiency of various processes as well as support regulatory and compliance reporting. In order to increase productivity, reduce costs, and improve customer satisfaction, the majority of banks are increasingly implementing hyperautomation solutions, which is boosting the market's growth.

The cloud segment is expected to have the highest CAGR during the forecast period:

It is anticipated that the cloud segment will grow at a significant CAGR in the predicted timeframe. Due to the cloud's many benefits, including lower costs, no need for staff to maintain hardware, quicker and more efficient results, and extensive flexibility and scalability, which leads to lower OPEX and CAPEX, businesses are turning more frequently to cloud-based platforms.

Region with largest share:

During the forecast period, North America is anticipated to contribute significantly to the global RPA and hyperautomation market. The majority of North American industry verticals have already undergone digital transformation owing to the region's businesses, which are among the first to adopt new technologies. Due to the quick adoption of new technologies, North American businesses have generated enormous amounts of data, creating favorable opportunities for the use of RPA and hyperautomation software to maintain and manage such data. Due to all these factors, the market is expected to grow in this region.

Region with highest CAGR:

Over the forecast period, the Asia Pacific region is anticipated to grow at the highest CAGR. APAC's RPA and Hyperautomation markets are primarily driven by China, Japan, and India. SMEs and large corporations have begun proactively adopting RPA and Hyperautomation solutions as a result of increased awareness of governmental regulations and compliance in this region. Additionally, the Asia Pacific region's RPA and hyperautomation market is anticipated to grow due to the region's rapid economic development, globalization, digitalization, and increased adoption of cloud-based technologies.

Key players in the market

Some of the key players profiled in the RPA and Hyperautomation Market include IBM, Allerin Tech Pvt. Ltd., Alteryx, Inc., Appian Corporation, Automation Anywhere Inc., Catalytic Inc., HelpSystems, LLC, Juniper Networks, Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Nice Ltd., OneGlobe LLC , PagerDuty, Pegasystems, Inc., SAP SE, SolveXia, Tata Consultancy Services Limited, UiPath, Inc., Wipro Ltd and Zendeska.

Key Developments:

In June 2023, one of the leading providers of global hybrid cloud and AI, and consulting expertise, IBM announced a deal to acquire Apptio Inc, for $4.6 billion. This acquisition is expected to accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments.

In June 2023, Mitsubishi Electric Corporation announced that it has developed a new structure for a silicon carbide metal-oxide-semiconductor field-effect transistor (SiC-MOSFET) embedded with a Schottky barrier diode (SBD), 1 which the company has applied in a 3.3 kV full SiC power module, the FMF 800 DC -66 BEW2 for large industrial equipment such as railways and DC power systems.

In June 2023, Wipro Limited, a leading technology services and consulting company, announced the launch of the Wipro Industry Innovation Experience for Energy and Utilities, featuring a new suite of integrated digital solutions built on Microsoft Cloud. The Innovation Experience brings together Microsoft Cloud capabilities and Wipro FullStride Cloud with the goal of advancing new solutions that will help energy and utilities companies drive strong, strategic, and sustainable growth.

Components Covered:

• Solution
• Services

Deployment Types Covered:

• Cloud
• On-premises

Organization Sizes Covered:

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Business Functions Covered:

• Finance & Accounting
• Human Resources (HR)
• Information Technology (IT)
• Sales & Marketing
• Supply Chain & Operations

End Users Covered:

• Banking, Financial Services and Insurance (BFSI)
• Healthcare & Life Sciences
• IT & Telecom
• Manufacturing
• Retail & Consumer Goods
• Transportation & Logistics
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances