Hyperautomation Global Market Report 2024

The hyperautomation market size has grown rapidly in recent years. It will grow from $47.36 billion in 2023 to $55.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed in the historic period can be attributed to the heightened focus on digital transformation initiatives, the integration of the Internet of Things (IoT), the widespread adoption of cloud computing, the increasing complexity of business processes, and a growing demand for scalability and flexibility in operations.

The hyperautomation market size is expected to see rapid growth in the next few years. It will grow to $105.34 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The anticipated growth in the forecast period can be attributed to a rising demand for efficiency and cost reduction, ongoing advancements in artificial intelligence (AI) and machine learning (ML), a heightened focus on cybersecurity automation, the rapid expansion of edge computing, and the increasing adoption of hyperautomation in small and medium enterprises (SMEs). Key trends in the forecast period encompass human augmentation and collaboration, the importance of explainable AI and ethical considerations, the emergence of autonomous processes and intelligent workflows, the widening scope of hyperautomation in edge devices, and ongoing technological advancements.

The surging adoption of automation is poised to drive the expansion of the hyperautomation market in the foreseeable future. Automation, defined as the utilization of technologies to manufacture and deliver goods and services with minimal human intervention, leverages hyperautomation to seamlessly integrate advanced technologies such as artificial intelligence, machine learning, and robotic process automation. This synergistic approach empowers organizations to streamline intricate workflows, enhance efficiency, and undergo digital transformation by automating routine tasks and complex, knowledge-based processes. Notably, a paradigm shift in the healthcare sector occurred in May 2021, as reported by Automation Anywhere, with over 90% of hospitals and medical facilities transitioning from paper medical records to Electronic Health Records (EHRs), revolutionizing patient information creation, access, storage, and sharing. Furthermore, data from Kissflow Inc. in January 2024 forecasts a substantial growth in automated jobs at a rate of 14% annually, projecting that 69% of managerial work will be automated by 2024, solidifying the driving force behind the hyperautomation market's expansion.

Key players within the hyperautomation market are actively engaged in developing cutting-edge technologies, exemplified by the creation of a unified Integration Platform as a Service (iPaaS) solution. This comprehensive, cloud-based platform serves as a centralized hub facilitating the integration of diverse applications, data sources, and systems within an organization. A case in point is Tray.io, a US-based integration platform company, which launched the Tray Universal Automation Cloud (Tray UAC) in June 2022. Tray UAC accelerates enterprise hyperautomation with its extensive library of pre-built connectors, enabling swift and easy development of reusable connectors by low-code developers on demand. The platform harnesses the power of artificial intelligence to suggest automation opportunities and optimize workflows, showcasing a commitment to innovation within the hyperautomation landscape.

In September 2022, UiPath Inc., a prominent US-based software company, forged an alliance with OutSystems, a low-code development platform. This collaboration, executed for an undisclosed amount, aims to synergize the strengths of both companies' technologies. The objective is to empower customers in enhancing productivity and operational efficiency through high-performance automation. The integration of UiPath bots with OutSystems applications, automation of back-office processes using UiPath bots and OutSystems interfaces for human input collection, and coordination of departmental tasks through UiPath are key aspects of the collaborative effort. This strategic alliance signifies a concerted effort to advance hyperautomation applications and foster seamless integration within diverse organizational frameworks.

Major companies operating in the hyperautomation market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Intel Corporation , International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Oracle Corporation, Mitsubishi Electric Corporation, SAP SE, Tata Consultancy Services Limited, Infosys Limited, Baidu Inc., Wipro Ltd., Genpact Limited, SAS Institute Inc., Nutanix Inc., Cyient Ltd., Automation Anywhere Inc., Cloudera Inc., BlackSwan Technologies Inc., Gorilla Technology Group, OneGlobe LLC, Tact.AI Technologies Inc., ClearBlade Inc., Gigaforce Inc., SolveXia Pty Ltd.

North America was the largest region in the hyperautomation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hyperautomation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hyperautomation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The hyperautomation market consists of revenues earned by entities by providing services such as by robotic process automation, chatbots, context aware computing, and computer vision. The market value includes the value of related goods sold by the service provider or included within the service offering. The hyperautomation market also includes sales of servers, edge computing devices, and storage systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Hyperautomation is a comprehensive framework comprising cutting-edge technologies aimed at expanding automation within an organization. This strategic approach empowers organizations to attain heightened efficiency, minimize errors, boost agility, and ultimately propel digital transformation initiatives.

Hyperautomation comprises three main components such as hardware, software, and services. The hardware component, alongside software and services, encompasses technologies such as robotic process automation, machine learning, biometrics, chatbots, context-aware computing, natural language generation, and computer vision. This component can be deployed on-premise or in the cloud and finds applications in various domains including marketing and sales, finance and accounting, human resources, operations and supply chain, and information technology. Moreover, it is utilized across diverse industries such as manufacturing, automotive, BFSI (banking, financial services, and insurance), healthcare, IT and telecommunications, retail, transportation and logistics, and other end-user sectors.

The hyperautomation market research report is one of a series of new reports that provides hyperautomation market statistics, including hyperautomation industry global market size, regional shares, competitors with hyperautomation market share, detailed hyperautomation market segments, market trends, and opportunities, and any further data you may need to thrive in the hyperautomation industry. This hyperautomation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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