RPA and Hyperautomation Market Size To Reach USD 103.3 Billion By 2033, at 23.9% CAGR: Insights By Dimension Market Research

Advancements and Projections in the RPA and Hyperautomation Market: Insights, Trends, Opportunities, and Recent Developments

New York, Sept. 18, 2024 (GLOBE NEWSWIRE) — Overview

The Global RPA and Hyperautomation Market size is expected to reach USD 15.0 billion by 2024 and it is further anticipated to reach a market value of USD 103.3 billion in 2033 at a CAGR of 23.9%.

This creates the demand for RPA and hyper-automation products in the global market, thus progressive growth in industries such as BFSI, healthcare, retail, and production fields. Hyperautomation involves the use of AI and machine learning with the help of RPA to boost performance at an optimal level.

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The adoption of digital transformation strategies and the necessity for organizations to be regulatory compliant also fuel market expansion. When it comes to emerging technologies, challenges also consist of high implementation costs as well as data security, but for firms, it is still critical to concentrate on the creation of refined solutions as well as strategic collaborations.

Market growth will be expected from the increasing technological advancement and the increasing need for automation.

The US RPA and Hyperautomation Market

The US RPA and hyper-automation market is expected to grow from USD 4.9 billion in 2024 to USD 30.3 billion at a CAGR of 22.4%.

Driven by the need for operational efficiency and cost reduction, key sectors like BFSI, healthcare, and manufacturing are rapidly adopting advanced automation technologies. Digital transformation and regulatory compliance are also fueling growth.

Significant investments in R&D, and strategic initiatives such as partnerships and acquisitions, are further enhancing market capabilities and expanding market share.

Important Insights

• Market Value: The global RPA and hyper-automation market is forecasted to reach USD 103.3 billion by 2033, growing at a CAGR of 23.9% from USD 15.0 billion in the base year.
• Component Segment Analysis: Solutions are set to dominate the component segment in this market with the highest market share in 2024.
• Technology Segment Analysis: RPA is projected to hold 24.1% of the market share in 2024, dominating the technology segment.
• Business Function Segment Analysis: Sales and marketing are expected to dominate this segment with the highest market share in 2024.
• Vertical Segment Analysis: The BFSI sector is projected to dominate the vertical segment in this market with 28.0% of the market share in 2024.
• Regional Analysis: North America is anticipated to maintain dominance with a 39.0% market share in 2024, with further growth expected through 2033.

Latest Trends

• Integration with AI and Machine Learning: One of the key trends here is the connection between AI and machine learning with RPA as the addition of these technologies strengthens the automation functionality to solve most intricate issues and analyze data.
• Increased Adoption of Cloud-Based Solutions: The increasing trend towards cloud-based RPA and hyper-automation solutions is well on the rise due to the element of scalability, flexibility, and lesser infrastructure investment and therefore has to fuel the growth of the market.

RPA and Hyperautomation Market: Competitive Landscape

The global RPA and hyper-automation market is very fragmented currently and consists of many players such as UiPath, Automation Anywhere, Blue Prism, Pegasystems, etc. DELL and HP are some of these companies, which spend a lot of money on research and new technologies, and also, utilize mergers, acquisitions, and strategic alliances to improve their product line, as well as their market share.

New entrants and start-ups bring fresh ideas into the market which makes the market more competitive. It is due to this competition that there is constant development of new products that offer better automation solutions to needs that are complex in businesses, hence leading to more consolidation and partnership within the market.

Some of the prominent market players:

• IBM
• Microsoft
• SAP
• Alteryx
• Appian
• Juniper Networks
• Zendesk
• Pegasystems
• Automation Anywhere
• UiPath
• ProcessMaker
• SolveXia
• Blue Prism
• Laserfiche
• Other Key Players

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RPA and Hyperautomation Market Scope

Growth Drivers

• Rising Demand for Operational Efficiency: The need for businesses across industries to increase process efficiency and decrease costs is a large factor, spurring the use of RPA and hyperautomation.
• Digital Transformation Initiatives: The ever-growing roles of digital technologies and the fact that today’s business resides in a constantly shifting environment that requires upgrading the utilized technologies are among the most important factors that push organizations to engage in advanced forms of automation.

Restraints

• High Implementation Costs: The high initial costs incurred for the implementation of RPA and hyperautomation solutions also present a challenge, especially for SMEs.
• Data Security and Privacy Concerns: One of the challenges that can make markets difficult is the rising questions over data security and privacy that become relevant when using automation technologies.

Growth Opportunities

• Expansion in Emerging Markets: The growth that is being experienced in emerging markets with the implementation of RPA and hyperautomation presents itself as a good opportunity for growth in the use of automation to boost productivity and competitiveness.
• Development of Industry-Specific Solutions: Automation of different sections of industries including healthcare, BFSI, and retail holds tremendous opportunities in terms of growth potential for developing solutions that cater to industry-specific needs and problems.

Market Analysis

Robotic Process Automation (RPA) is projected to hold 24.1% of the technology market share in 2024. Its flexibility, especially in large businesses, makes it ideal for quick automation wins without extensive IT overhauls.

RPA reduces errors, saves money, and increases efficiency by automating repetitive tasks. Its integration with AI and machine learning further enhances its capabilities, ensuring RPA remains the leader in the hyper-automation technology segment.

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RPA and Hyperautomation Market Segmentation

By Component

• Solution
  • Standalone
  •  Integrated
• Services
  • Professional Services
    • Training & Consulting
    • System Integration & Implementations
    • Support & Maintenance
  • Managed Services

 By Deployment Mode

• Cloud
• On-premises

By Organization Size

• Small & Medium Enterprises
• Large Enterprises

By Technology

• Robotic Process Automation (RPA)
• Machine Learning (ML)
• Biometrics
• Chatbots
• Context-Aware Computing
• Natural Language Generation (NLG)
• Computer Vision

By Business Function

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

By Verticals

• BFSI
• IT & Telecom
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Manufacturing
• Transportation & Logistics
• Other Verticals

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Regional Analysis

North America is projected to dominate the global RPA and hyper-automation market with a 39.0% share in 2024. This dominance is attributed to advanced technology infrastructure, a competitive business environment, and a high concentration of large IT corporations and innovative start-ups.

The region’s strong focus on digital transformation, operational cost reduction, and performance optimization drives the adoption of automation solutions.

Additionally, supportive regulatory policies, a robust IT platform, and skilled personnel further enhance the growth and expansion of RPA and hyper-automation in North America.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the RPA and Hyperautomation Market

• June 2024: UiPath announced the launch of its new AI-powered RPA platform, enhancing capabilities for intelligent automation and process mining.
• May 2024: Automation Anywhere acquired FortressIQ to integrate process intelligence capabilities into its RPA platform, enabling end-to-end automation solutions.
• April 2024: Blue Prism partnered with Microsoft Azure to offer cloud-based RPA solutions, enhancing scalability and flexibility for enterprise automation.
• March 2024: Pegasystems introduced a new hyperautomation suite combining RPA, AI, and machine learning to automate complex business processes.
• February 2024: IBM acquired WDG Automation to expand its RPA and AI capabilities, strengthening its position in the hyperautomation market.
• January 2024: Microsoft launched a new update to its Power Automate platform, featuring enhanced AI and machine learning integrations for improved automation workflows.
• December 2023: Appian announced the acquisition of Jidoka, a Spanish RPA vendor, to bolster its automation capabilities and expand its market presence in Europe.
• November 2023: WorkFusion secured USD 220 million in funding to accelerate the development of its intelligent automation solutions, focusing on AI-driven process automation.
• October 2023: NICE Systems introduced new AI-driven analytics features to its RPA platform, enabling better decision-making and process optimization.

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