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RPA And Hyperautomation Market Size, Share, Growth, Analysis, Trends And Forecast To 2033
RPA And Hyperautomation Market Share
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According to The Business Research Company's, The rpa and hyperautomation market size has grown rapidly in recent years. It will grow from $12.24 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to cost efficiency and productivity, business process optimization, shift to digital transformation , focus on workforce enhancement, early adoption in it operations.
The rpa and hyperautomation market size is expected to see exponential growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to hyperautomation expansion, post-pandemic transformation, cost efficiency and productivity gains, industry-specific use cases, cloud-based solutions. Major trends in the forecast period include data security and privacy concerns, focus on scalability and flexibility, proliferation of intelligent automation, skill development and workforce changes, vendor innovation and competition.
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Market Drivers and Trends:
Organizations undergoing digital transformation initiatives are expected to propel the growth of the RPA and hyper-automation markets going forward. Digital transformation refers to the process of integrating digital technology into every aspect of a business and radically altering its ability to run and provide value to clients. Redefining business strategies is a common part of digital transformation, as it helps organizations remain relevant and competitive in a rapidly evolving market. These strategic goals are supported by RPA and hyper-automation, which offer tools to improve productivity, streamline workflows, and create an organization that is more responsive and flexible. For instance, in November 2022, Zippia, Inc., a US-based data company, will provide online recruitment services. Global spending on digital transformation will amount to $6.8 trillion in 2023, up from $1.5 trillion in 2021. A digital transformation strategy is either in place or being developed by 70% of organizations. Therefore, organizations undergoing digital transformation initiatives are expected to propel the growth of the RPA and hyper-automation markets.
Technological advancements in automation processes have emerged as a key trend in the RPA and hyper automation markets. Major companies operating in the automation sector are focused on developing the latest technological solutions in automation, such as a unified platform for hyper-automation, to strengthen their position in the market. For instance, in December 2020, Appian, a US-based cloud computing and enterprise software company, launched a new version of its low-code automation platform. Low-code robotic process automation (RPA), artificial intelligence (AI), and process automation are all combined in the newest iteration of Appian's platform. The updated edition makes it simple for IT to generate quick and significant business value from a new generation of strong and scalable, united enterprise automation technologies.
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Major Key Players of the Market:
IBM Corporation, Microsoft Corporation, SAP SE, Alteryx Inc., Nice Ltd., Juniper Networks Inc., Pegasystems Inc., Appian Corporation, UiPath Inc., HelpSystems LLC, Zendesk Ltd., Automation Anywhere, ProcessMaker, SolveXia, Blue Prism Group Plc., Celonis, Laserfiche, Tata Consultancy Services, Mitsubishi Electric Corporation, Catalytic Inc, OneGlobe LLC, PagerDuty Inc., Honeywell InternationalInc., NTTData, Accentur*e, Capgemini, Cognizant, Infosys, Larsen & Toubro Infotech, Tech Mahindra
RPA And Hyperautomation Market 2024 Key Insights:
• The rpa and hyperautomation market size is expected to see exponential growth in the next few years. It will grow to $30.75 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
• Robotics' Ascendance Boosts Rpa And Hyper-Automation Markets
• Technological Advancements Steer Rpa And Hyper Automation Markets
• North America was the largest region in the RPA and hyperautomation market in 2023
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