According to a recent Gartner research study, the global market for advanced technology that enables hyperautomation is expected to reach $596.6 billion in 2022. This will increase from $481.6 billion in 2020 and is expected to reach $532.4 billion in 2021.
According to industry experts, hyperautomation is a strategy that enables businesses to quickly discover, vet, and automate multiple operations through the use of smart technology. Robotic process automation, low-code application platforms, artificial intelligence, and virtual assistants are all part of the picture.
“Hyperautomation has shifted from an option to a condition of survival,” cited Fabrizio Biscotti, VP of research at Gartner. “Organizations will require more IT and business process automation as they are forced to accelerate digital transformation plans in a post-COVID-19, digital-first world.”
Process-agnostic software, such as RPA, ML, and LCAP, are popular among businesses and can be utilized in any company for a variety of IT and business purposes. As a result, the market is expected to rise in double digits through 2022. Other software that automates certain processes, including ERP, supply chain, and CRM systems, will also contribute to the technology market’s rapid expansion.
According to Gartner, the desire for hyperautomation will drive more firms to adopt at least three of the 20 process-agonistic software types that enable greater hyperautomation by the end of 2024. Many businesses are moving away from a loosely interconnected set of automation solutions and toward a more connected automation strategy. As a result, vendors are developing integrated solutions that combine intelligent technologies with business process management in a unified, packaged tool.
The fastest-growing category of hyperautomation software includes solutions that provide insights into business capabilities, automate and manage content ingestion, and coordinate work across several systems – all while including complicated rule engines. To automate digitalization while structuring data and content, businesses will require new tools.
According to Gartner, Businesses will reduce their operating costs by over 30% by 2024 as a result of integrating hyperautomation technology with improved operational procedures.
Distinguished research VP at Gartner, Cathy Tornbohm concludes – “The shift towards hyperautomation will be a key factor enabling enterprises to achieve operational excellence, and subsequently cost savings, in a digital-first world.”