DUBLIN, June 24, 2022 /PRNewswire/ — The ‘RPA and Hyperautomation Market by Component (Solution, Services), Business Function (IT, Operations & Supply Chain, and HR), Deployment Mode (Cloud, On-premises), Vertical (BFSI, IT & Telecom, and Manufacturing) and Region – Global Forecast to 2027‘ report has been added to ResearchAndMarkets.com’s offering.
The global RPA and Hyperautomation market size is to grow from USD 9.2 billion in 2022 to USD 26.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. Robotic Process Automation (RPA) and hyperautomation were rising in digital transformation, with cost savings and rapid time to value through efficiency and scale (DX). Then came COVID-19, which threw digital transformation into disarray. For an extended period, executives were not prepared for an overnight transformation to 100 percent digital operations. Remote work, eCommerce, security, supply chain, and business processes and software were all vulnerable to crushing expectations, bottlenecks, and points of failure across the organization. Business continuity and stability became the top priority.
The BFSI segment is expected to have the largest market size during the forecast period
In the BFSI industry, multiple systems are linked with each other by interfaces to enable the flow of transaction-related data. Automation solutions control and monitor these interfaces to ensure seamless transaction execution and fix workflows’ bottlenecks. These solutions improve the accuracy and efficiency of various processes and assist in regulatory and compliance reporting by collating data from multiple systems and conducting validation checks to prepare information for detailed analysis. Most banks are increasingly deploying Hyperautomation solutions to enhance productivity, improve cost savings, and improve customer experience.
Among regions, APAC holds the highest CAGR during the forecast period
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The RPA and Hyperautomation market in the Asia Pacific includes China, Japan, India, and other countries in the region. China, Japan, and India are among the major countries driving APAC’s RPA and Hyperautomation market. SMEs and large enterprises in APAC have become more aware of government regulations and compliances and started proactively adopting RPA and Hyperautomation solutions. The adoption of AI technology by different verticals, such as the BFSI, manufacturing, and retail, is expected to be contributing to the high growth of the RPA and Hyperautomation market. Rapid economic development, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the growth of the RPA and Hyperautomation market in the Asia Pacific region.