Increased digital transformation and IT automation demands are driving worldwide hyper-automation opportunities.
The worldwide market for advanced technology enabling hyper-automation is most likely to reach $596.6 billion in 2022, a recent research study from Gartner reveals. This is up from $481.6 billion in 2020 and an anticipated figure of $532.4 billion in 2021 this year.
As per industry experts, hyper-automation is an approach that allows organizations to rapidly identify, vet, and automate several processes using smart technology. This involves robotic process automation, low-code application platforms, artificial intelligence, and virtual assistants.
“Hyper-automation 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.”
Tools like RPA, ML, and LCAP are considered process-agnostic software among organizations. It means they can be used in any organization across different IT and business use cases. In fact, process-agnostic software will be of top demand as the key enablers of the hyper-automation trend.
As a result, the market will mostly see double-digit growth through 2022. Besides, other software that is used in automating specific tasks, like ERP, supply chain, and CRM systems will contribute to the rapid growth of the technology market.
As predicted by Gartner, throughout the end of 2024, the drive for hyper-automation will lead more organizations to adopt a minimum of three out of the 20 process-agonistic software types that enable improved hyper-automation.
Many organizations are transitioning from a loosely coupled set of automation solutions to a more connected automation strategy. Hence, vendors are building integrated offerings that combine intelligent technologies and business process management into a single, packaged tool.
The fastest-growing kind of hyper-automation-enabling software comprises tools that offer visibility to map business functionalities, automate, and manage content ingestion, arrange work across different systems – while providing complex rule engines.
Businesses will require more tools to automate digitalization while structuring data and content. According to Gartner, organizations will lower their operational costs by nearly 30% by 2024 – this is by combining hyper-automation technologies with the redesigned operational processes.
Distinguished research VP at Gartner, Cathy Tornbohm concludes – “The shift towards hyper-automation will be a key factor enabling enterprises to achieve operational excellence, and subsequently cost savings, in a digital-first world.”