Exponential Growth Projected: RPA and Hyperautomation Market to Reach $30.75 Billion by 2028

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.

Market Overview -
RPA and hyper-automation refer to the automation that is used to automate complex business processes that previously required the involvement of subject matter experts or professionals. Robotic process automation (RPA) is the use of robots programmed to automate repetitive, predictable, and routine processes through interactions that are intended to resemble human behavior.

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Robotics' Ascendance Boosts Rpa And Hyper-Automation Markets
The increase in significance of robotics in various industries contributes to the growth of the RPA and Hyper automation markets. A robot is an automated machine that can carry out specific activities quickly and accurately with little to no human involvement. Hyper automation provides automation for any repetitive action performed by business users by combining robotic process automation with artificial intelligence and increasing the significance of robotics in various industries. For instance, according to a 2021 report published by the International Federation of Robotics (IFR), a non-profit organization that promotes, strengthens, and protects the robotics industry worldwide, a total of 3 million industrial robots are now in use in different industries around the world, which shows a 10% increase compared to 2020. The sales of new robots increased modestly at a 0.5% rate, with 384,000 units sold globally in 2020. Therefore, the increasing significance of robotics in various industries is expected to propel the growth of the RPA and hyper-automation market.

Competitive Landscape -
Major companies operating in the rpa and hyperautomation market report are 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, Capgemini, Cognizant, Infosys, Larsen & Toubro Infotech, Tech Mahindra

Technological Advancements Steer 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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Key Segments -
The rpa and hyperautomation market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Business Function: Sales and Marketing, Finance and Accounting, Human Resources, Supply Chain And Operations, Information Technology (IT)

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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