Thankfully we are beyond the days where only 3% of companies are able to successfully scale RPA beyond the magical 50-bot threshold. That said, roughly half of RPA projects still fail to meet expectations. While we have come a long way, cue the No Sleep Til Brooklyn track because it promises to be a wild ride. Read on for the latest hyperautomation market projections and trends by component technology.

As background, Gartner coined the term “hyperautomation” back in 2019 to help address the challenge of scaling RPA across the enterprise and better define the end-to-end automation journey. It is officially “a business-driven, disciplined approach that organizations use to rapidly identify, vet and automate as many business and IT processes as possible. Hyperautomation involves the orchestrated use of multiple technologies, tools or platforms.” It covers a bit of everything – RPA, DPA, AI/ML, BPM, iPaaS, LCNC, and more.

Robotic Process Automation – 38% CAGR

According to the latest Polaris Market Research analysis, the global robotic process automation (RPA) market size is anticipated to be valued at approximately $2.7 billion in 2022 and is projected to hit a revenue of around $66 billion by 2032, growing at an impressive 38% CAGR.

The rapidly rising demand for the RPA market can be attributed to its streamlining workflow, which renders firms more profitable, flexible, and receptive. It also plays an important role in employee satisfaction, engagement, and productivity by discarding monotonous tasks from their workdays.

Intelligent Document Processing – 35% CAGR

The intelligent document processing (IDP) market size is driven by rising initiatives to digitalize content across diverse enterprises, growing adoption of cloud document processing solutions and increasing adoption of automated tools in the work processes by SMEs. Insight Partners reports the market size is expected to grow from $1 billion in 2021 to $8 billion by 2028, with an estimated CAGR of 34.6% from 2022 to 2028.

The rising demand for the extraction of insights from unstructured data is catalyzing the growth of the intelligent document processing market. Most business data in recent years is unstructured, and end users face significant challenges in gathering meaningful insights from the data. The data is represented in various modules, including documents, emails, spreadsheets, audio & visual, presentations, images, and web searches.

Low Code No Code – 28% CAGR

Low code development platforms provide simpler and seamless ways for professional business development to construct an efficient business application. The global market size was worth $16 billion in 2021. It is estimated to reach an expected value of $149 billion by 2030, growing at a CAGR of 27.8% during the forecast period based on analysis by Straits Research.

In the healthcare industry, LCNC is implemented to speed the data integration process, improve workflow efficiency, and enhance the patient experience. Utilizing low code development cloud technology can significantly aid in integrating patient data across several systems, enabling healthcare practitioners to examine patient histories and give better care, boosting industry growth.

Process Mining – 50% CAGR

The global process mining software market size is estimated to reach over $8 billion by 2028. Grand View Research reports The market is expected to expand at a CAGR of 50%, starting at $462 million in 2021. The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.

The market has also benefitted from the high volumes of data and the growing need to generate insights from data distributed across enterprises. Businesses are in desperate need of tools that can enable efficient data processing and data mapping. This, in turn, is boosting the demand for process mining software solutions that offer features such as automated process mapping and fact-based insights.

Decisioning Software – 14% CAGR

The global management decision market size is expected to grow at a CAGR of 14% during the forecast period, to reach $9.0 billion by 2026 from $4.8 billion in 2021. MarketsandMarkets reports key factors that are expected to drive the growth of the market are the rising need to improve the quality of decisions and achieve business agility with enhanced effectiveness, growing need for faster operational decisions and improve process efficiency, and compelling need to manage regulatory and compliance standards.

Energy and utilities is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services in terms of the management decision market. Management decision software provides a next-generation advanced analytics platform that can help any business operating within the energy and utility lifecycle transform capabilities such as demand and load forecasting, energy pricing and analysis, customer onboarding and lifecycle management, and internal operations such as predictive maintenance (AI/ML).

Computer Vision – 7% CAGR

The global computer vision market size was valued at $12 billion in 2022 and is expected to expand at a CAGR of 7% to $21 billion in 2030. Grand View Research reports computer vision, combined with deep learning algorithms, enables inspection automation for every product in the manufacturing line

The predictive maintenance segment is anticipated to witness the fastest CAGR over the forecast period. Predictive maintenance combines machine learning algorithms with the IoT (Internet of Things) devices to monitor the machinery and related components’ data. It often uses sensors for datapoint collection and signal identification to make accurate decisions before the breakdown of assets or components.

Start Now, Think Big, Go Fast

Building a scalable, sustainable intelligent automation solution requires a complex ecosystem of technologies working in concert. Hyperautomation is not easy, but it’s also not going away. All the critical component technologies are projected for massive growth. Companies that embrace hyperautomation will do business faster, better and cheaper. If you want to learn more about how it helps you win in the market and delivers operational excellence to the enterprise, let’s talk.