Hyper-automation software market to reach $ 596.6 billion by 2022
Gartner Projected Global Hyper-Automation Software Market to Reach $ 596.6 Billion by 2022
Process-independent software such as AI and RPA are expected to be in most demand as key enablers of hyper-automation.
Revenue forecasts published by Gartner for the global hyper-automation software market are up $ 481.6 billion in 2020, with $ 532.4 billion forecast this year.
Hyper-automation is an approach that enables organizations to quickly identify, review and automate as many processes as possible using technologies such as artificial intelligence (AI), robotic process automation ( RPA), Low-Code Application Platforms (LCAP), and Virtual Assistants.
Tools like RPA, LCAP, and AI are considered process independent software, which means they can be used in any organization across multiple IT and business use cases.
Process independent software will be most in demand as a key catalyst in the hyper-automation trend, while other software used to automate more specific tasks, such as ERP, supply chain and CRM systems. , will also contribute to the growth of the market.
“Hyper-automation has gone from being an option to a condition of survival,” said Fabrizio Biscotti, vice president of research at Gartner.
“Organizations will need more automation of IT and business processes as they are forced to accelerate digital transformation plans in a post-Covid-19, above all digital world.”
Going forward, Gartner predicts that through 2024, the trend toward hyperautomation will lead organizations to adopt at least three of the 20 types of process agonist software that enable hyperautomation.
The fastest growing hyper-automation software category includes tools that provide visibility to map business activities, automate and manage content ingestion, orchestrate work across multiple systems, and deliver complex rule engines .
Technologies to automate content ingestion, such as signature verification tools, optical character recognition, document ingestion, conversational AI, and natural language technology (NLT) will be in high demand. .
Organizations will need these tools to automate the digitization and structuring of data and content – for example, automating the process of digitizing and sorting paper records.
In addition, Gartner predicts that by 2024, companies will reduce operational costs by 30% by combining hyper-automation technologies with redesigned business processes.
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âCompanies are moving from a loosely coupled set of automation technologies to a more connected automation strategy,â said Cathy Tornbohm, senior vice president of research at Gartner.
âIn response, vendors are developing integrated offerings that combine technologies such as RPA, CASL and business process management into a single tool.
“The shift to hyper-automation will be a key factor in enabling companies to achieve operational excellence and, subsequently, cost savings, in a digital first world.”
In its IT forecast for 2021, released in October, Gartner recommended that CIOs consider hyperautomation “as a principle, not a project” when updating processes.