Hyperautomation is an especially promising technology for small and medium-sized enterprises as they are expected to adopt the technology at a faster rate than larger organizations due to the lower implementation complexity.
As successful use cases of implementation are emerging from SMEs in various industries, vendors are beginning to target them with hyperautomation platforms as a service (PaaS). The report emphasizes the potential for smart automation technology to be a powerful tool for industries. These industries include aerospace, automotive, logistics, high tech, and energy. The technology can help increase efficiency and enable them to remain competitive in the digital era.
By 2027, the hyperautomation market is expected to reach $26 billion, a growth of over 23% CAGR. Additionally, the market is expected to create no less than 2.7 million new jobs as soon as 2024 and register an 11% revenue increase by 2025.
The Intelligence Brief highlights the importance of embracing smart automation technology as a game-changing necessity rather than a passing trend or an optional augmentation. Neglecting to do so may leave companies trailing behind their competitors in an ever more competitive marketplace.
Over 60% of companies use some form of hyperautomation. The financial services and insurance sectors are leading the way in terms of adoption. Among companies utilizing smart automation technology, 50-70% report cost reductions. These cost reductions are achieved through the automation of manual and repetitive tasks. As a result, staff time is freed up to focus on higher-value tasks.
The report provides valuable insights into how organizations can capture new market segments by adopting hyperautomation and increasing their efficiency. In summary, hyperautomation is a technology that organizations should embrace to improve their operations, reduce costs, and remain competitive.
Included in this Intelligence Brief:
- Hyperautomation & small and medium-sized businesses
- Challenges when deploying smart automation solutions
- Hyperautomation in aerospace, automotive, high-tech, logistics, and energy sectors
- Potential use cases and impacts throughout each industry
