Gartner, the research firm, estimates that the market for technologies powering hyper-automation will reach $596 billion next year, up nearly 24% from $481.6 billion in 2020. The research firm expects that growth for tech that allows organizations to quickly identify, vet, and automate processes, will become a condition for survival for enterprises.
Hyper-automation technologies include low-code application platforms, AI, robotic process automation (RPA), and virtual assistants. Gartner currently anticipates that the hyper-automation market will hit the $532.4 billion mark this year.
Drivers of growth
As organizations try to find ways to automate the digitization of data and content, tech that automates content ingestion (signature verification, conversational AI, document ingestion, optical character recognition, and natural language technology), will be in high demand. These tools can be used to automate the process of digitizing and organizing paper records.
The drivers of growth were identified by Gartner as RPA, LCAP, and AI. The reason for that is because organizations and businesses can use them across many cases. Even though they form a small part of the overall market, they have a significant impact.
Potential use cases
Hyper-automation takes the idea of intelligent automation and promises to cover it end-to-end, with no human intervention in the middle. The convergence of intelligent process automation and cloud computing, along with the need to process unstructured data, will propel the use cases into the stratosphere.
Day-to-day cases of automation include self-checkout, smart home assistants, self-driving cars, and appliances.
It would seem from the reports that soon, enterprises and organizations will have to adopt automation to survive the digital transformation which has taken every industry by storm.