Gartner predicts boom in hyperautomation technologies
Hyperautomation is set to become an even more significant hallmark of business continuity and digital transformation, with Gartner reporting substantial hikes in the valuation of hyperautomation tech.
According to the data analyst firm, the global market for tools and technologies that enable hyperautomation will reach $532.4 billion this year and will total $596.6 billion in 2022 — both up from $481.6 billion in 2020.
Hyperautomation refers to the approach that allows organisations to rapidly automate as many processes as possible using specific sets of tools and technologies. These can include robotic process automation (RPA), low-code application platforms (LCAP), artificial intelligence (AI) and virtual assistants.
These tools can be used across multiple IT and business use cases, and are among the technologies that will be the most in-demand as critical enablers of the broader automation trend. The market comprising these tools will see double-digit growth through to 2022, according to Gartner.
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, Gartner predicts.
“Hyperautomation has shifted from an option to a condition of survival,” says Gartner research vice president Fabrizio Biscotti.
“Organisations will require more IT and business process automation as they are forced to accelerate digital transformation plans in a post-COVID-19, digital-first world.”
Gartner’s research also found that the increase in the drive towards hyperautomation will lead organisations to adopt at least three of the tools mentioned above to promote and enable an automation-centric approach.
The fastest-growing category of hyperautomation-enabling software includes tools that provide visibility to map business activities, automate and manage content ingestion, orchestrate work across multiple systems, and provide complex rule engines.
“Organisations are transitioning from a loosely coupled set of automation technologies to a more-connected automation strategy,” said Cathy Tornbohm, distinguished research vice president at Gartner. “In response, vendors are developing integrated offerings that combines technologies like RPA, LCAP and business process management into one, packaged tool.”
Also in high demand will be tools to automate content ingestion, such as signature verification tools, optical character recognition, document ingestion, conversational AI and natural language technology (NLT).
Gartner also predicts that by 2024, organisations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes.
“The shift towards hyperautomation will be a key factor enabling enterprises to achieve operational excellence, and subsequently cost savings, in a digital-first world,” says Tornbohm.