Research firm Gartner has released a new forecast for hyperautomation-enabling technologies, such as RPA, low-code application platforms, AI and virtual assistants.
Gartner is expecting significant growth in the market for technology that enables organizations to rapidly identify, vet and automate as many processes as possible. By 2022, Gartner said the hyperautomation market will reach $596.6 billion, up from $481.6 billion in 2020 and a projected $532.4 billion this year.
Gartner classifies tools like RPA, LCAP and AI as process-agnostic software, meaning organizations can use them across multiple IT and business use cases. The research firm expects process-agnostic software to be most in demand as key enablers of the hyperautomation trend. Software that’s used to automate more specific tasks, such as ERP, supply chain and CRM systems, will also contribute to the growth of the market, Gartner said.
Meanwhile, technologies that 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 as organizations seek out ways to automate the digitalization and structuring of data and content.
By 2024, Gartner expects that organizations will be able to 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,” said Cathy Tornbohm, distinguished research vice president at Gartner.