HIA spends by enterprises to increase 8x by 2024See How
A joint study by Zinnov , a leading global management and strategy consulting firm, and UiPath, revealed that Hyper Intelligent Automation (HIA) will witness the fastest adoption rate among billion-dollar Large Enterprises in India by 2024. Indian billion-dollar enterprises have already spent USD 55-60 Million on HIA in 2019 alone, and this is set to reach a massive USD 350-400 Million by 2024, spurred by a rise in demand for Intelligent Document Processing (IDP) and Use Case Discovery (UCD).
Adoption of HIA in India has been largely driven by enterprises in three key verticals - Insurance (80%), Banking & Financial Services (70%), and Healthcare (65%). The highest rate of adoption of HIA was seen in the BFS+I sectors, which constitute 50% of the overall HIA market share. This robust growth is being amplified by billion-dollar enterprises setting up dedicated HIA-focused Centers of Excellence (COEs), which will result in a 20% growth year on year over the next 5 years. While the Services industry contributed nearly 60% to the overall HIA market, the remaining 40% contribution is from Platforms. The value being realized from HIA apart from enabling increased accuracy and cost savings, has been on key business metrics such as improved customer experience and increased employee productivity.
For the study, UiPath and Zinnov evaluated 1,200+ public-listed Large Enterprises and more specifically 148 enterprises with a revenue exceeding USD 1 Billion. The analysis revealed that ~95 of these 148 billion dollar enterprises have already started investing in HIA. The study also evaluated HIA adoption and its impact the horizontal functions such as finance & accounting, HR, Internal IT support, procurement & admin, and non-human resource allocation, across these enterprises.
Hyper-Intelligent Automation continues to remain one of most promising technologies and COVID-19 has just given it staying power. Several enterprises are now accelerating their path to automation to fortify their operations and ensure business continuity. Currently, more than 65% of multibillion-dollar Large Enterprises have already made massive investments in Hyper Intelligent Automation, spending to the tune of $50 Million. This is expected to grow exponentially by 8X to reach $350 Million by 2024 , as newer use cases and operating models evolve.
Praveen Bhadada , Managing Partner – Global Head, Digital Transformation, Zinnov
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