Market Overview –
In 2020, experts predicted that the global hyper automation market would be worth $4.904 billion. Rising digitalization and automation for quicker, more efficient, and better operations is expected to be the primary factor driving market growth throughout the forecast period. The desire for hyper-automation to improve efficiency has skyrocketed alongside the advent of automation and technological advancement. Businesses can boost productivity, cut expenses, and generate more income by implementing hyper-automation systems.
During the projection period, the market’s solid potential is predicted to come from increased automation across small and medium enterprises, along with rising investment and innovation in the industry. Growth in the industry is expected to be lucrative due to rising internet usage, especially in emerging economies. The market is predicted to increase, but the high entry price and technical expertise needed to use the technology will likely slow that expansion.
For the purpose of the study, the Hyper Automation market is segmented geographically into the following regions: North America, South America, Europe, the Middle East, Africa, and Asia Pacific. As hyper-automation gains popularity across a variety of sectors, the APAC region is poised to become the market’s most lucrative region over the next few years. Market expansion in the region is anticipated to also benefit from rising internet usage. According to World Bank statistics, internet usage in the
Impacts of the COVID-19 –
Drones for monitoring and drug delivery are only two examples of how the global and Indian business communities have been spurred to action by the COVID19 pandemic to advance automation technologies. Future automation will be influenced by the enormous economic impact of COVID19 on supply and demand, as well as its impact on geopolitics and globalisation. After the COVID era, the automotive industry may be better prepared for future pandemics thanks to the automated digitalization and artificial intelligence (AI) driven by the coronavirus pandemic. Automation and robots have the potential to lessen the need for human labour, boost productivity, and decrease the frequency of future plant outages in these settings. Also, the future of employment will be heavily influenced by IoT, AI, and digitalization. The door is now open for a future fully automated market.
Market Dynamics –
The hyper-automation industry focuses on advanced technologies like AI and ML that can automate tasks and enhance human capabilities. The growth of the hyper-automation market is being driven by the increasing adoption of automation technologies in numerous end-user industries, including business services and finance (BFSI), retail, manufacturing, transportation (automotive), and healthcare. The potential for hyper-automation in the business, finance, and insurance sector is high. The hyper-automation industry is gaining ground thanks to the rising popularity of automated production and medical care.
The study includes a look at the market’s attractiveness, a value chain analysis, and a Porter’s Five Forces analysis. This equipment is useful for gaining a worldwide perspective on the structure of the industry and gauging the attractiveness of the competition. Additionally, these resources provide a complete evaluation of each subsegment of the worldwide hyperautomation market. This research takes a comprehensive view by considering the development and shifts in the hyperautomation sector.
Market Scope –
In-depth and focused on the global market, “Global Hyper Automation Industry Analysis to 2028” is a study of the Hyper Automation market. The purpose of this study is to give readers an introduction to the Hyper Automation market and to break down that market into its component parts based on technology and end-user industry. It is projected that the global Hyper Automation market would expand rapidly over the next few years. Key trends and opportunities in the Hyper Automation market, as well as statistics on the current market situation and the industry leader, are included in the study.
Recent Developments –
Cyient plans to release CyFAST, an artificial intelligence (AI) powered framework for automated system and software testing, in June 2022 in an effort to speed up the entire test automation process. The system is compatible with web, mobile, desktop, and embedded software in physical gadgets. This leads to the creation of an all-encompassing testing environment for future initiatives.
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To bring its customers one step closer to a fully automated claims process, Gigaforce introduced Gigabot, an intake bot with Hyper-Automation Capabilities, in June 2022. It allows insurance businesses to save money and automate their processes from beginning to end. Through the use of data operations, it hopes to facilitate a more streamlined insurance claims procedure with improved efficiency and precision.
To further the company’s goal of increasing process capture and analytics across sectors, Microsoft released Microsoft Process Advisor in June 2021. It aids the development of Microsoft’s Power Automation, RPA, and the cloud integration platform.
Competitive landscape –
There is an emphasis on both organic and inorganic expansion options for the Hyper Automation market, all of which are covered in depth in the research. Companies of all sizes are investing in organic growth initiatives like new product introductions, regulatory approvals, patents, and industry events. Acquisitions and strategic alliances were the most common forms of inorganic expansion seen in the sector.
These actions have allowed existing market participants to reach a wider audience and grow their businesses. The rising demand in the Hyper Automation market is predicted to provide industry participants with attractive growth prospects in the future. Several participants in the Hyper Automation industry are included in the list below.
Key Players –
UiPath
SolveXia
Mitsubishi Electric Corporation
Allerin Tech Pvt. Ltd.
Wipro Limited
Catalytic Inc.
Appian
Tata Consultancy Services Ltd.
OneGlobe LLC
Automation Anywhere Inc
JK Tech
Vuram Technologies
IBM
Oracle and others major players.
By Type –
Robotic Process Automation (RPA)
Artificial Intelligence (AI)
Machine Learning (ML)
Biometrics
Chatbots
Natural Language Generation (NLG)
Others
By Applications –
BFSI
Pharma & Healthcare
Retail & Consumer Goods
Information Technology & Telecom
Communication, Media & Education
Manufacturing
Logistics, Energy & Utilities
Others
By Regions –
North America
South America
Europe
Middle East and Africa
Asia Pacific
