The Global Hyperautomation Market size is expected to reach $82.2 billion by 2028, rising at a market growth of 16.4% CAGR during the forecast period.
Organizations employ hyperautomation, a business-driven, disciplined strategy, to fastly discover, validate, and automate as several businesses and IT activities as they can. Artificial intelligence (AI), event-driven software architecture, machine learning, business process management (BPM), robotic process automation (RPA), intelligent business process management suites (iBPMS), and low-code/no-code tools, integration platform as a service (iPaaS), packaged software, and other types of decision, task automation tools and process, and are few of the technologies, platforms, or tools, that are used in the context of hyperautomation.
A hyperautomation practice entails determining which tasks should be automated, selecting the proper automation technologies, fostering agility via the reuse of the automated processes, and enhancing their capabilities utilizing a variety of AI and machine learning techniques. A center of excellence (CoE) that promotes automation efforts is often used to manage hyperautomation endeavors.
Hyperautomation aims to take use of the data gathered and produced by digital processes in addition to reducing costs, increasing production, and improving efficiency. Businesses may use such data to better inform and accelerate business decisions.
An intelligent digital workforce that can handle repetitive activities to improve employee performance is created by upskilling RPA. These Digital Workers, who can link to numerous corporate systems, work with both structured and unstructured data, evaluate data and make judgments, and find new processes and automation possibilities, are the change agents of hyperautomation.
Automation and robots may help in these circumstances by reducing the need for human labor, boosting productivity, and decreasing the chance of further plant outages. IoT, AI, and digitalization will also play a significant role in the future and decide new working methods. This raises the prospect of a highly automated market in the years to come. The dearth of trained employees and skilled workers is currently a serious problem in many fields. Although businesses are naively adopting this trend, which might have disastrous effects, they are not completely aware of where automation is necessary for their operations. Lack of trained labor and appropriate education are major factors in the implementation of cutting-edge technologies such as artificial intelligence, natural language processing, and machine learning, which may impede market development.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Needing less technical expertise will make configuring and managing automation tools and solutions simpler. If your company employs Hyper automation technologies, your staff will feel more empowered since they may be able to add something unique and helpful to your desk. Moving forward from RPA, hyper-automation accentuates and activates the characteristics of Intelligent Process Automation (IPA). IPA is becoming more prominently included in everyday business activities across sectors. To describe the monitoring of IT infrastructure, Gartner created the phrase "Hybrid Digital Infrastructure Management." The term "HDIM" refers to the activity of seeing and gaining access to an organization's infrastructure as a whole.
With the use of cutting-edge methodologies like Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence, hyperautomation is a real digital transformation (AI). It automates complex business procedures even in situations where subject matter experts were once required. This is an augmentation of conventional business-process automation procedures. By combining AI technology with RPA, hyperautomation enables automation to carry out virtual jobs now done by businesspeople. Over the course of the projection period, all these reasons would encourage the market for hyperautomation to grow.
A highly trained, talented, and experienced workforce with knowledge of cutting-edge technologies like ML and AI is needed for hyperautomation. Hyperautomation does have a shortage of trained human resources, nevertheless. Additionally, since employees are unable to keep up with these ongoing technological improvements, they are becoming a barrier to employment. The implementation of modern technologies across numerous sectors is delayed as a result of many businesses' inability to offer their staff proper training due to the rapid advancement of technology. Therefore, a major barrier to the expansion of the hyperautomation Market is the shortage of qualified labor and the high cost of the technology.
Based on component, the hyperautomation market is divided into hardware, software, and services. In 2021, the software segment gained a substantial revenue share in the hyperautomation market. By creating solutions that streamline data processing and tedious administrative tasks, automation software helps firms become more efficient. These software programmes may be used in almost any industry to lessen the requirement for human participation. For instance, UiPath, one of the leading vendors of robotic process automation software, introduced an end-to-end hyper-automation platform in May 2020.
Based on technology, the hyperautomation market is classified into robotic process automation (RPA), biometrics, machine learning (ML), chatbots, natural language generation (NLG), context-aware computing, and computer vision. The Computer Vision segment is anticipated to grow at a promising rate during the forecast period. When used in conjunction with intelligent automation, computer vision is revolutionizing the manufacturing process by enhancing fault detection, security & safety standards, barcode analysis, and inventory management. As a result, manufacturers can easily track product quality, damages or faults, and structure surveillance.
Based on deployment, the hyperautomation market is divided into on-premises and cloud. The market segment is anticipated to continue to develop steadily during the projected period, keeping its position as the market leader. Businesses may provide features and functionalities with increased efficiency and flexibility thanks to cloud deployment. Organizations may use a variety of data centers and cloud platforms for research and mapping by using cloud-based solutions. Additionally, benefits like lower costs and maintenance needs are boosting businesses' desire for cloud-based hyperautomation systems.
Based on Function, the Hyperautomation market is divided into Marketing and sales, finance and accounting, human resources (HR), operations and supply chain and information technology. The finance & accounting segment procured the largest revenue share in the hyperautomation market in 2021. It is anticipated that the category would continue to dominate throughout the whole projection period. The segment is expanding as a result of the growing need to standardize, automate, and integrate hyperautomation technology in payroll administration, financial analysis, collection, invoicing, and financial statement preparation. This will help to decrease errors, improve collaboration, and increase overall productivity.
Based on enterprise size, the hyperautomation market is classified into large-size enterprises and small-and medium-sized organisations (SMEs). In terms of revenue, the large-size enterprises segment led the hyperautomation market in 2021. Companies need to store enormous amounts of everyday data due to the emergence of sophisticated business tools such as data analytics and big data. International businesses often choose corporate data centers with high levels of data security. In turn, this encourages sector expansion.
Based on Vertical, the hyperautomation Market is segmented into manufacturing, automotive, BFSI, healthcare, IT & Telecom, retail, transportation & logistics, and others. In 2021, the healthcare segment attracted a prominent revenue share. In the healthcare industry, the rising requirement for hyper-automation is helpful for smart billing by gathering bill information from each department without needing human involvement. This may assist hospitals in managing insurance and claims while also saving a tonne of time. Government funding for hyper-automation technologies is also being used in this industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 28.9 Billion |
| Market size forecast in 2028 | USD 82.2 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 16.4% from 2022 to 2028 |
| Number of Pages | 405 |
| Number of Tables | 693 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment, Technology, Function, Enterprise Size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the hyperautomation market is classified into North America, Europe, Asia Pacific, and LAMEA. The hyperautomation market was dominated by North America in 2021 by revenue share. The increasing need for greater efficiency and reduced corporate operating expenses, as well as rapid digitalization penetration, are some of the main drivers propelling market expansion in the area. Additionally, a number of regional sectors are embracing hyperautomation to build a more durable supply chain, which is fueling regional market expansion.
Free Valuable Insights: Global Hyperautomation Market size to reach USD 82.2 Billion by 2028
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Tata Consultancy Services Limited and Honeywell International, Inc. are the forerunners in the Hyperautomation Market. Companies such as Mitsubishi Electric Corporation and Wipro Limited are some of the key innovators in Hyperautomation Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, Honeywell International, Inc., Tata Consultancy Services Ltd., Mitsubishi Electric Corporation, Appian Corporation, UiPath, Inc., Automation Anywhere, Inc., OneGlobe, LLC, SolveXia Pty. Ltd., and Allerin Tech Pvt. Ltd.
By Deployment
By Technology
By Function
By Component
By Enterprise Size
By Vertical
By Geography
The global Hyperautomation Market size is expected to reach $82.2 billion by 2028.
Increasing hyper automation to gather critical information are driving the market in coming years, however, The lack of a qualified labor force might slow market expansion restraints the growth of the market.
Wipro Limited, Honeywell International, Inc., Tata Consultancy Services Ltd., Mitsubishi Electric Corporation, Appian Corporation, UiPath, Inc., Automation Anywhere, Inc., OneGlobe, LLC, SolveXia Pty. Ltd., and Allerin Tech Pvt. Ltd.
The Robotic Process Automation (RPA) segment acquired maximum revenue share in the Global Hyperautomation Market by Technology in 2021 thereby, achieving a market value of $25.8 billion by 2028.
The North America market dominated the Global Hyperautomation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $28.2 billion by 2028.
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