Hyperautomation Market
Hyperautomation is the fusion of automation and robotics technologies such as artificial intelligence in a single system. Through this technology, robotic process automation is combined with technologies such as machine learning, deep learning, and natural language processing. By analyzing the data, artificial intelligence or machine learning facilitates decision-making.
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Furthermore, digitalization of the traditional manufacturing plants and increased adoption of automated manufacturing processes by various industries drive the growth of the hyperautomation market. In addition, high growth of digital transformation with advanced techniques in hyperautomation fuels the growth of the hyperautomation market.
However, lack of skilled manpower and trainers in hyperautomation and high initial cost of automation system is expected to impede the hyperautomation market growth. Furthermore, increase in demand for automation among major industries is expected to offer remunerative opportunities for expansion during the hyperautomation market forecast.
According to the report, the global hyperautomation industry generated $6.9 billion in 2021, and is anticipated to generate $98.3 billion by 2031, witnessing a CAGR of 30.4% from 2022 to 2031.
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North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global hyperautomation market, and is likely to dominate the market during the forecast period. Increase in urbanization and surge in middle-class consumers in developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making sneaker more desirable for consumer of all age groups. However, the Asia-Pacific region is expected to witness the fastest CAGR of 34.1% from 2022 to 2031, owing to growing number of companies going digital and increasing digital transformation during the COVID-19 pandemic.
Covid-19 Scenario
1. The hyperautomation market has recorded continuous investments for its developments and has become a massive contributor to the economic growth before 2020.
2. However, the COVID-19 pandemic led to the implementation the global lokdown which resulted to substantially impact the value chain of the hyperautomation market.
3. Furthermore, the COVID-19 pandemic impacted almost all the industries globally including hyperautomation and machinery. As a result, a drop was witnessed in the growth trend of the market during the first half of 2020.
4. Nevertheless, the demand is expected to increase in the post-pandemic, due to the growing concern for smart automation, energy and resource efficiency.
Based on application, the supply chain segment held the highest market share in 2021, accounting for nearly two-fifths of the global hyperautomation market, and is estimated to maintain its leadership status throughout the forecast period, as automation platform can connect all systems and create a centralized location for employees to access information, providing complete process visibility and orchestration. However, the human resources segment is projected to manifest the highest CAGR of 34.4% from 2022 to 2031, as it allows tracking data across HR functions, allowing companies to analyze different processes and their effectiveness.
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Based on offering, the solution segment accounted for the largest share in 2021, contributing to more than two-thirds of the global hyperautomation market, and is projected to maintain its lead position during the forecast period, as they are helping business enterprises to secure their IT infrastructure. However, the services segment is expected to portray the largest CAGR of 32.6% from 2022 to 2031, owing to, increasing demand for automation services among industries.
Based on enterprise size, the large enterprise segment held the highest market share in 2021, accounting for more than two-thirds of the global hyperautomation market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing need to increase their production and automate the process to reduce human interference during the production cycle. However, the SMEs segment is projected to manifest the highest CAGR of 32.2% from 2022 to 2031, owing to increase their business reach and the cost-effectiveness of hyper automation suitable for their requirements.
Leading Market Players: –
Appian,
Automation Anywhere,
ALLERIN TECH PVT LTD,
Catalytic,
Celonis,
Decisions,
ElectroNeek Robotics Inc,
G1ANT,
Laiye,
OneGlobe LLC,
Infosys Limited,
SolveXia,
Tata Consultancy services,
Microsoft Corporation,
IBM Corporation,
Process Maker
Automate.io
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