Hyperautomation Market Report: Innovations, Opportunities, and Challenges | Size Valued at $98.3 billion

The high growth of digital transformation with advanced techniques in hyper-automation drives the growth of the global hyperautomation market.

PORTLAND, PORTLAND, OR, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Hyperautomation Market," The hyperautomation market size was valued at $6.9 billion in 2021, and is estimated to reach $98.3 billion by 2031, growing at a CAGR of 30.4% from 2022 to 2031.

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, the 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.

Depending on enterprise size, the hyperautomation market was dominated by large public sector, due to its cost saving benefits, along with other capabilities such as higher productivity and efficiencies which can be achieved through automation. However, SMEs are expected to witness growth at the highest rate during the forecast period, due to increased demand of advanced technology for operational efficiency and adoption of IoT technology, which further drives hyperautomation market demand.

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Based on application, the supply chain segment held the highest market share in 2021, accounting for nearly two-fifths of the global hyper-automation 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.

Depending upon region, the hyperautomation market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the technological advancements in end-use industries such as healthcare, automotive, retail, and BFSI among others in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid conversion of traditional manufacturing plants into automated plants.

Covid-19 Scenario:

• The hyper-automation market has recorded continuous investments for its developments and has become a massive contributor to the economic growth before 2020.

• However, the COVID-19 pandemic led to the implementation of the global lockdown which resulted to substantial impact the value chain of the hyperautomation market.

• Furthermore, the COVID-19 pandemic impacted almost all 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.

• Nevertheless, the demand is expected to increase in the post-pandemic, due to the growing concern for smart automation, energy and resource efficiency.

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The global hyper automation market is expected to register high growth due to worldwide digitization and automation of manufacturing processes, such as easy accessibility and forced to face new hurdles as a result of technological improvements demand for hyper automation in end user industries are anticipated to contribute toward the growth of the global hyper automation market. With growth in requirement for hyper automation, various companies have established alliance to increase their capabilities. For instance, in July 2022, Automation Anywhere partnered with Rayan to arm tax professionals with robotic process automation (RPA) to refine operational efficiencies. For instance, in March 2022 Celonis partnered with IBM, to scale the adoption of process mining and execution management in the Asia-Pacific (APAC) region. This partnership helps to provide cloud-based solutions to support customers in the APAC region.

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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