New York, United States , July 31, 2024 (GLOBE NEWSWIRE) -- The Global Hyperautomation Market Size is to Grow from USD 43.32 Billion in 2023 to USD 198.96 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.47% during the projected period.
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Hyperautomation is a business-focused, disciplined approach that allows organizations to quickly recognize, examine, and automate as many businesses and IT tasks as feasible. Hyperautomation refers to the systematic employment of many technologies. Hyperautomation allows enterprises to quickly identify and automate as many operations as possible by leveraging technologies such as robotic process automation (RPA), low-code application platforms (LCAP), artificial intelligence (AI), and virtual assistants. RPA, LCAP, and AI are examples of process-independent software that may be easily implemented across a wide range of IT and business applications in any organization. Furthermore, with greater worldwide investment and expanding demand for hyperautomation, some firms have expanded their current product offerings, broadening consumer choice. Rising digitalization and automation of traditional industrial operations are key drivers of the hyperautomation market. Rapid advancements in artificial intelligence (AI) and robotic process automation (RPA) are key drivers of the hyper-automation market. Furthermore, setting up hyperautomated processes can be an expensive or high-cost investment for many firms due to the advanced technologies required, along with the additional cost of training or acquiring experienced individuals to handle such technologies.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the "Global Hyperautomation Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Robotic Process Automation (RPA), Machine Learning (ML), Biometrics, Chatbots, Context Aware Computing, Natural Language Generation (NLG), and Computer Vision), By Function (Marketing & Sales, Finance & Accounting, Human Resources (HR), Operations & Supply Chain, Information Technology (IT)), By End Use (Manufacturing, Automotive, BFSI, Healthcare, IT & Telecommunication, Retail, Transportation & Logistics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is projected to grow at the highest CAGR of the hyperautomation market during the projected timeframe.
Based on the component, the hyperautomation market is divided into hardware, software, and services. Among these, the hardware segment is projected to grow at the highest CAGR of the hyperautomation market during the projected timeframe. Because of the mobility, expandability, and adaptability of automation solutions, industry automation hardware enhances productivity and quality while lowering manufacturing errors. The hardware department deals with machinery and equipment maintenance, including the installation of controlled power supply systems.
The robotics process automation (RPA) segment is estimated to hold the largest market share of the hyperautomation market during the projected timeframe.
Based on the technology, the hyperautomation market is divided into robotic process automation (RPA), machine learning (ml), biometrics, chatbots, context aware computing, natural language generation (NLG), and computer vision. Among these, the robotics process automation (RPA) segment is estimated to hold the largest market share of the hyperautomation market during the projected timeframe. Robotic process automation is usually used as a tool based on automation technology concepts particular to the sector. Companies are increasingly in demand for the storage of massive amounts of regular data as complex business tools such as data analytics become more common. Furthermore, worldwide organizations choose corporate data centers with superior data security, which fuels segment expansion.
The marketing & sales segment accounted for the largest revenue share of the hyperautomation market during the projected timeframe.
Based on the function, the hyperautomation market is divided into marketing & sales, finance & accounting, human resources (HR), operations & supply chain, information technology (IT). Among these, the marketing & sales segment accounted for the largest revenue share of the hyperautomation market during the projected timeframe. Industries throughout the world have come to rely on the automation of generative processes to give better leads to sales teams and increase campaign accuracy. Sales and marketing automation is widely used for website tracking and analytics it analyses and discovers future potential customers on the website while also providing important insights into their interests, seeks, and preferences.
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North America is expected to hold the largest share of the hyperautomation market over the forecast period.
North America is expected to hold the largest share of the hyperautomation market over the forecast period. This region's market growth is most probably attributable to an increased demand for enhanced efficiency and lower business operational expenses, alongside rapid digitization adoption. Furthermore, many organizations in this region use hyper-automation to create a more resilient supply chain, boosting regional market growth. Rapid digitization penetration, a growing desire for increased efficiency, and decreased corporate operational expenses are among the key drivers of market growth in the region. Furthermore, the prevalence of the IT and telecommunications industries in the region, both of which use automation methods, promotes the expansion of the North American hyperautomation sector.
Asia Pacific is predicted to grow at the fastest pace in the hyperautomation market during the projected timeframe. The region is tasked with transforming traditional industrial facilities into fully automated smart factories. The utilized procedures have resulted in a significant reduction in the plant's energy use. Countries such as Japan, China, and India are spending extensively on IT infrastructure and the construction of new data centers to match rising data volumes in their respective regions. In addition, some medium-sized enterprises in the region are implementing cloud computing. This, in turn, creates a profitable growth opportunity for the Asia-Pacific market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the hyperautomation market are Alteryx, UiPath, Wipro Ltd., Tata Consultancy Services Ltd., Mitsubishi Electric Corporation, Honeywell International Inc., SolveXia, PagerDuty, Inc., OneGlobe LLC, Automation Anywhere Inc., JK Tech, Vuram Technologies, IBM, and Oracle, and others.
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Recent Developments
- In February 2024, Hyperscience, the global market leader in hyperautomation and a corporate AI infrastructure software supplier, released a new solution that enables the back office into the GenAI era by fine-tuning LLMs with ground truth documents integrated at the enterprise's core.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the hyperautomation market based on the below-mentioned segments:
Global Hyperautomation Market, By Component
- Hardware
- Software
- Services
Global Hyperautomation Market, By Technology
- Robotic Process Automation (RPA)
- Machine Learning (ML)
- Biometrics
- Chatbots
- Context Aware Computing
- Natural Language Generation (NLG)
- Computer Vision
Global Hyperautomation Market, By Function
- Marketing & Sales
- Finance & Accounting
- Human Resources (HR)
- Operations & Supply Chain
- Information Technology (IT)
Global Hyperautomation Market, By End Use
- Manufacturing
- Automotive
- BFSI
- Healthcare
- IT & Telecommunication
- Retail
- Transportation & Logistics
- Others
Global Hyperautomation Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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