Hyper-Automation Market Set to Exceed USD 119.04 Billion by 2030, Fueled by Unprecedented Technological Integration
Hyper-Automation Market is anticipated to develop at a CAGR of 16.61%, from a value of USD 34.82 billion in 2022 to USD 119.04 billion in 2030
AUSTIN, TEXAS, UNITED STATES, January 29, 2024 /EINPresswire.com/ — Unleashing the Power of Hyper automation to Transform Business Processes
The SNS Insider report indicates that the Hyper-Automation Market size was valued at USD 34.82 billion in 2022 and is expected to grow to USD 119.04 billion by 2030, with a remarkable CAGR of 16.61% over the forecast period of 2023-2030.
Prominent Players:
• OneGlobe LLC
• SolveXia
• Appian
• Mitsubishi Electric Corporation
• UiPath
• Automation Anywhere Inc.
• Honeywell International Inc.
• Allerin Tech Pvt. Ltd.
• Wipro Ltd.
• SolveXia
• Tata Consultancy Services Limited
• Catalytic Inc.
• PagerDuty Inc
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Market Report Scope:
The Hyperautomation market is at the forefront of technological advancement, incorporating Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) to streamline and automate complex business processes. This sophisticated approach involves the analysis, design, discovery, measurement, monitoring, automation, and reassessment of various tasks. Organizations are increasingly adopting Hyperautomation to tackle both redundant and intricate activities, providing a rapid transformation in the competitive business landscape.
Hyperautomation serves as a mechanism to integrate advanced technologies seamlessly, solving not only repetitive tasks but also intricate processes that were previously challenging to execute. Private institutions and startups are investing significantly to boost market growth, recognizing the potential of Hyperautomation in enhancing productivity and efficiency.
Market Analysis:
The Hyper-Automation market is experiencing robust growth, fueled by the digitalization of traditional manufacturing and the widespread adoption of automated processes. The integration of advanced technologies like Artificial Intelligence, Machine Learning, and Robotic Process Automation is driving efficiency across industries. Despite challenges such as a shortage of skilled professionals and the initial costs of automation, the market is buoyed by a surge in demand for automation solutions. The dominance of North America, accounting for 33.8% of total revenue, is attributed to a pressing need for efficiency and rapid digitization. Meanwhile, the Asia-Pacific region is poised for rapid growth, backed by substantial investments in IT infrastructure.
Segment Analysis:
Key Market Segmentation
By Component
• Hardware
• Software
• Services
By Function
• Marketing & Sales
• Finance & Accounting
• Human Resources (HR)
• Operations & Supply Chain
• Information Technology (IT)
By Deployment
• On-premise
• Cloud
By Technology
• Robotic Process Automation (RPA)
• Machine Learning (ML)
• Biometrics
• Chatbots
• Context-Aware Computing
• Natural Language Generation (NLG)
• Computer Vision
By End Use
• Manufacturing
• Automotive
• BFSI
• Healthcare
• IT & Telecommunication
• Retail
• Transportation & Logistics
• Others
By Component:
The hardware segment, encompassing controlled power delivery installation and machinery maintenance, dominates the market due to its efficiency benefits in manufacturing processes. On the other hand, the software segment is poised for the fastest growth, aiding businesses in automating repetitive administrative activities.
By Function:
The marketing & sales function is expected to register the fastest growth, driven by the increasing reliance on automation to enhance campaign accuracy and generate higher ROI. Finance & accounting, dominating the industry, is set to maintain its position throughout the forecast period, addressing the need for error reduction and overall productivity enhancement.
By Technology:
RPA technology currently dominates the market, addressing the demand for data analytics and big data storage. Computer vision technology, expected to grow rapidly, transforms manufacturing processes by improving fault detection and enhancing product quality.
By End-use:
The IT & telecommunication sector dominates the market, integrating RPA to simplify operational tasks and generate long-term revenue streams. The retail sector is expected to experience significant growth, driven by automation’s ability to track inventory and reduce delivery time.
Key Regional Development:
The North American region leads globally, accounting for 33.8% of total revenue. The region’s growth is fueled by the need for efficiency, lower operating expenses, and rapid digitization penetration. Hyperautomation is being implemented to build a more reliable supply chain, further propelling market expansion.
The Asia-Pacific region is predicted to grow at the fastest rate, with countries like Japan, China, and India investing in IT infrastructure and data centers. The adoption of cloud computing in small and medium-sized firms enhances the region’s growth potential.
Key Takeaways for Hyper-Automation Market Study:
• Hyperautomation is revolutionizing business processes through the seamless integration of AI, ML, and RPA.
• The North American region dominates the market, driven by efficiency needs and rapid digitization.
• The IT & telecommunication sector leads in end-use, while the software segment witnesses the fastest growth.
• Hyperautomation presents vast opportunities in various industries, overcoming challenges like the shortage of skilled manpower.
Recent Developments:
• In December 2022, Ashling Partners acquired fourTENS to bolster its expertise in low-code technological solutions, expanding its footprint in the automation sector.
• In April 2022, Juniper Network partnered with PP Telecommunication Sdn Bhd to strengthen growth plans and provide high-quality network communication solutions.
• In February 2022, IBM and SAP entered into a partnership agreement to offer consulting services in hyperautomation technology and hybrid cloud solutions for regulated and unregulated industries.
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Hyper-Automation Market: Challenges and Opportunities
Challenges:
• Integration Complexity: The integration of diverse technologies and automation tools into a cohesive hyper-automation strategy poses challenges, requiring seamless interoperability.
• Skill Gap: A shortage of skilled professionals proficient in managing and implementing hyper-automation solutions is a challenge, necessitating workforce upskilling and reskilling initiatives.
• Change Management: Adapting to the organizational and cultural changes introduced by hyper-automation can be challenging, requiring effective change management strategies to ensure employee buy-in.
• Security Concerns: Addressing security vulnerabilities associated with the increased automation of processes poses challenges, demanding robust cybersecurity measures to protect against threats.
Opportunities:
• Enhanced Productivity: Hyper-automation offers opportunities for significantly improved productivity by automating repetitive tasks and optimizing business processes.
• AI and Machine Learning Integration: Opportunities arise from integrating advanced AI and machine learning technologies into hyper-automation, enabling more intelligent decision-making and adaptive workflows.
• Cost Savings: Hyper-automation presents opportunities for cost savings through increased efficiency, reduced errors, and optimized resource utilization in various business functions.
• Customization for Industries: Opportunities exist in customizing hyper-automation solutions for specific industries, addressing unique challenges and requirements in sectors such as finance, healthcare, and manufacturing.
Successfully navigating these challenges and capitalizing on opportunities in the Hyper-Automation market requires a strategic approach, investment in skill development, and a commitment to aligning automation initiatives with organizational goals.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
…..
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Company Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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