Hyperautomation Market Sets New Record, Projected at USD 98.3 Billion by 2031 at 30.4% CAGR: AMR
An increase in demand for automation among major industries is expected to provide lucrative opportunities for the hyperautomation market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, November 24, 2023 /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 represents an advanced approach where a variety of automation tools synergize to facilitate robotics automation, machine learning, and artificial intelligence, thereby extending the scope of automation initiatives. Positioned as a cutting-edge technological solution, hyperautomation plays a pivotal role in the evolution of industries, contributing to tasks such as data collection, insights generation, and process optimization.
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This transformative concept excels in recognizing both unstructured and structured data, essential for streamlined operations and efficient management. By automating tasks and offering solutions with minimal human intervention, hyper-automation harnesses the power of artificial intelligence, robotics automation processes, and other technologies, contributing to enhanced organizational efficiency and effectiveness.
Moreover, the growth of the hyperautomation market is propelled by the digitalization of conventional manufacturing plants and the increasing integration of automated manufacturing processes across diverse industries. The expansion of hyperautomation is further driven by the rapid advancements in digital transformation techniques. Despite these positive trends, challenges such as a shortage of skilled personnel and trainers in hyperautomation, coupled with the initial high costs of automation systems, are anticipated to hinder market growth. Nonetheless, the escalating demand for automation in major industries presents lucrative opportunities for expansion in the hyperautomation market.
The hyper-automation market is categorized into four segments: technology, organization size, industry vertical, and region. In 2022, the robotic process automation (RPA) segment is poised to hold a substantial market share. Notably, the machine learning (ML) segment is anticipated to exhibit the highest growth rate throughout the forecast period, driven by ML’s integral role in various business processes. The expansive scope of Machine Learning in India and globally presents abundant career opportunities, particularly in developing high-performance ML applications. The continual advancements in machine learning are expected to usher in an era where manufacturing facilities will increasingly incorporate robots. This integration aims to streamline operations, reduce costs, enhance quality control, and optimize supply chain management.
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In terms of user applications, the banking and financial services sector is projected to dominate the hyper-automation market by the end of the forecast period. Within this sector, hyper-automation finds diverse applications, including regulatory reporting, marketing, sales and distribution, bank servicing, payment operations, lending operations, back-office operations, and enterprise support. The utilization of machine learning in test automation is also anticipated to play a significant role in shaping the future landscape of hyper-automation across various industries.
In terms of enterprise size, the hyperautomation market was predominantly led by large public sectors, benefiting from cost savings and enhanced capabilities such as increased productivity and efficiency through automation. Conversely, small and medium-sized enterprises (SMEs) are projected to experience the highest growth rate due to a rising need for advanced technology to enhance operational efficiency and the widespread adoption of IoT technology, contributing to increased demand in the hyperautomation market.
Geographically, North America held a dominant position in the hyperautomation market in 2021 and is anticipated to maintain its prominence throughout the forecast period. This is attributed to technological advancements in key end-use industries such as healthcare, automotive, retail, and BFSI in the region. However, Asia-Pacific is poised for significant growth during the forecast period, driven by the rapid transformation of traditional manufacturing plants into automated facilities.
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The top 10 companies in the Hyperautomation market are:
1. UiPath
2. Microsoft Corporation
3. International Business Machines Corporation
4. Automation Anywhere Inc.
5. Gigaforce Inc.
6. Wipro Ltd.
7. CYIENT
8. OneGlobe LLC
9. Appian Corporation
10. Infosys Ltd.
Key Stakeholder Advantages:
• This report employs a quantitative approach to analyze the Hyperautomation Market Forecast, tracking current trends, estimations, and dynamics from 2021 to 2031, thereby identifying lucrative opportunities in the hyperautomation market.
• Comprehensive market research delivers insights into key drivers, restraints, and opportunities, aiding stakeholders in informed decision-making.
• Utilizing Porter’s five forces analysis, the report assesses buyer and supplier influence, empowering stakeholders to make strategic business decisions and fortify their supplier-buyer relationships.
• Thorough analysis of hyperautomation market segmentation assists in identifying prevailing market opportunities.
• The revenue contributions of major countries in each region are mapped, providing a clear overview of their impact on the global market.
• Market player positioning facilitates benchmarking, offering a precise understanding of the current market player landscape.
• The report encompasses an analysis of regional and global hyperautomation market trends, key players, market segments, application areas, and growth strategies.
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Other Related Report:
1. Digital Process Automation Market
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