Email
Print
Hyper Automation Market Overview
The Global Hyper Automation Market size is estimated to reach $20 Billion by 2027, growing at a CAGR of 12.5% during the forecast period 2022-2027, attributed to increasing utilization of automated manufacturing processes, rising integration of natural language processing (NLP), machine learning and artificial intelligence technologies in various industries to improve operational efficiency and so on. The growing use of hyper-automation in accounts payable processes for receiving, processing as well as paying out invoices, alongside integration of machine learning and document extraction technologies like Optical Character Recognition (OCR) into robotic process automation has been also aiding its market demands. Additionally, the growing demand for rapid application development using low-code platforms as well as higher adoption of SaaS & other platform-based services is analyzed to contribute to the market growth over time. Moreover, the increasing shifts towards technologies capable of reducing operational discrepancies within production lines, as well as the rising utilization of robotic systems in billing cycles & consumer services are some of the major factors set to transform the Hyperautomation industry outlook in the coming time.
Hyper Automation Market Report Coverage
The “Hyperautomation Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Hyperautomation Market.
Key Takeaways
- Robotic Process Automation (RPA) segment is analyzed to witness the fastest growth in the global Hyperautomation market during the forecast period 2022-2027, owing to increased emphasis on optimizing operations to boost productivity, deployment of industrial robots for supporting Industry 4.0 trends and so on.
- Hyperautomation market for the manufacturing industry is analyzed to grow with the highest CAGR during 2022-2027, attributed to increasing utilization of large-scale manufacturing & flexible production technologies, rising adoption of machine learning & natural language processing (NLP) for informed decision-making and so on.
- APAC dominated the global Hyperautomation market in 2021, owing to the rapid transformation of conventional industrial facilities into smart factories, as well as the growing adoption of industrial robots across diverse industries like oil & gas, manufacturing and so on.
- Increasing demand for rapid application development using low-code platforms and growing adoption of SaaS & other platform-based services is analyzed to significantly drive the market growth of the Hyperautomation market during the forecast period 2022-2027.
Global Hyperautomation Market Value Share, by Region, 2021 (%)
For More Details On this report - Request For Sample
Hyperautomation Market Segment
Analysis - by Technology
The robotic Process Automation (RPA) segment is
analyzed to witness the fastest growth of 14.3% in the global Hyperautomation
market during the forecast period 2022-2027. Factors such as
increasing emphasis on optimizing operations to boost workload productivity,
growing demands for business process automation, deployment of robots for
industrial operations due to the growing trend towards smart manufacturing or
Industry 4.0 and so on. These factors are boosting the adoption of robotic
process automation technology in varied sectors. According to a survey
conducted by UiPath and The Economist Intelligence Unit in 2020, about 90%
of organizations had leveraged RPA technology for automating their business
processes. The survey further
highlighted that about 73% of the respondents were completely satisfied with
the benefits of automation. In December 2021, NICE launched an AI-powered Robotic
Process Automation system, to assist organizations in increasing return on
investment through minimizing production
time & maximizing the value of automation across the business. This system was
capable of assisting in the acceleration of automation technology within organizations.
Additionally, increasing demand for simplification of complex handling
processes, as well as rising adoption of artificial intelligence
& machine learning technologies to improve work agility and deliver
better customer experiences are some factors boosting the growth of Robotic
Process Automation technology in the Hyperautomation industry over time.
Hyperautomation Market Report Analysis - by Industry
Vertical
Hyperautomation market for the manufacturing
industry is analyzed to grow with the highest CAGR of 13.6% during 2022-2027,
attributed to increasing utilization of large-scale
manufacturing & flexible production technologies, significant
adoption of machine learning & natural language processing (NLP) for
informed decision-making and so on. Additionally, the rising demand to improve manufacturing capacity with limited resources, a growing
trend toward smart manufacturing to automate work operations, also increasing
utilization of robots in various industries are the factors boosting the
adoption of automation technologies. According to a report published by the International Federation of Robotics (IFR) in 2022, the operational stock of
industrial robots reached a record level of around 3 million units worldwide,
growing at the rate of 13% during 2015-2020. This significant growth
towards robots across manufacturing industries, rising demand for predictive
maintenance, along with a higher emphasis on optimizing supply chain management, inventory
management and related operations can drive the market growth. Such factors will
help in transforming the Hyperautomation industry for the manufacturing sector in
the long run.
Hyperautomation Market Report Analysis - by
Geography
APAC dominated the global Hyperautomation market with a share of 38% in 2021, owing to the rapid transformation of conventional industrial facilities into smart factories, as well as the growing adoption of industrial robots across diverse industries like oil & gas, manufacturing and so on. According to a report published by UiPath in 2021, the Asia-Pacific is the home to 60% of the global workforce and is expected to readily adopt automation technologies. The report further highlighted that about 70% of enterprises have initiated their automation in 2020. In September 2021, Indian Oil Corporation Ltd (IOCL) signed a five-year agreement with Automation Anywhere to accelerate and extend automation in order to drive innovation across the organization. Under this agreement, an AI-powered and Robotic Process Automation (RPA) platform, Automation 360 was adopted by Indian Oil Corporation Ltd to computerize key processes across departments like finance, human resources, and inventory. Additionally, the rising utilization of automated technologies in various industries like healthcare for patient record management & data collection, growing application of automated equipment in agriculture and increasing adoption of automated machines in industrial units. These factors are expected to transform the Hyperautomation industry outlook within APAC markets.
Hyperautomation Market Drivers
Increasing Demand for Rapid Application Development using Low-code Platforms is Accelerating the Growth of Hyperautomation Market:
Growing demand for rapid application development
using low-code platforms is boosting the growth of the hyper-automation market.
Low-code solutions help in simplification, automation as well as acceleration
of app development procedures, which eventually results in significant cost
savings and performance improvement. Integration of artificial
intelligence & machine learning to enable organizations to monitor and
streamline critical business processes further drives the market growth.
Low-code development platforms have built-in libraries to assist programmers in
the development of hyper-automation tools, thus eliminating the need for
professional developers. This, in turn, enables the development as well as the adoption
of automated services across a wide range of industries to increase maneuverability with respect to changing market conditions. In September 2021,
Appian Corporation launched the new version of the Appian Low-Code Automation
Platform. The platform accelerates and
optimizes enterprise application development by enhancing low-code data,
complete automation and application deployment. Such platforms will
boost the adoption of automated technologies across multiple industries. According
to a report published by Codeless in 2022, Low-code platform adoption will
reach approximately 65 percent in application development industries by 2025. The report further states that low-code
solutions can cut application development time up to 90%. Such factors will
help in propelling the growth of the Hyperautomation market size in the long run.
Growing Adoption of SaaS & Other Platform-based Services is propelling the demand for Hyperautomation Technologies:
Increasing
adoption of SaaS and other platform-based services act as a major driver
boosting the market growth of hyper-automation. Deployment of Software-as-a-service (SaaS)
models, has been growing rapidly among enterprises, due to optimizing
production of self-processed hyperautomation solutions. This, in turn, provides
access to frameworks as well as help in scaling up development processes. PaaS technologies are widely used
to reduce development costs as they eliminate the capital
equipment expenses involved in designing an
application. Additionally, it reduces overall application management costs
and eliminates software overheads by handling patches, updates and other
administrative tasks. In July 2021, Tata Consultancy Services launched
Jile 5.0, an updated version of the SaaS-based corporate agile application. According
to a survey conducted by Jitterbit in 2022, about 64% of system integrator
professionals from Europe, the Middle East and Africa (EMEA) have agreed that hyperautomation is a key business priority for their customers. Furthermore, 76% of
senior EMEA system integrators believed that customers value automation over
integration. Additionally, 63% of respondents revealed that iPaaS technology
is playing a significant role in industrial automation. These factors are set
to expand the Hyperautomation market size in the coming time.
Hyperautomation Market Challenge
The complexity of Implementing Multiple Automation Programmes Coupled with the High Implementation Costs are Restricting the Growth of the Hyperautomation Market:
The complexity of incorporating various automation programs, combined with high implementation costs is impeding the growth of the hyper-automation market. Hyperautomation emphasizes upon integration of varied technologies and platforms in order to facilitate machine-to-machine communication. This implementation within an organization requires a significant amount of time and professional expertise. Additionally, the organization has to provide extensive training to its employees before the adoption of hyperautomation systems. Such requirements raise the cost of incorporating hyper-automation technologies leading to their limited adoption in small-scale industries due to limited budget constraints. Moreover, each organization needs to develop a hyper-automated environment that requires changes in existing technologies and processes. According to a report published by Enterprise Networking Planet in 2021, the standard cost of implementing hyper-automation technologies is $1,495 per month plus per-user pricing, and the enterprise cost is up to $2,479 per month plus per-user pricing. These factors have been creating an adverse impact on the growth of the Hyperautomation industry.
Hyperautomation Industry Outlook
Product launches, acquisitions and R&D activities are key
strategies adopted by players in the Hyperautomation Market. The top 10
companies in the Hyperautomation market are:
- UiPath
- Microsoft Corporation
- International Business Machines Corporation
- Automation Anywhere Inc.
- Gigaforce Inc.
- Wipro Ltd.
- CYIENT
- OneGlobe LLC
- Appian Corporation
- Infosys Ltd.
Recent Developments
- In June 2022, Cyient introduces CyFAST, an AI-powered
framework for automated system and software testing to accelerate
end-to-end test automation. The system works with the web, mobile, desktop and
embedded applications in hardware devices. As a result, a comprehensive
environment for testing projects is developed.
- In June 2022, Gigaforce launched Gigabot, an intake bot with Hyper-Automation Capabilities to move its clients closer to a touchless claims experience. It enables end-to-end automation and significant cost savings for insurance companies. It aims at streamlining the insurance claims process and increasing efficiency & accuracy through the use of data operations.
- In June 2021, Microsoft launched Microsoft Process
Advisor in order to expand process capture and analytics in various industries.
It contributes to the expansion of Microsoft Power Automation, robotic process
automation (RPA) and the cloud integration platform.
Relevant Report Titles:
Robotic
Process Automation Market - Industry Analysis, Market Size, Share, Trends,
Application Analysis, Growth and Forecast Analysis
Report Code: AIR 0304
Report Code: AIR 0321
Report Code: ITR 0112
For more Information and Communications Technology Market reports, please click here