TOKYO, April 28, 2022 (GLOBE NEWSWIRE) — the global hyper automation market is expected to grow at a CAGR of over 18.7% over the next few years, reaching a value of over US$32,632 million by 2030.
Hyper automation is a clever combination of advanced technologies such as artificial intelligence (AI), machine learning (ML), RPA and advanced analytics. This enables a wide range of enterprise-level users to take advantage of the best virtual workforce, which is both immune and intelligent. Hyper Automation provides a complete package to user groups by enabling discover, design, build, improve, and self-learn capabilities for a diverse set of use cases across functions and areas.
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According to the McKinsey report, 2.6 trillion work hours are automated in the United States alone each year, and the Wall Street Journal reported 37,000 AI-based job postings in the United States, or a 45% increase over the previous year. According to an IBM IBV study, this increase in AI jobs will generate $134 billion in labor value by 2022.
Impact of COVID-19 on the Hyper Automation Industry
Rising automation trends in the manufacturing and healthcare industries are gaining traction globally, driving the growth of the hyper automation market. Several manufacturing companies are implementing hyper automation in order to reduce operational expenses (OPEX) and improve the overall efficiency of manufacturing processes. Nevertheless, a global slowdown in manufacturing activity is negatively impacting the market size in 2020, owing to the COVID-19 pandemic.
Global Hyper Automation Market Growth Drivers
Some of the major factors driving the global hyper automation market include growing digitalization, improving efficiency, reducing operational costs, and increasing demand for automation in the manufacturing process.
Automation simplifies the identification of vulnerabilities and the implementation of fixes, allowing companies to be proactive and resolve security issues before they become a problem. Intelligent software can also learn what constitutes typical usage and automatically detect issues, such as security policy violations. Automation can help security and compliance in a variety of ways. According to a recent RedHat survey, improving security and compliance were the top drivers for deploying automation technologies for 47% of companies.
Additionally, growing implementation of robotic process automation and increasing investment by small and medium enterprises in the automation industry is likely to propel the market demand in the forecasted years. However, high initial cost and lack of skilled professionals in the industry would limit the market growth. Additionally, increasing adoption of automation, increased demand for precision and accuracy across many industries, and increasing return on investment are fueling the growth of the global hyper automation market.
Global hyper automation market segments
The hyper automation market is divided into four categories: technology, organization size, vertical, and region. Based on technology, the market is divided into biometrics, context-aware computing, natural learning generation, chatbots, machine learning (ML), and robotic process automation (RPA). Among them, the robotic process automation segment has acquired a substantial market share in 2021. In terms of growth, the machine learning segment is expected to achieve the fastest growth rate throughout the period of forecast 2022 – 2030.
According to the size of the organization, the market is divided into large enterprises and SMEs. Large enterprises dominated the largest market share, while SMEs achieved the fastest growth rate.
Further, the industry vertical segment is categorized into IT & Telecom, Retail, BFSI, Pharma & Healthcare, Manufacturing, Automotive, Energy & Utilities, etc. . According to our analysis, the IT and telecom segment occupied a considerable share of the market in 2021. However, the automotive segment also generated notable revenue due to the growing need for automation in the automotive industry. Furthermore, the BFSI segment also uses the hyper automation solutions to make their process easy and fast.
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Regional position of the hyper automation market
North America, Asia-Pacific, Latin America, Europe, Middle East and Africa are the regional segments of the market. Based on regional analysis, the Asia-Pacific region has gathered considerable market share and is expected to witness a substantial growth rate throughout the forecast period 2022-2030. Since there are maximum industries that require their traditional processes to be upgraded to automated processes, the region has the highest growth potential in the hyper automation industry. In addition to this, increasing internet penetration and growing demand from the construction industry are some of the aspects that are also supporting the growth of Asia-Pacific. Additionally, North America and Europe regions are also leading the market owing to technological advancements in end-use industries such as healthcare, automotive, retail, and BFSI, among others. .
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The hyper automation industry involves many key players. Top players profiled in the report include Appian, Allerin Tech Pvt. Ltd., Automation Anywhere Inc., SolveXia, Catalytic Inc., OneGlobe LLC, Mitsubishi Electric Corporation, Tata Consultancy Services Limited, UiPath and Wipro Ltd.
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Mr. Frank Wilson
Acumen Research and Consulting
E-mail: [email protected]