The global market for hyper automation accounted for US$ 7,103 Mn in 2021 and is estimated to reach US$ 32,632 Mn by 2030, with a significant CAGR of 18.7% from 2022 to 2030.
Hyper automation is the idea of automating everything that can be automated in a company. Organizations that use hyper automation strive to use robotic process automation (RPA), artificial intelligence (AI), and other technologies to conduct processes without human intervention across their whole organization. Hyper automation is a high-speed method to include everyone in corporate transformation, aided by the automation of increasingly complicated labor that relies on human knowledge input. Hyper automation brings together several components of process automation, integrating tools and technologies that amplify the ability to automate work. It starts with robotic process automation (RPA) at its core and expands automation capability with artificial intelligence (AI), analytics, process mining, and other advanced tools.
Market Growth Drivers
|Market||Hyper Automation Market|
|Market Size 2021||US$ 7,103 Mn|
|Market Forecast 2028||US$ 32,632 Mn|
|CAGR||18.7% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Technology, By Organization Size, By Industry Vertical, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Appian, Allerin Tech Pvt. Ltd., Automation Anywhere Inc., SolveXia, Catalytic Inc., OneGlobe LLC, Mitsubishi Electric Corporation, Tata Consultancy Services Limited, UiPath, and Wipro Ltd.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Growing digitalization throughout the world is the primary factor driving the global hyper automation market growth. Because of the growing demand for business automation, the most common use of a digital process automation tool is in businesses that require efficient back-end processing administration. As a result, more businesses, such as BFSI companies, manufacturing industries, and e-commerce merchants are being established. The increased penetration of enterprises towards automation is also expanding the growth of the market. By automating all of the repetitive manual tasks previously performed by humans, an enterprise can significantly speed up operations while reducing errors. It frees up staff to work on more difficult or creative tasks. Automation can also help an organization cut costs. A business can save hundreds of hours and money by digitizing and automating processes like document management, data entry, financial processes, and approval workflows.
Additionally, increasing adoption of robotic automation processes will also skyrocket the demand for the hyper automation industry. Hyper automation transforms current and old processes and equipment using artificial intelligence (AI), machine learning, and robotic process automation (RPA). This digital transition can help a company save money and resources, allowing it to compete in a more competitive market.
On the other hand, the lack of skilled professionals and high initial cost are some of the aspects that are expected to hold back the market growth for a brief period of time. An increasing number of investments and the rising focus of small and medium enterprises are the aspects that would gradually push up the number of professionals and reduce the cost of automation over time. One of the global hyper automation market trends that have generated lucrative opportunities is the rising demand for automation in the manufacturing and construction industry. Technology is progressing, and every industry is attempting to keep up with the changes. Hyper automation in construction safety assists businesses in detecting safety infractions so that they do not become liabilities. As a result of the widespread benefits of automation, many industries are shifting their focus toward it, thereby supporting the growth of the hyper automation market.
Technology, organization size, industry vertical, and region are all used to segment the worldwide hyper automation market.
Market By Technology
Based on our analysis, the robotic process automation (RPA) segment is projected to achieve a considerable market share in 2021. The growing dominance of robotic processes in large manufacturing industries, healthcare settings, automotive & transportation, retail, etc. is fueling the RPA market demand. Furthermore, according to the most recent study, more than 80% of big businesses will implement robotic process automation by 2022, with 60% already doing so. Meanwhile, the machine learning segment is likely to attain the fastest growth rate during the forecast period 2022 – 2030.
Market By Organization Size
By organization size, the SMEs segment accounted for a substantial growth rate throughout the forecast timeframe 2022 – 2030. One of the primary factors expected to drive the market for hyper automation during the forecast period is an increase in automation adoption in small and medium-sized enterprises, which account for roughly 90% of global business (as stated by the World Bank). Moreover, the large enterprises have gathered a noteworthy amount of share in the organization size segment in 2021.
Market By Industry Vertical
Among all the industry verticals, the BFSI segment generated significant revenue in 2021. The segment's rapid growth can be attributed to a rapidly changing regulatory landscape, increased demand for digital products and services, lower entry barriers for related industries, and a fragile global economy. Most processes in the BFSI sector can be streamlined using hyperautomation solutions. It has enormous potential in the BFSI sector, promising increased productivity, profits, and customer experience.
Hyper Automation Market Regional Overview
Middle East & Africa
The increasing adoption of technology across numerous industry verticals fuels the Asia-Pacific market growth
Based on our analysis, the Asia-Pacific region occupied a substantial market share in 2021. Some of the leading factors that are supporting the Asia-Pacific region include growing internet penetration, rapid conversion of traditional manufacturing plants into automated plants, and a rise in demand for automation in the construction industry. North America region also accounted for a substantial market share in 2021 due to the presence of key players, early adoption of technologies, and increasing implementation of automation in the automotive and healthcare industry.
Some of the top vendors offered in the professional 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.
The estimated value of Global Hyper Automation Market in 2021 was accounted to be US$ 7,103 Mn and market projected to reach US$ 32,632 by 2030
The projected CAGR of hyper automation market during the analysis period of 2022 to 2030 is 18.7%.
The prominent players of the global hyper automation market involve UiPath, SolveXia, Appian, Mitsubishi Electric Corporation, Automation Anywhere Inc., Allerin Tech Pvt. Ltd., OneGlobe LLC, Wipro Ltd., Tata Consultancy Services Limited, and Catalytic Inc.
Asia-Pacific held the dominating share for hyper automation during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for hyper automation during the analysis period of 2022 to 2030.
Growth in digitalization, increased penetration towards automation, and increasing implementation of robotic process automation drives the growth of global hyper automation market.
Based on technology, robotic process automation segment held the maximum share for hyper automation market in 2021.