According to Acumen Research & Consulting, the global hyper automation market is anticipated to expand at a CAGR of more than 18.7% for the next few years, reaching a value of more than US$ 32,632 million by 2030.
Hyper automation is a wise combination of leading technologies such as artificial intelligence (AI), machine learning (ML), RPA, and advanced analytics. This enables a broad range of enterprise-level users to take advantage of the best virtual workforce, which is both immune and intelligent. Hyper automation provides a full package to user groups by enabling the discovery, design, build, enhancement, and self-learning features for a diverse set of use cases across functions and domains.
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According to McKinsey report, 2.6 trillion hours of work are automated in the United States alone each year, and The Wall Street Journal reported 37,000 US-based AI job postings, a 45 percent increase from the previous year. According to an IBM IBV study, this increase in AI jobs will generate $134 billion in labor value by 2022.
COVID-19 Impact on the Hyper Automation Industry
Growing automation trends in the manufacturing and healthcare sectors are gaining traction globally, driving the hyper automation market growth. Several manufacturing companies are implementing hyper automation in order to reduce operational expenditure (OPEX) and improve overall manufacturing process efficiency. Nonetheless, a global slowdown in manufacturing activity is having a negative impact on market size in 2020, owing to the COVID-19 pandemic.
Global Hyper Automation Market Growth Factors
Some of the leading factors that are driving the global hyper automation market include growth in digitalization, improved efficiency, reduced operational cost, and increased demand for automation in the manufacturing process.
Automation makes identifying vulnerabilities and implementing fixes simple, allowing businesses to be proactive and solve security issues before they become a problem. Smart software can also learn what constitutes typical use and detect problems, such as violations of security policies, automatically. Automation may help with security and compliance in a variety of ways. According to a recent RedHat survey, enhancing security and compliance were the top drivers for deploying automation technologies for 47% of firms.
In addition, increasing implementation of robotic process automation and surging investments by small and medium enterprises in the automation industry are likely to propel the market demand during the predicted years. However, the high initial cost and lack of skilled professionals in the industry would limit the market from growing. Furthermore, rising automation adoption, increased demand for precision and accuracy in numerous industries, and increased return on investment is fueling growth in the worldwide hyper automation market.
Global Hyper Automation Market Segments
The hyper automation market is split into four categories: technology, organization size, industry 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 acquired a substantial market share in 2021. In terms of growth, the machine learning segment is likely to achieve the fastest growth rate throughout the forecast period 2022 – 2030.
Based on organization size, the market is divided into large enterprises and SMEs. Large enterprises dominated the largest market share, whereas the SMEs achieved the fastest growth rate.
Furthermore, the industry vertical segment is classified into IT & telecom, retail, BFSI, pharma and healthcare, manufacturing, automotive, energy and utilities, and others. Based on our analysis, the IT & telecom segment occupied a considerable market chunk in 2021. However, the automotive segment also generated noteworthy revenue due to the rising need for automation in the automotive industry. Furthermore, the BFSI segment is also utilizing the hyper automation solutions to make their process easy and quick.
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Hyper Automation Market Regional Stance
North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa are the market's regional segments. Based on regional analysis, the Asia-Pacific region gathered a considerable market share and is likely 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 that, increasing internet penetration, and growing demand from the construction industry are some of the aspects that are also supporting the growth of the Asia-Pacific. Moreover, the North America and Europe regions are also leading the market due to the technological advancements in end-use industries such as healthcare, automotive, retail, and BFSI among others.
The hyper automation industry involves many key players. The top players presented 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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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting