Yahoo Finance Global Hyper Automation Market is Predicted to Grow at a CAGR of ~18% during 2022-2031; Increasing Development of Automation Technologies, Improved IoT Adoption, and Digitalization to Elevate Growth - Research Nester
Key Companies Covered in the ‘Global Hyper Automation Market’ Research Report by Research Nester are Solvexis Ltd., Microsoft Corporation, SAP SE, International Business Machines Corporation, Rockwell Automation Inc., Allerin tech Pvt. ltd., Wipro Ltd., Infosys Ltd., Infosys Ltd., OneGlobe LLC, and other key market players.
New York, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Hyper Automation Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Market growth over the forecast period
Detailed regional synopsis
Market segmentation
Growth drivers
Challenges
Key market players and their detailed profiling
Global Hyper Automation Market Size:
The global hyper automation market is estimated to grow at a CAGR of ~18% over the forecast period. The growth of the market can be ascribed to growing need for automated operations across industries. Hyper automation is the process of automating numerous businesses and IT operations through the multiple technologies, tools, or platforms, including artificial intelligence (AI). Additionally, the growing IT industry across the globe is estimated to propel market growth over the ensuing years. It was found that in the USA, more than 40,000 new enterprises were established in 2018 in the field of IT. Besides, the rising demand for automation across end-user sectors, the use of robotics, is also predicted to boost global hyper automation market growth over the forecast period. It was noticed that in the automobile sector around 250 to 350 robots are used for the production line to increase the overall production output.
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Global Hyper Automation Market: Key Takeaways
Asia Pacific region gains noteworthy market share
Artificial Intelligence (AI) segment to dominate the revenue graph
Manufacturing segment remains prominent in the End-user segment
IoT Integration and Digitalization to Boost Market Growth
The global hyper automation market is anticipated to accelerate over the forecast period on account of increasing usage of IoT as it enables businesses and governments to access location-based data in real-time and connects them to all smart potentials, including smart cities, smart transportation, and smart utilities. Moreover, the growing government efforts towards Moreover, the growing government efforts and increasing investments to make smart cities on a prior basis are estimated to drive the market growth. For instance, India's Smart Cities Mission got over USD860 million in the Union Budget 2021–22, up from nearly USD450 million in FY21.
Further, the rising penetration of digitalization, backed by growing demand for higher efficiency and low operating cost is considered to be one of the main growth drives for global hyper automation market during the forecast period. Many companies are adopting hyper automation to build autonomous vehicles. It is believed that, by 2025, completely autonomous vehicles are estimated to gain a boost in market share and are predicted to cover 20% of the market share.
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Global Hyper Automation Market: Regional Overview
The global hyper automation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for AI Services to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the basis of expanding demand for AI-based services in the manufacturing, telecom, and healthcare sectors, combined with rising acceptance of innovative technologies across the region. For instance, China has nodded to invest approximately USD 155 billion in the AI industry by 2030. Further, the increasing investment in research and development activities in the region is predicted to drive market growth during the forecast period.
Increasing Availability of Advanced Technology to Drive Growth in the North America Region
Moreover, the market in North America region is estimated to gain the largest market share over the forecast period owing to the increasing availability of advanced technology, and significant presence of key market players in the region. In addition to this, the rising investment in AI, Robotic Process Automation (RPA), and Intelligent Process Automation (IPA) are anticipated to boost the market growth throughout the forecast period. According to estimates, the cost of IPA was predicted to reach over USD 10 billion in the year 2021. While the company activities involving robotic process automation (RPA) and AI were anticipated to remain nearly USD 5 billion and USD 4.1 billion in the same year.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Hyper Automation Market, Segmentation by Technology
Robotic Process Automation (RPA)
Artificial Intelligence (AI)
Machine Learning (ML)
Biometrics
Chatbots
Natural Language Generation (NLG)
Others
Over the course of the forecast period, the artificial intelligence segment is predicted to hold a substantial market share on account of the growing acceptance of AI across a range of end-user industries, including healthcare, manufacturing, and automotive. For instance, the intersection of scientific evidence and human judgment has been long present in healthcare. Artificial intelligence (AI) developments are bringing those two aspects closer than ever, and the industry is experiencing the benefits of the same. Also, the patient usage of digital health apps is predicted to increase more than 30% over the next three to five years owing to greater reliance on personalized care delivery. Further, the increasing investment by key market players in the field of innovation for every sector is anticipated to boost the segment growth over the forecast period.
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Global Hyper Automation Market, Segmentation by End-User
BFSI
Retail
Manufacturing
Automotive
Healthcare
Others
Among these, the manufacturing segment is estimated to hold the largest market share over the forecast period. In recent times, the increasing usage of automation in the manufacturing sector is booming and a number of manufacturing organizations are implementing automation to reduce operational expenditure and increase production.
Some of the food and product manufacturing companies are going the extra mile to make everything automated. They are using automation for supply chain, inventory management, and purchase and payment processing for the goods. It is estimated in one of the surveys that by 2035, artificial intelligence (AI) in FMCG will boost productivity higher than 41% and profitability by almost 40%.
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Few of the well-known market leaders in the global hyper automation market that are profiled by Research Nester are Solvexis Ltd., Microsoft Corporation, SAP SE, International Business Machines Corporation, Rockwell Automation Inc., Allerin tech Pvt. ltd., Wipro Ltd., Infosys Ltd., Infosys Ltd., OneGlobe LLC, and others.
Recent Developments in the Global Hyper Automation Market
In June 2022, to advance and scale up the Artificial Intelligence (AI) and Machine Learning (ML) based content localization solution, Wipro Limited, a top provider of technology services and consultancy, and Eros Investments announced the signing of an alliance agreement.
In August 2022, Sydney Living Lab, a high-tech co-creation place for digital innovation, has opened as part of a network of over 20 facilities globally, including Melbourne, by Infosys, a global leader in next-generation digital services and consulting.
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