Hyperautomation Market to be Worth $118.66 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 12, 2023 /PRNewswire/ -- The global hyper-automation market size is anticipated to reach USD 118.66 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 16.5% from 2022 to 2030. The industry focuses on the application and implementation of advanced technologies, such as robotic process automation, artificial intelligence, and machine learning, to automate processes and augment human activity. The expansion of social networking, cloud computing, mobile computing, and analytics is anticipated to have a positive effect on the demand for hyper-automation.
Key Industry Insights & Findings from the report:
- The large enterprise segment accounted for the major revenue share in 2021 owing to the increasing integration of complex business technologies, such as data analytics and big data, on account of the growing requirement for storing massive volumes of daily data.
- The hardware component segment accounted for the major revenue share in 2021. It helps in maintaining the machinery and equipment providing timely deliverables and thereby reducing time and effort.
- By function, the finance & accounting segment led the industry in 2021. Financial automation reduces the need for personnel to manually batch and balance transactions allowing them to handle each operation more efficiently.
- The cloud deployment segment dominated the market in 2021 owing to the growth in enterprise adoption of high-end cloud computing in developing economies.
- However, the on-premise segment is expected to register the fastest growth rate from 2022 to 2030. This is owing to the rapid growth in small- and medium-sized industries.
Read 170-page market research report, "Hyperautomation Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Function (HR, IT), By Deployment (Cloud, On-premise), By Technology, By End-use, By Enterprise, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Hyperautomation Market Growth & Trends
Several factors, such as rapid digitalization, increased demand for automation in manufacturing processes, lower operational costs, and improved efficiency, support the industry's growth. The Robotic Process Automation (RPA) technology segment held the maximum revenue share in 2021 owing to the rise of complex business tools like data analytics. Businesses can provide intelligent automation in consumer onboarding by utilizing OCR and RPA. Even in firms that rely on legacy systems, most onboarding processes, such as service agreement generation, can be completed instantly, thereby improving customer experience.
IT & telecommunication was the largest end-use segment in 2021. IT has become a significant resource for managing the ever-increasing demand for advanced IT while maintaining adequate IT expenditures as it has become a more basic component of the telecom business. Automation provides consistent and predictable methods for handling configuration settings to improve consistency, and speed control, and increase uptime by lowering the risk of human error in common daily tasks. North America was the dominant regional market in 2021 due to the demand for big data analytics & cloud computing and the strong presence of various leading industry players in the region.
Hyperautomation Market Segmentation
Grand View Research has segmented the global hyper-automation market based on the component, technology, deployment, function, enterprise, end-use, and region
Hyperautomation Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
- Services
Hyperautomation Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Robotic Process Automation (RPA)
- Context Aware Computing
- Machine Learning (ML)
- Biometrics
- Chatbots
- Natural Language Generation (NLG)
- Computer Vision
Hyperautomation Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- On-premise
- Cloud
Hyperautomation Market - Function Outlook (Revenue, USD Million, 2017 - 2030)
- Marketing & Sales
- Finance & Accounting
- Human Resources (HR)
- Information Technology (IT)
- Operations & Supply Chain
Hyperautomation Market - Enterprise Outlook (Revenue, USD Million, 2017 - 2030)
- Large-size Enterprises
- Small- & Medium-size Enterprises (SMEs)
Hyperautomation Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Manufacturing
- Automotive
- BFSI
- Healthcare
- IT & Telecommunication
- Retail
- Transportation & Logistics
- Others
Hyperautomation Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of the Hyperautomation Market
- UiPath
- Wipro
- Tata Consultancy Services Ltd.
- Mitsubishi Electric Corp.
- OneGlobe LLC.
- SolveXia
- Appian
- Automation Anywhere, Inc.
- Allerin Tech Pvt. Ltd.
- PagerDuty, Inc.
- Honeywell International, Inc.
Check out more related studies published by Grand View Research:
- Educational Robot Market - The global educational robot market size is expected to reach USD 5.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.4% from 2022 to 2030. The growth can be credited to the growing inclination toward interactive learning across educational institutions. Educational robots serve as learning companions that utilize real-life educational models to help students obtain new skills by enhancing the learning process. Educational robots offer information in the fields of Science, Technology, Engineering, Art, and Mathematics (STEAM), as well as computer programming, linguistics, history, and geography. Moreover, these robots also help keep young students involved, delighted, and educated, as they comprise advanced mechanics, voice control, and gestures.
- Content Analytics Market - The global content analytics market is expected to reach USD 26.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 19.4% from 2022 to 2030. The market is being driven ahead by the expanding demand for digitization in the government sector, the growing adoption of advanced analytics, and the significant expansion of business content across various business verticals.
- Crowdfunding Market - The global crowdfunding market size is expected to reach USD 5.53 billion by 2030, growing at a CAGR of 16.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. Growing demand for low-cost promotional tools, such as social media platforms for crowdfunding campaigns, is a major factor driving market growth. Furthermore, rising internet penetration has led to more accessibility of online crowdfunding platforms, which is further contributing to the growth of the crowdfunding market.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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