The Global Hyperautomation Market size is expected to reach $82.2 billion by 2028, rising at a market growth of 16.4% CAGR during the forecast period

NEW YORK, Feb. 23, 2023 /PRNewswire/ -- The Global Hyperautomation Market size is expected to reach $82.2 billion by 2028, rising at a market growth of 16.4% CAGR during the forecast period.

Read the full report: https://www.reportlinker.com/p06422470/?utm_source=PRN

Organizations employ hyperautomation, a business-driven, disciplined strategy, to fastly discover, validate, and automate as several businesses and IT activities as they can. Artificial intelligence (AI), event-driven software architecture, machine learning, business process management (BPM), robotic process automation (RPA), intelligent business process management suites (iBPMS), and low-code/no-code tools, integration platform as a service (iPaaS), packaged software, and other types of decision, task automation tools and process, and are few of the technologies, platforms, or tools, that are used in the context of hyperautomation.

A hyperautomation practice entails determining which tasks should be automated, selecting the proper automation technologies, fostering agility via the reuse of the automated processes, and enhancing their capabilities utilizing a variety of AI and machine learning techniques. A center of excellence (CoE) that promotes automation efforts is often used to manage hyperautomation endeavors.

Hyperautomation aims to take use of the data gathered and produced by digital processes in addition to reducing costs, increasing production, and improving efficiency. Businesses may use such data to better inform and accelerate business decisions.

An intelligent digital workforce that can handle repetitive activities to improve employee performance is created by upskilling RPA. These Digital Workers, who can link to numerous corporate systems, work with both structured and unstructured data, evaluate data and make judgments, and find new processes and automation possibilities, are the change agents of hyperautomation.

COVID-19 Impact Analysis

Automation and robots may help in these circumstances by reducing the need for human labor, boosting productivity, and decreasing the chance of further plant outages. IoT, AI, and digitalization will also play a significant role in the future and decide new working methods. This raises the prospect of a highly automated market in the years to come. The dearth of trained employees and skilled workers is currently a serious problem in many fields. Although businesses are naively adopting this trend, which might have disastrous effects, they are not completely aware of where automation is necessary for their operations. Lack of trained labor and appropriate education are major factors in the implementation of cutting-edge technologies such as artificial intelligence, natural language processing, and machine learning, which may impede market development.

Market Growth Factors

Increasing hyper automation to gather critical information

Needing less technical expertise will make configuring and managing automation tools and solutions simpler. If your company employs Hyper automation technologies, your staff will feel more empowered since they may be able to add something unique and helpful to your desk. Moving forward from RPA, hyper-automation accentuates and activates the characteristics of Intelligent Process Automation (IPA). IPA is becoming more prominently included in everyday business activities across sectors. To describe the monitoring of IT infrastructure, Gartner created the phrase "Hybrid Digital Infrastructure Management." The term "HDIM" refers to the activity of seeing and gaining access to an organization's infrastructure as a whole.

Increasing digitization

With the use of cutting-edge methodologies like Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence, hyperautomation is a real digital transformation (AI). It automates complex business procedures even in situations where subject matter experts were once required. This is an augmentation of conventional business-process automation procedures. By combining AI technology with RPA, hyperautomation enables automation to carry out virtual jobs now done by businesspeople. Over the course of the projection period, all these reasons would encourage the market for hyperautomation to grow.

Market Restraining Factors

The lack of a qualified labor force might slow market expansion.

A highly trained, talented, and experienced workforce with knowledge of cutting-edge technologies like ML and AI is needed for hyperautomation. Hyperautomation does have a shortage of trained human resources, nevertheless. Additionally, since employees are unable to keep up with these ongoing technological improvements, they are becoming a barrier to employment. The implementation of modern technologies across numerous sectors is delayed as a result of many businesses' inability to offer their staff proper training due to the rapid advancement of technology. Therefore, a major barrier to the expansion of the hyperautomation Market is the shortage of qualified labor and the high cost of the technology.

Component Outlook

Based on component, the hyperautomation market is divided into hardware, software, and services. In 2021, the software segment gained a substantial revenue share in the hyperautomation market. By creating solutions that streamline data processing and tedious administrative tasks, automation software helps firms become more efficient. These software programmes may be used in almost any industry to lessen the requirement for human participation. For instance, UiPath, one of the leading vendors of robotic process automation software, introduced an end-to-end hyper-automation platform in May 2020.

Technology Outlook

Based on technology, the hyperautomation market is classified into robotic process automation (RPA), biometrics, machine learning (ML), chatbots, natural language generation (NLG), context-aware computing, and computer vision. The Computer Vision segment is anticipated to grow at a promising rate during the forecast period. When used in conjunction with intelligent automation, computer vision is revolutionizing the manufacturing process by enhancing fault detection, security & safety standards, barcode analysis, and inventory management. As a result, manufacturers can easily track product quality, damages or faults, and structure surveillance.

Deployment Outlook

Based on deployment, the hyperautomation market is divided into on-premise and cloud. The market segment is anticipated to continue to develop steadily during the projected period, keeping its position as the market leader. Businesses may provide features and functionalities with increased efficiency and flexibility thanks to cloud deployment. Organizations may use a variety of data centers and cloud platforms for research and mapping by using cloud-based solutions. Additionally, benefits like lower costs and maintenance needs are boosting businesses' desire for cloud-based hyperautomation systems.

Function Outlook

Based on Function, the Hyperautomation market is divided into Marketing and sales, finance and accounting, human resources (HR), operations and supply chain and information technology. The finance & accounting segment procured the largest revenue share in the hyperautomation market in 2021. It is anticipated that the category would continue to dominate throughout the whole projection period. The segment is expanding as a result of the growing need to standardize, automate, and integrate hyperautomation technology in payroll administration, financial analysis, collection, invoicing, and financial statement preparation. This will help to decrease errors, improve collaboration, and increase overall productivity.

Enterprise Size Outlook

Based on enterprise size, the hyperautomation market is classified into large-size enterprises and small-and medium-sized organisations (SMEs). In terms of revenue, the large-size enterprises segment led the hyperautomation market in 2021. Companies need to store enormous amounts of everyday data due to the emergence of sophisticated business tools such as data analytics and big data. International businesses often choose corporate data centers with high levels of data security. In turn, this encourages sector expansion.

Vertical Outlook

Based on Vertical, the hyperautomation Market is segmented into manufacturing, automotive, BFSI, healthcare, IT & Telecom, retail, transportation & logistics, and others. In 2021, the healthcare segment attracted a prominent revenue share. In the healthcare industry, the rising requirement for hyper-automation is helpful for smart billing by gathering bill information from each department without needing human involvement. This may assist hospitals in managing insurance and claims while also saving a tonne of time. Government funding for hyper-automation technologies is also being used in this industry.

Regional Outlook

Based on region, the hyperautomation market is classified into North America, Europe, Asia Pacific, and LAMEA. The hyperautomation market was dominated by North America in 2021 by revenue share. The increasing need for greater efficiency and reduced corporate operating expenses, as well as rapid digitalization penetration, are some of the main drivers propelling market expansion in the area. Additionally, a number of regional sectors are embracing hyperautomation to build a more durable supply chain, which is fueling regional market expansion.

The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Tata Consultancy Services Limited and Honeywell International, Inc. are the forerunners in the Hyperautomation Market. Companies such as Mitsubishi Electric Corporation and Wipro Limited are some of the key innovators in Hyperautomation Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, Honeywell International, Inc., Tata Consultancy Services Ltd., Mitsubishi Electric Corporation, Appian Corporation, UiPath, Inc., Automation Anywhere, Inc., OneGlobe, LLC, SolveXia Pty. Ltd., and Allerin Tech Pvt. Ltd.

Recent Strategies deployed in Hyperautomation Market

Partnerships, Collaboration and Partnerships

Nov-2022: UiPath entered into collaboration with Neostella, a hyper-automation firm. Through this collaboration, the customers would get flexible models which permit the enterprises to put automation into use and broaden their automation reach quickly and smoothly.

Sep-2022: UiPath partnered with OutSystems, a leader in high-performance application development. Through this partnership, the companies focused on incorporating the high-performance low-code of OutSystems with the Business Automation Platform of UiPath. The combined effort of the partnership allowed customers to intelligently and securely automate their core business applications and processes, thereby improving efficiency, saving time, and offering favourable app experiences.

Oct-2021: UiPath partnered with Snowflake, a Data Cloud company. Under this partnership, the companies focused on integrating Snowflake's platform with UiPath Insights, a Robotic Process Automation, offering analytical solutions for reporting, measuring, and alignment of automation operations of an enterprise with strategic business results. The combined result of the partnership offered elastic scaling, computing, and enterprise-grade protected data-sharing abilities that provide users with quicker data processing, and allows them to execute analysis of long-term histories to increase their automation.

Aug-2021: Wipro Limited came into partnership with DataRobot, an AI Cloud company delivering a unified platform. Through this partnership, the company would provide Augmented Intelligence solutions to the customers and ultimately help them to become AI-based businesses. This move would simplify the process of integrating AI-led intelligence into businesses.

Feb-2020: Wipro Limited partnered with Traydstream, a company with having AI-driven platform for trade experts. This partnership would help large enterprises and banks in simplify their businesses by automating trade transaction procedures.

Product Launches and Product Expansions:

May-2022: UiPath introduced Automation Cloud Robots along with more capabilities as part of the UiPath 2022.4 platform. The offering delivers businesses with a comprehensive foundation for automation to obtain accurate and fast results.

Oct-2021: Automation Anywhere, Inc. launched Automation Anywhere for Contact Centers, AI-driven, cloud-native automation solution which helps businesses to provide a better service to customers. This newly launched platform would connect with all contact centre platforms to automate manual processes and attach data to help agents in solving problems.

May-2021: Automation Anywhere, Inc. introduced the cloud-based Epic Fast Healthcare Interoperability Resources (FHIR) API Bot. This launch would allow the integration of the inner and outer ecosystem of Epic Systems to provide preventive health warnings, efficiency, and industry compliance and maximize operational processes for cost. Additionally, this bot would automate access to electronic health records.

May-2021-May UiPath launched UiPath Platform 21.4, the latest edition of the company's platform. Platform 21.4 offers support for automation programs of large-scale and increases the abilities required for scaling while aiding enterprises in automation initiatives' management.

Dec-2020: Appian unveiled an updated version of the Appian Low-code Automation Platform. This launch would make it simple for IT to propel quick and significant business value from a new generation of scalable and powrful company's automation technologies, combined on the sector's leading platform for low-code development. The latest platform introduction offers the automation technologies and the development speed that describes the new world of hyperautomation.

Acquisitions and Mergers:

Dec-2022: Wipro Limited acquired Linecraft.ai, an industrial IoT product startup. Through this acquisition, the company would provide numerous automation solutions along with a digital layer providing analytics and insights to the consumers. Additionally, this move would broaden the digital capabilities of Wipro Limited.

Aug-2022: UiPath took over Re:infer, a Conversational Data Intelligence platform. Through this acquisition, UiPath would integrate Re:infer's NLP technology with company's AI products and Document Understanding to broaden the ability of the company in the field of AI-powered automation services and brings new automation possibilities for the clients.

Dec-2020: Honeywell acquired Sparta Systems, a Software Development company. This acquisition would help customers to get crucial insights from quality data which can enhance the process of manufacturing without compromising supply chain continuity, patient safety and product quality. Moreover, this acquisition would maintain the leadership of Honeywell in enterprise performance management software, industrial automation and digital transformation solutions.

Jan-2020: Appian acquired Novayre Solutions SL, a developer of the Jidoka RPA platform. Through this acquisition, the company would create a single platform for RPA and low-code development allowing the integration of artificial intelligence, bots and humans.

Scope of the Study

Market Segments covered in the Report:

By Deployment

• Cloud

• On-premise

By Technology

• Robotic Process Automation (RPA)

• Machine Learning & Natural Language Generation

• Context Aware Computing & Chatbots

• Biometrics

• Computer Vision

By Function

• Finance & Accounting

• Information Technology (IT)

• Marketing & Sales

• Operations & Supply Chain

• Others

By Component

• Hardware

• Software

• Services

By Enterprise Size

• Large-size Enterprises

• Small- & Medium-size Enterprises (SMEs)

By Vertical

• Telecom & IT

• BFSI

• Manufacturing

• Automotive

• Retail

• Healthcare

• Transportation & Logistics

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Wipro Limited

• Honeywell International, Inc.

• Tata Consultancy Services Ltd.

• Mitsubishi Electric Corporation

• Appian Corporation

• UiPath, Inc.

• Automation Anywhere, Inc.

• OneGlobe, LLC

• SolveXia Pty. Ltd.

• Allerin Tech Pvt. Ltd.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free

Read the full report: https://www.reportlinker.com/p06422470/?utm_source=PRN

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