The global hyperautomation market is expected to reach the market revenue of US$ 28.56 billion by 2028; experiencing a compound annual growth rate (CAGR) of 19.1% from 2021 to 2028. Rapid development by integrating technologies comprising AI, Machine Learning, and natural language processing (NLP) and others in various industries and organizations such as retails, logistics, healthcare, manufacturing, and healthcare among others have experienced a swift demand. Hyperautomation offers numerous advantages compared to other automation types covering risk reduction, better compliance, improved workspace collaboration and motivation, improved productivity and satisfaction.
The integration of robotic process automation (RPA) with AI, NLP and machine learning can advance the capabilities of software bots and allow task conclusion in parallel to human decision-making skills. Hyperautomation market attributes to an increased use of the AI and machine learning along with the robotic automation process. Many industries or organizations have initiated chatbots and biometrics making ease for the employees to perform from home when required or having off-duty work. Moreover, need for automation in manufacturing and healthcare services helps the market for the growth at admirable frequency.
By industry vertical, the manufacturing industry is projected to reach the highest share and would grow at the fastest rate during the forecast period. Demand for the BFSI sector is increasing in the upcoming years owing to facilities which help the banks and finance companies as an example e-KYC in banking and financial companies offers data access of the customers. Several industries have shifted towards the usage of ML and AI to their setup and aided numerous companies to improve their operation and maintenance thus driving the hyperautomation market However, dearth of skilled and trained manpower is the current limitation faced by the industries. Lack of familiarity involving advanced tools such as ML and AI restricts the growth of the global hyperautomation market during the forecast period.
Geographically, robot process automation has seen the steepest demand from North America region in the past few years. Additionally, US$ 8 billion had been invested by major venture industrial companies in the past few years. Based on revenue, Asia Pacific region dominated the hyperautomation market share having 42.8% in 2019 due to China. The market in the region is attributable to a revolution in the manufacturing sector adopting for robot process automation and AI. The European region is expected to rise owing to an increase in the manufacturing of automobiles in the region.
Prominent competitors inducing the Hyperautomation Market are Amazon, Appian, Automation Anywhere Inc., IBM, OneGlobe LLC, Tata Consultancy Services Limited, Vuram, Allerin Tech Pvt. Ltd, Atos, Catalytic Inc., Mitsubishi Electric Corporation, Google, Cigniti, Wipro Ltd and UiPath among others
The global Hyperautomation market is segmented by components, technology, deployment mode, end-user and geography. By components, the report is listed into hardware, software, and solution. By technology, hyperautomation market bifurcates into artificial intelligence, machine learning, biometrics, chatbots, robot process automation, natural language processing and others. By deployment mode, report analysis categorizes by introduction, on- premises and cloud. Several industries have started using the process of hyperautomation for its functioning which segments into manufacturing, retail, banking financial services add insurance (BFSI), healthcare, automotive and others.