The global hyerautomation 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. Hyperautomation refers as an infrastructure involving the usage of advanced technologies to bolster automation capabilities in an industry or organization. Automation of business process orchestrates the use of numerous technologies, tools or platforms counting Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) which performs any repetitive errands via automated process and also predictable to perceive which process should be automated and bots needs to be created to perform. Prime Constituent involved in the Hyperautomation market which will make progression by the application of AI, analytics and other technologies.
Factors involving the increasing use of Hyperautomation market includes increased need for automation in manufacturing progressions, enhanced efficiency, increased digitalization and lower operational costs are the prime reasons for driving the industry. The prime reasons for the increase use of AI in hyperautomation market is owing to its potential to interpret data and make actions defined previously. In addition, progression towards Neural Networks and its profound learning have urged the adoption of AI in numerous industries like aerospace, healthcare, automotive and healthcare. However, data science and AI advancement in hyperautomation have urged the demand for machine learning at a significant growth. Several companies are adopting the usage of machine learning by contributing for its solution on subscription basis making beneficial usage of the technology and moving forwards more smarter approaches making the processes easier and faster.
World Economic Forum founder Klaus Schwab quotes, the fourth industrial revolution is bashing the entrances of numerous industries at a faster stride. In third industrial revolution, automation techniques have made life easy for the people and production level had enlarged extremely. Rise for Hyperautomation results in fourth revolution which is becoming a realism owing to usage of AI in integration of RPA in the companies.
However, lack of skilled and trained manpower is the present restraint faced by the industries. Lack of knowledge involving advanced tools such as machine learning and AI hinders the growth of the global hyperautomation market during the forecast period.
The Global Hyerautomation market is segmented by components, technology, deployment mode, end-user and region. By components, the market is listed into hardware, software, and solution. Based on technology, hyperautomation market bifurcates into artificial intelligence, machine learning, biometrics, chatbots, robot process automation, natural language processing and others. By deployment mode, the market analysis categorizes by 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. Based on regional insights, the global hyperautomation market into North America (U.S, Canada), Europe (Germany, France, UK, Russia, Spain, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific), Rest of the World (Latin America and Middle East & Africa).
In 2021, European region has planned for deploying semiconductor manufacturing units and projected European Chips Act for its development. In 2020, Indian government have also announced billion dollars for creation of soft toys companies, semiconductor manufacturing industry and numerous new technologies in the upcoming years.
Segmentation and Scope of the Global Hyperautomation Market
Global Hyperautomation market is segmented by components, technology, deployment mode, end-user and region.
By Deployment Type
By End- user
Prominent players in the Global Hyperautomation Market among others include