The Hyper automation market was valued at US$4.904 billion in the year 2020. The prime reason that is forecasted to drive the market growth during the forecast period is surging digitalization and automation for speedier, effective, and better operations. The rise in automation and technological development has significantly increased the demand for hyper-automation for better operation. Installation of hyper-automation technology helps the organization to improve efficiency, reduce cost, and increase revenue. Increase automation across small and medium enterprises accompanies by rising investment and innovation in the industry is expected to provide robust potential for the market during the forecast period. Moreover, increasing internet penetration, especially in developing countries, is projected to drive lucrative growth in the market. However, high initial cost accompanied by the requirement for technical know-how is expected to constrain the market growth.
Geographically, the Hyper Automation market is divided into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific regions for the study. The Asia Pacific hyper-automation market is expected to grow at the fastest rate during the forecast period owing to the surging adoption of the technology across several industry verticals. An increase in internet penetration is also expected to play a crucial role in regional market growth. Data from World Bank shows that the population accessing the internet in the South Asia region increased from 15.408% in 2016 to 35.331% in 2019. Whereas in East Asia and the Pacific region, the population able to access the internet surged to 65.017% in 2019, up from 53.769% in 2016. Growth in internet penetration accompanied by a rise in automation is expected to drive the market in the region.
Robotic Process Automation or RPA is expected to dominate the market of Hyper Automation during the forecast period.
Based on technology type, the hyper-automation market is segmented into robotics process automation, artificial intelligence, machine learning, biometrics, chatbots, natural language generation, and others. The market for robotic process automation is expected to dominate the market for hyper-automation, growing at a CAGR of 31.5% (Source: Knowledge Sourcing Intelligence), owing to increasing cloud system and service adoption in small and medium-scale enterprises. Robust demand anticipated to be created by the BFSI sector for the RPA technology is expected to support the segment growth.
One of the prime reasons which are projected to drive the market for hyper-automation during the forecast period is growth in adoption of automation in the small and medium-scale enterprises, which constitute around 90% of global business (Source: World Bank).
Major factors which are expected to constrain the market growth are high initial cost and limited workforce. Installation and operation of hyper-automation technology require a highly skilled and specialized workforce.
The coronavirus pandemic skyrocket the market for hyper-automation with the implementation of nationwide lockdown and adoption of work-from-home or distance work culture, which created robust demand for digitalization and automation, in order to continue operations.
|Market size value in 2020||US$4.904 billion|
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technology Type, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||UiPath, SolveXia, Appian, Mitsubishi Electric Corporation, Automation Anywhere Inc., Allerin Tech Pvt. Ltd., OneGlobe LLC, Wipro Ltd., Tata Consultancy Services Limited, Catalytic Inc.|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the global hyper automation market size?
A1. The global hyper-automation market was valued at US$4.904 billion in 2020.
Q2. Who are the major players in the hyperautomation market?
A2. Prominent/major key market players in the global hyper-automation market include UiPath, SolveXia, Appian, Mitsubishi Electric Corporation, Automation Anywhere Inc. among others.
Q3. How is the hyper-automation market segmented?
A3. Hyperautomation market has been segmented by technology type, end-use industry, and geography.
Q4. What factors are anticipated to drive the hyper-automation market growth?
A4. Hyperautomation has various applications in industries like manufacturing, automotive, healthcare, BFSI, retail, etc. with the manufacturing sector being the biggest adopter and key growth driving sector.
Q5. What is the base year considered in the hyperautomation market report?
A5. 2020 has been taken as the base year in the hyperautomation market report.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL HYPER-AUTOMATION MARKET, BY TECHNOLOGY TYPE
5.2. Robotic Process Automation (RPA)
5.3. Artificial Intelligence (AI)
5.4. Machine Learning (ML)
5.7. Natural Language Generation (NLG)
6. GLOBAL HYPER-AUTOMATION MARKET, BY APPLICATION
6.3. Pharma & Healthcare
6.4. Retail & Consumer Goods
6.5. Information Technology & Telecom
6.6. Communication, Media & Education
6.8. Logistics, Energy & Utilities
7. GLOBAL HYPER-AUTOMATION MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Automation Anywhere Inc.
9.4. Blue Prism
9.6. KOFAX INC.
9.7. NTT Advanced Technology Corporation
9.8. EdgeVerve Systems Limited
9.9. FPT Software
9.10. OnviSource, Inc.
9.12. Mitsubishi Electric Corporation
9.13. OneGlobe LLC
9.15. Tata Consultancy Services Limited
Automation Anywhere Inc.
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
Mitsubishi Electric Corporation
Tata Consultancy Services Limited
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