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Newark, May 08, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 36.46 Billion Hyperautomation market will reach USD 168 Billion by 2032. Rising demand of the Hyperautomated technological solutions for reducing business operational costs may propel the growth of the Hyperautomated Market, globally. This not only saves times, but also, energy, labour, and money of the organization. For instance: In May 2019, Thermax Limited adopted the hyperautomation systems for substituting manual chemical mixing process to hyperautomated solution. Thereby reducing the 40man days’ time to 15-man days’ time. Consequently, reducing the business operational costs.
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Report Coverage Details
|Market Size in 2022||USD 36.46 Billion|
|Market Size in 2032||USD 168 Billion|
|No. of Pages in Report||236|
|Segments Covered||Type, End-User Industry|
|Drivers||Digitization of traditional manufacturing plants|
|Opportunities||Increased demand of Hyperautomation to lower overall business operational costs|
|Restraints||Scarcity of skilled workers|
North America to account for the largest market size during the forecast period accounting to 47% of the total market. Whereas Asia Pacific is expected to be the fastest growing region in the period forecasted.
North America emerged as the largest market for the global Hyperautomation market. Owing to increasing adoption of the technologies and entry of new market players in the region. Whereas Asia Pacific region is anticipated to exhibit highest growth rate over the period. Owing to rising investments on IT infrastructure from various countries such as, India, China, Japan. Furthermore, increasing demand for cloud-computing in these countries have also contributed towards the growth of the Hyperautomation market in this region.
Machine Learning (ML) has dominated the market with the most significant market revenue of USD 40 Billion in 2022.
Machine learning has dominated the market. Machine learning is a branch of Artificial Intelligence which primarily uses algorithms & models. Thereby uncovering critical insights and other focus areas. Hence, rising adoption of machine learning, globally with boost the overall growth of the Hyperautomation market.
IT & Telecom accounted for the largest share of the market, with a market revenue of USD 45.23 Billion in 2022.
IT & Telecom segment has dominated the Hyperautomation market. It is also expected to be the fastest growing segment across the globe. Owing to increased adoption of Integrating Robotic Process Automation (RPA). This ultimately helps in simplifying the operational tasks and providing long-term revenue generation opportunities in the period forecasted.
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● In April 2022: Juniper Network entered into a partnership agreement with PP Telecommunication Sdn Bhd (PPTEL). Main objective of this partnership agreement was to provide the company with the solutions that will help them strengthen and build its growth plan. With this the company will be able to fulfil the demand and needs of its end-users and will provide high network communication facilities in the period forecasted.
● In February 2022: IBM and SAP entered into partnership agreement. The main objective of this agreement was to provide its consulting services in the areas of hyperautomation technology. Further, this agreement will also provide hybrid cloud solution and disseminate object oriented critical problems from SAP to various regulated and unregulated industries.
Drivers: Digitization of traditional manufacturing plants
Rising digitization and automation of the traditional manufacturing plants is one of the major factors that boosts the growth of the Hyperautomation Market. To solve complex data problems and minimizing unwanted efforts of the labour. Various organizations have adapted Hyperautomation to reduce their Operating Expenditure (OPEX) and enhance their productivity and efficiency levels.
Restraint: Scarcity of skilled workers
With constantly evolving technology, their prevails higher demand for the skilled and trained professionals, who manages and streamlines the workflow effectively and efficiently. Therefore, lack of skilled workers may hamper the growth of the Hyperautomation market in the period forecasted.
Opportunity: Increased demand of Hyperautomation to lower overall business operational costs
Rising demand of the Hyperauomated technological solutions for reducing business operational costs may propel the growth of the Hyperautomated Market, globally. This not only saves times, but also, energy, labour, and money of the organization. For instance: In May 2019, Thermax Limited adopted the hyperautomation systems for substituting manual chemical mixing process to hyperautomated solution. Thereby reducing the 40man days’ time to 15-man days’ time. Consequently, reducing the business operational costs.
Challenge: Higher installation and maintenance costs
Higher installation and maintenance costs is one of the major challenges that the organizations and other high-tech faces in the current market scenario. With ongoing advancements in Hyperautomation and increasing demand of the same. The companies now know of the complex procedural solutions that needs to be taken care of. Thus, only the Large corporate firms are able to incur the huge installation and maintenance costs of this solution. Which puts MSME’s at par towards taking advantage of the Hyperautomated technology, to a huge extent.
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Some of the major players operating in the Hyperautomation market are:
● Wipro Ltd.
● Tata Consultancy Services Ltd.
● Mitsubishi Electric Corporation
● OneGlobe LLC
● Automation Anywhere Inc.
● Allerin Tech Pvt. Ltd.
● PagerDuty, Inc.
● Honeywell International Inc
Key Segments cover in the market:
● Machine Learning
● Context-Aware Computing
● Natural Learning Generation
● Robotic Process Automation
● IT & Telecom
● Education, Automotive
● Healthcare & Life Science
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About the report:
The global Hyperautomation market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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