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Hyperautomation Market to Grow at CAGR of 16.5% through 2032; Digitization of Traditional Manufacturing Plants to Propel Growth

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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

Report Coverage Details
Forecast Period 2023-2032
Base Year 2022
Market Size in 2022 USD 36.46 Billion
Market Size in 2032 USD 168 Billion
CAGR 16.5%
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.

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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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Latest Development:

● 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.

Market Dynamics

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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

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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:

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● UiPath
● Wipro Ltd.
● Tata Consultancy Services Ltd.
● Mitsubishi Electric Corporation
● OneGlobe LLC
● SolveXia
● Appian
● Automation Anywhere Inc.
● Allerin Tech Pvt. Ltd.
● PagerDuty, Inc.
● Honeywell International Inc

Key Segments cover in the market:

By Type:

● Biometrics
● Machine Learning
● Context-Aware Computing
● Natural Learning Generation
● Chatbots
● Robotic Process Automation

By End-User:

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● BFSI
● Retail
● IT & Telecom
● Education, Automotive
● Manufacturing
● 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:

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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.

Contact Us

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected] 
Web: www.thebrainyinsights.com 

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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Artificial Intelligence

CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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