Global Hyper Automation Market Revenue is expected to be US$ 155 Billion by the end of 2023; Market.us

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New York, May 16, 2023 (GLOBE NEWSWIRE) — The hyper-automation market size is projected to surpass around US$ 155 Billion by 2032, and it is poised to reach a CAGR of 16.3% from 2023 to 2032. The global hyper-automation market size accounted for US$ 36 Billion in 2022.

Hyper automation refers to the combination of two or more technologies, such as predictive analysis, robotic process automation, and artificial intelligence. Moreover, automation is utilized in simplifying the workflow as well as increasing the efficiency of the manufacturing process with less human interference.

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Key Takeaway:

• By Component in 2022, the hardware segment dominated the market with the largest revenue share of 52% in 2022.
• By Technology, the robotic process automation segment held the largest market share of 24% in 2022 and is expected to grow at a significant rate from 2023 to 2032.
• By Function, finance & accounting held the largest revenue share in 2022.
• By End-User in 2022, the IT & telecom dominated the market with significant revenue share.
• In 2022, North America dominated the market with the highest revenue share of 37%.
• Asia-Pacific will grow at a significant revenue share of 22.6% from 2023-2032.

The market growth of hyper-automation can be attributed to the increasing adoption of automated manufacturing processes among various industries. In addition, the rapid rise in digital transformation with sophisticated methodologies is also fueling market growth.

Factors affecting the growth of the hyper-automation market

There are several factors that can affect the growth of the hyper-automation market. Some of these factors include:

• Rising demand for robotic process automation technology: The surge in demand for RPA technology worldwide is expected to fuel the market growth for hyper-automation.
• Increasing demand for automation in the construction industry: The market growth can be attributed to the increasing demand for automation in the construction industry as it helps enterprises to expose safety violations so that it should not become a liability or an accident.
• Increased return on investments: The hyper automation provides access to improving analytics data, and thus the enterprise would ensure that they deliver a return on investment on time and with high accuracy, thereby driving the market growth.
• Lack of skilled manpower: The market growth is expected to be hampered by the lack of skill and lack of training for individuals in various industries.

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Top Trends in Global Hyper Automation Market

The increased return on investment aids in analyzing the marketing efforts, such as how they impact improving as well as achieving positive results. Moreover, the hyper-automation offers access to improving analytics data, and thus the enterprise would ensure that they deliver a return on investment with high accuracy and on time. This is the mostly the major goal of every organization. Thus owing to the improved analytics for return on investment, the market is expected to grow exponentially.

Market Growth

The market growth of hyper-automation is mainly influenced by several factors such as growing digitalization, reduced operational cost, improved efficiency, and increasing demand for automation in manufacturing processes. However, the issues related to cloud security and network transmission are expected to hamper the market growth.

Regional Analysis

North America accounted for the highest revenue share in 2022. The various industries in this region are implementing hyper-automation in order to create a more resilient supply chain, which in turn, drives the growth of the regional market. In addition, the market growth of this region can be attributed to the rising demand for increased efficiency & lower business operational costs, as well as rapid digitization penetration. The Asia Pacific region is anticipated to witness the fastest CAGR during the forecast period. Emerging countries such as China, India, and Japan are investing heavily in IT infrastructure and developing new data centers in order to maintain the ever-increasing data volumes in their respective regions.

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Scope of Report

Market Drivers

In the present scenario, the adoption of cloud-based technologies has increased significantly worldwide. In the global information and communication technology industry, cloud-based deployment software is likely to hold the majority of the share. The hyper-automation has led to an exponential increase in data generation due to the integration of AI, RPA, and ML in the enterprise workflow. Companies are increasingly investing in cloud technology with the rising need to effectively operate IT resources and efficiency of data storage. Furthermore, the focus on maintenance costs and reducing data storage is resulting in the rising adoption of cloud-based technologies, thereby driving the global hyper-automation market growth.

Market Restraints

Hyper automation heavily relies on cloud-based services to reduce the overall cost. It is susceptible to service impairment, data leakage, and service loss, including service interruption, and monetary loss in worse cases. To operate efficiently, hyper-automation requires strong network and communication services. In regions such as Latin America, the Middle East & Africa, and Asia Pacific, the average network is not compatible with adopting hyper-automation in SMEs. As a result, the security risks and limited quality of network communication service are expected to hamper the market growth.

Market Opportunities

Technology is evolving, and every single sector is looking to update itself with the development of technology. The hyper-automation aids to ensure that the onsite workers are in precise pedestrian walking lanes and also ensures the security of safety equipment. In addition, construction safety hyper-automation aids enterprises in exposing safety violations so that they should not become liabilities or accidents. It also provides real-time data on job site behavior so that adjustments can be made. Companies are increasingly investing in cloud technology with the rising need to effectively operate IT resources and efficiency of data storage.

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Report Segmentation of the Hyper Automation Market

Component Insight

The hardware segment accounted for the largest revenue share in 2022. Automation hardware in industries offers the benefits of increased quality and efficiency while minimizing errors in the manufacturing process, owing to the expandability, mobility, and adaptability of automation solutions. In addition, the hardware segment includes maintenance of machinery & equipment and controlled power delivery installation. The software segment is accounted as the fastest expanding segment during the forecast period. Automation software supports businesses to increase their efficiency through the development of solutions that aid in repetitive administrative activities as well as data processing.

Technology Insight

Robotic process automation dominated the market with the largest revenue share in 2022. Multinational firms mostly opt for corporate data centers with superior data security, thereby propelling segment growth. Moreover, owing to the rise of complex business tools such as data analytics, companies are in high requirement of storing huge volumes of daily data.

Function Insight

The finance & accounting held the largest revenue share in 2022. The growing need to improve cooperation, reduce errors, and enhance overall productivity by automating, standardizing, and integrating hyper-automation technology in payroll administration, financial analysis, collection, invoicing, and financial statement preparation is positively driving the segment’s growth. The marketing & sales segment is anticipated to witness the fastest growth rate during the forecast period as the marketing firms are highly relying on automation to provide better leads to sales teams, improve campaign accuracy, and a higher rate of interest, thereby driving the segment growth.

End-User Insight

The IT & telecom dominated the market with a significant revenue share in 2022. Integrating robotic process automation (RPA) supports telecom companies in simplification of operational tasks as well as also generating long-term revenue streams by offering high-quality, quick, and affordable services. The retail segment is anticipated to witness a significant growth rate during the forecast period. The automation in retail aids to keep track of inventory helps to reduce the delivery time, and eases out the workload of store managers, thereby fueling the market growth.

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Market Segmentation

By Component

• Hardware
• Software
• Services

By Technology

• Robotic Process Automation (RPA)
• Biometrics
• Natural Learning Generation
• Context-Aware Computing
• Chatbots
• Machine Learning
• Other Technologies

By Function

• Marketing & Sales
• Human Resources (HR)
• Operations & Supply Chain
• Finance & Accounting

Information Technology (IT)

By End-User

• BFSI
• IT & Telecom
• Retail
• Education
• Manufacturing
• Automotive
• Healthcare & Life Science
• Other End-Users

By Geography

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Major market players are market are concentrating on implementing various growth strategies to expand their businesses in the foreign market. Moreover, they are involved in collaborations, partnerships, mergers & acquisitions, competitive pricing, and new product launch.

Market Key Players:

• ALTERYX, INC.
• SolveXia
• Mitsubishi Electric Corporation
• Catalytic Company
• Automation Anywhere, Inc.
• Tata Consultancy Services Ltd.
• Wipro Ltd.
• Honeywell International Inc.
• OneGlobe LLC
• Allerin Tech Pvt. Ltd.
• Other key Players

Recent Development of the Hyper Automation Market

• In September 2022, the UiPath (an enterprise automation software developer) announced its alliance with OutSystems, a global player in high-performance application development. Together, they are expected to offer clients with the ability to securely and intelligently automate the key business processes as well as applications, resulting in increased productivity, time savings, and transformative app experiences.
• In May 2022, the establishment of an exclusive agreement for Europe was announced by Visa, a global player in digital payments, and Phrase, a player in brand language optimization.

Browse More Related Reports:

• Industrial Automation Market size is expected to be worth around USD 493 Billion by 2032 from USD 212.6 Billion in 2023, growing at a CAGR of 9.0% during the forecast period from 2022 to 2032.
• Robotic Process Automation Market was worth USD 18,846 million in 2022. It is expected to grow at a compound annual rate (CAGR of 39.8%) between 2023 and 2032.
• Accounts Payable Automation Market is projected to be USD 195.3 Mn in 2021, reaching USD 558.8 Mn by 2031 at a CAGR of 11.3%.
• Chatbot Market size was valued at USD 4.92 billion in 2022 and is expected to reach USD 42 billion by 2032 with a CAGR of 23.91%

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