New Delhi, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Global hyperautomation market is booming due to increasingly high adoption of combined advanced technologies, such as predictive analytics and artificial intelligence (AI), by various industry verticals to improve their operational efficiency.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Hyperautomation Market size at USD 548.2 million in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the global hyperautomation market size to grow at a robust CAGR of 22%, to reach a value of USD 2,132.8 million by 2028. A high adoption rate of automated production methods by various industries, such as pharmaceuticals, is expected to be a major driver for the robust growth of global hyperautomation market.
Hyperautomation – Overview
Hyperautomation is used to enhance automation capabilities of enterprises by combining two or more advanced technologies, such as robotic process automation, predictive analytics, artificial intelligence (AI), and machine learning (ML). Hyperautomation is used to streamline workflow and boost manufacturing process efficiency with minimal human interaction. It helps in minimizing human involvement. Hence, hyperautomation helps organizations in lowering the risk of human errors and operational costs.
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Global Hyperautomation Market – Technology Advancements
The rising adoption of automated production methods by various industries, such as pharmaceuticals, is responsible for market growth. Some jobs that were previously handled by humans are now undertaken by machines in the manufacturing industry. For example, Thermax Limited, an India-based leading provider of energy solutions, automated chemical mixing process at its plant in Dahej, Gujarat, India, in May 2019. Workers were removed from the chemical mixing process, and each recipe was given its own algorithm. The machine operator enters a recipe into a system, and the machine executes the instructions according to a predetermined algorithm. As a result, Thermax was able to cut the production cycle to 15 days from 40 days.
Global Hyperautomation Market – Regional Analysis
Geographically, global hyperautomation market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. APAC dominates global hyperautomation market and is expected to continue to maintain its leadership position during the forecast period. This is owing to the rapid conversion of traditional industrial operations into automated plants across the region. For example, Rane Madras Limited, a vehicle components manufacturer, used automated solutions for Mitsubishi Electric Corporation's new plant in Gujarat, India, in November 2018. The deployment of hyperautomation solution helped in reducing the plant's energy usage significantly. Thus, high demand for hyperautomation solutions from emerging economies of APAC due to the transformation of traditional manufacturing plants into fully automated smart factories could boost the growth of APAC hyperautomation market.
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Impact of COVID-19 on Global Hyperautomation Market
The COVID-19 pandemic has accelerated the development of automation technologies worldwide and in Indian enterprises, particularly in the areas of monitoring and medicine delivery via drones, according to the Indian IT sector. COVID-19's unparalleled economic impact on demand and supply, as well as its geopolitical and global consequences, will have positive impact on the future of automation. To strengthen their resilience to future pandemics, the coronavirus pandemic has pushed automotive companies across the world to increase their adoption of automation, digitalization, and AI processes.
In this circumstance, automation and robotics could minimize reliance on human labor while increasing productivity, reducing the likelihood of further plant closures. Furthermore, IoT, AI, and digitalization will become increasingly important in the future, defining a fresh style of working. As a result, the global hyperautomation market is expected to expand at a significant growth rate in coming years.
Competitive Landscape
Prominent players in global hyperautomation market include Tata Consultancy Services Ltd. (TCS), Automation anywhere Inc., Wipro Ltd., Allerin tech Pvt. ltd., OneGlobe LLC, Mitsubishi Electric Corp., Infosys Ltd., Catalytic Inc., Solvexis Ltd., Appian Corp., Catalytic Inc., SolveXia, UiPath, Celonis, Automate.io, Turbotic, AutomationEdge, Blue Prism, and Zendesk. These companies follow various strategies, including mergers and acquisitions, partnerships, licensing agreements, collaborations, and joint ventures, to further enhance their competitive position in global hyperautomation market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Hyperautomation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Hyperautomation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In February 2020 - Automation Anywhere unveiled the world's first integrated AI-driven process discovery system. It helps in the identification of business operations that can be automated.
- In Market 2020 - CogniBot, a hyperautomation platform with next-generation AI capabilities, released AutomationEdge. It enables business users to record their actions and development using drag-and-drop tools.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2018–2021 |
| Base Year – 2021 | |
| Estimated Year – 2022 | |
| Forecast – 2022–2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America (US, Canada), Europe (Germany, UK, France, Italy, Spain, The Netherlands, Belgium, NORDIC Countries, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Qatar, Kuwait, Iran, South Africa, Nigeria, Kenya, Egypt, Morocco, Algeria, Rest of Middle East & Africa). |
| Product/ Service Segmentation | Technology Type, Organization Size, Industry, Region |
| Key Players | Tata Consultancy Services Ltd. (TCS), Automation anywhere Inc., Wipro Ltd., Allerin tech Pvt. ltd., OneGlobe LLC, Mitsubishi Electric Corp., Infosys Ltd., Catalytic Inc., Solvexis Ltd., Appian Corp., Catalytic Inc., SolveXia, UiPath, Celonis, Automate.io, Turbotic, AutomationEdge, Blue Prism, Zendesk |
By Technology Type
- Robotic Process Automation
- Natural Learning Generation
- Biometrics
- Context-Aware Computing
- Chatbots
- Machine Learning
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- IT & Telecom
- Healthcare & Life Sciences
- Manufacturing
- Retail
- Education
- Automotive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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