Hyper Automation Market to Surpass US$ 23.7 Billion by end of 2027, Says CMI

SEATTLE, April 27, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global hyper automation market was valued at US$ 4.2 Billion in 2017 and is expected to exhibit a CAGR of 18.9% over the forecast period (2019-2027).

Key trends and analysis of the global Hyper Automation market:

The global hyper automation market is expected to grow significantly during the forecast period, owing to digitalization and automation of manufacturing processes, globally. Moreover, there is increasing demand for the robotic process automation technology. The organizations around the globe are integrating robotic process automation technology with the artificial intelligence to allow robots to mimic the machine operator behavior. Moreover, the RPA providers are partnering with different companies to develop and offer RPA solutions. For instance, one of the key player in the hyper automation market UiPath entered into a partnership with DVT, a software company in South Africa in April 2019.

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Under the partnership, they will develop the RPA software and will offer services in the Africa and Europe. Moreover, UiPath entered into a partnership with Deloitte Legal’s Center of Excellence and IT Company, Bilge Adam Technologies in 2019. This partnership with the companies from different industries is expected to aid UiPath to enhance its product portfolio, across different industries.

In manufacturing Industry the some jobs that were done by humans previously, are now performed by the machines. Moreover, there is minimum human interference in the automated process, the risk of human errors also decreases. For instance, Ashok Leyland, an automobile manufacturer automated its cab panel pressing plant in Housor, Tamilnadu in January 2019. These automations increased the output of the plant with 66%. Many manufacturing facilities, around the globe are adopting the hyper automation solutions to reduce the operational cost and to increase the efficiency of overall manufacturing process.

However, major restraining factor for global hyper automation market include high initial cost of hyper automation tools. Moreover, to implement the hyper automation solution all the systems in the whole process should be connected to each other.

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Key Market Takeaways:

• The global hyper automation market is estimated to exhibit a CAGR of 18.9% during the forecast period, owing to increase in the demand of the automated solutions in the manufacturing facilities.
• Asia Pacific held the dominant position in the global hyper automation market in 2018, and is expected to retain its dominance throughout the forecast period. This is owing to increasing demand of the automation tools in the manufacturing facilities in the region.
• North America is expected to witness significant growth over the forecast period, owing to developed IT infrastructure and wide presence of Artificial Intelligence companies such as Nuro.ai and Aurora Innovation.
• Among technology, robotic process automation segment held dominant position in the market in 2018, and is expected to retain its dominance during the forecast period. The growth of robotic process automation segment is attributed advantages of RPA tools such as operational cost in manufacturing process and higher precision and accuracy than machine operators. For instance, according to the Coherent Market Analysis, the robotic process automation is expected to exhibit a CAGR of 23.4% over the forecast period.
• Among End-use Industry, manufacturing segment is expected to be the fastest growing segment during the forecast period. This is owing to increasing conversion of the traditional factories into the smart factories.

Major players operating in the global hyper automation market include—

Automation Anywhere, Inc., SolveXia, Wipro Limited, UiPath, ALLERIN TECH PVT LTD, Appian, OneGlobe LLC, Mitsubishi Electric Corporation, Catalytic Inc, Infosys Limited, and Tata Consultancy Services Limited

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Market Segmentation:

• Global Hyper Automation market, By Technology:
  • Robotic Process Automation (RPA)
  • Machine Learning (ML)
  • Chatbots
  • Biometrics
  • Natural Language Generation
  • Context-aware Computing
• Global Hyper Automation market, By End-use Industry:
  • Manufacturing
  • Automotive
  • Healthcare
  • BFSI
  • Retail
  • Others
• Global Hyper Automation market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East
    • By Country:
      • GCC Countries
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • North Africa
      • Central Africa
      • South Africa