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IN THE NEWSOctober 16, 2021: SAS to collaborate with European Banking Federation to provide AI services for banks worldwide to enable automated machine learning.
June 07, 2020: Wipro limited to collaborate with IBM Corporation to provide security across public or private cloud and on-premises IT environment.
Global Hyper Automation Market Highlights over 2022 – 2031
The global hyper automation market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the need to automate as many processes as possible. Hyper automation refers to the use of multiple technologies, tools or platforms, including artificial intelligence, to facilitate automation of various industries and IT processes. Besides, the constant growth in the automation industry is estimated to drive the market growth. For instance, the automation industry is estimated to generate around USD 214 billion in 2021. Moreover, increasing demand for automation amongst various end-user industries, adoption of robotics, and constant development in the field of technology, is projected to boost the market growth. Further, the increasing penetration of internet and public cloud services, backed with rapid digitization of every sector, are estimated to fuel the market growth.
The market is segmented by technology into robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), biometrics, chatbots, natural language generation (NLG), and others, out of which, the artificial intelligence segment is anticipated to hold a substantial share in the global hyper automation market over the forecast period on account of increasing adoption of AI amongst various end-user sectors, including healthcare, manufacturing, and automotive. In fact, the global AI industry amounted to approximately USD 315 billion in 2021. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Hyper Automation Market Regional Synopsis
On the basis of geographical analysis, the global hyper automation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing demand for AI-based services in the manufacturing, telecom, and healthcare sectors, along with rising adoption of advanced technologies in the region. For instance, the AI market in the Asia Pacific region was estimated to value around USD 445 million in 2017.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing availability of advanced technology, combined with the presence of major market players in the region.
The global hyper automation market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global hyper automation market includes the following segments:
By Technology
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing adoption of automation technology is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Microsoft Corporation, IBM Corporation, Rockwell Automation Inc., SAP SE, Wipro Ltd., Allerin tech Pvt. ltd., OneGlobe LLC, Mitsubishi Electric Corp., and Infosys Ltd.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, end-user, and by region.
The manufacturing segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Lack of skilled manpower in the hyper automation is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising adoption of advanced technology in the region.
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