Hyperautomation Market Expected to Reach USD 98.3 Billion by 2031 | Top Players such as - Catalytic, Celonis and Decisions

According to the report published by Allied Market Research "The Hyperautomation Market Expected to Reach USD 98.3 Billion by 2031 | Top Players such as - Catalytic, Celonis and Decisions." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Hyperautomation is the fusion of automation and robotics technologies such as artificial intelligence in a single system. Through this technology, robotic process automation is combined with technologies such as machine learning, deep learning, and natural language processing. By analyzing the data, artificial intelligence or machine learning facilitates decision-making.

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The global hyperautomation market is segmented based on offering, deployment mode, enterprise size, application, industrial vertical, and region by offering, it is divided into solution and service. By deployment mode, it is classified into on-premises and cloud. By enterprise size, it is divided into large enterprise size and SMEs. By application, it is fragmented into supply chain, sales and marketing, finance, human resources (HR) and others. In terms of industrial vertical, the market is classified into BFSI, IT and telecom, healthcare, manufacturing, retail and consumer goods, transportation and logistics and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on offering, the solution segment accounted for the largest share in 2021, contributing to more than two-thirds of the global hyperautomation market, and is projected to maintain its lead position during the forecast period, as they are helping business enterprises to secure their IT infrastructure. However, the services segment is expected to portray the largest CAGR of 32.6% from 2022 to 2031, owing to, increasing demand for automation services among industries.

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Depending upon region, the hyperautomation market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the technological advancements in end-use industries such as healthcare, automotive, retail, and BFSI among others in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid conversion of traditional manufacturing plants into automated plants.

The key players profiled in the hyperautomation market analysis are Appian, Automation Anywhere, ALLERIN TECH PVT LTD, Catalytic, Celonis, Decisions, ElectroNeek Robotics Inc, G1ANT, Laiye, OneGlobe LLC, Infosys Limited, SolveXia, Tata Consultancy services, Microsoft Corporation, IBM Corporation, ProcessMaker and Automate.io. These players have adopted various strategies to increase their market penetration and strengthen their position in the hyperautomation industry.

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Covid-19 Scenario:

• During the outbreak of the COVID-19 pandemic, the demand for RPA and hyperautomation in banking increased as global human workforce were compelled to work remotely. RPA allowed financial companies to remain operational.

• One major issue that financial firms faced during the pandemic is the extreme shift in workload pressures on certain processes such as accounts receivables and the delays caused by remote working.

• Hence, the firms invested more in RPA and hyperautomation, which enabled them to manage the burden of manual processes, shift their workforce to more value-added tasks, and be ready to rebound fast. Thus, the pandemic had a positive impact on the industry.

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