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Hyper-Automation Market Size Estimated to Reach $98.3 Billion by 2031| APAC witness significant growth Till 2031
According to the report, the global hyper-automation industry generated $6.9 billion in 2021, and is anticipated to generate $98.3 billion by 2031, witnessing a CAGR of 30.4% from 2022 to 2031.Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/31920
Digitalization of traditional manufacturing plants, increased adoption of automated manufacturing processes by various industries, and high growth of digital transformation with advanced techniques in hyper-automation drive the growth of the global hyper-automation market.
Hyperautomation represents a cutting-edge approach wherein a multitude of automation tools collaboratively facilitate the integration of robotics automation processes, machine learning, and artificial intelligence to enhance overall automation initiatives. Positioned as a progressive technological solution, hyper-automation plays a pivotal role in driving the evolution of industries by gathering valuable insights into processes, environments, and workflows.
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Furthermore, hyper-automation possesses the capability to discern both structured and unstructured data, crucial for executing operational tasks within management. This transformative technology streamlines organizational processes by automating tasks and generating solutions, thereby reducing the need for extensive human intervention. Operating on the foundational principles of artificial intelligence, robotics automation processes, and other advanced technologies, hyper-automation operates seamlessly and efficiently, functioning autonomously without significant reliance on human involvement.
Covid-19 Scenario
• The hyperautomation market has recorded continuous investments for its developments and has become a massive contributor to the economic growth before 2020.
• However, the COVID-19 pandemic led to the implementation the global lokdown which resulted to substantially impact the value chain of the hyperautomation market.
• Furthermore, the COVID-19 pandemic impacted almost all the industries globally including hyperautomation and machinery. As a result, a drop was witnessed in the growth trend of the market during the first half of 2020.
• Nevertheless, the demand is expected to increase in the post-pandemic, due to the growing concern for smart automation, energy and resource efficiency.
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The key players profiled in the hyper-automation 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 hyper-automation industry.
Hyperautomation presents numerous benefits for optimizing business workflows. By ensuring consistency, speed, and accuracy, it contributes to cost reduction and enhances the overall consumer experience. A variety of hyper-automation tools cater to diverse business requirements. Operating at the core of adding intelligence and an advanced system-based approach, hyper-automation extends automation efforts, making it a key driver for industry adoption.
The cost-effectiveness of hyper-automation positively impacts business operations and fosters closer collaboration between IT and business units. Moreover, hyper-automation facilitates increased integration of machine learning and artificial intelligence within organizations. As industries prioritize advanced technologies, the adoption of hyper-automation solutions is poised to grow, acting as a significant catalyst for market expansion.
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Depending on enterprise size, the hyper-automation market was dominated by large public sector, due to its cost saving benefits, along with other capabilities such as higher productivity and efficiencies which can be achieved through automation. However, SMEs are expected to witness growth at the highest rate during the forecast period, due to increased demand of advanced technology for operational efficiency and adoption of IoT technology, which further drives hyper-automation market demand.
Based on application, the supply chain segment held the highest market share in 2021, accounting for nearly two-fifths of the global hyper-automation market, and is estimated to maintain its leadership status throughout the forecast period, as automation platform can connect all systems and create a centralized location for employees to access information, providing complete process visibility and orchestration. However, the human resources segment is projected to manifest the highest CAGR of 34.4% from 2022 to 2031, as it allows tracking data across HR functions, allowing companies to analyze different processes and their effectiveness.
Geographically, the hyper-automation 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.
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