Hyperautomation Market Analysis 2024: Streamlining Business Processes with Automation

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Hyperautomation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The hyperautomation market size has grown rapidly in recent years. It will grow from $47.36 billion in 2023 to $55.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to increased digital transformation initiatives, integration of internet of things (iot), expansion of cloud computing, increased complexity of business processes, demand for scalability and flexibility.

The hyperautomation market size is expected to see rapid growth in the next few years. It will grow to $105.34 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to growing demand for efficiency and cost reduction, continued advancements in ai and ml, increasing emphasis on cybersecurity automation, rapid growth of edge computing, expansion of hyperautomation in small and medium enterprises (smes). Major trends in the forecast period include human augmentation and collaboration, explainable ai and ethical considerations, autonomous processes and intelligent workflows, expansion of hyperautomation in edge devices, technological advancements.

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Key Market Players:

Major companies operating in the hyperautomation market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Intel Corporation , International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Oracle Corporation, Mitsubishi Electric Corporation, SAP SE, Tata Consultancy Services Limited, Infosys Limited, Baidu Inc., Wipro Ltd., Genpact Limited, SAS Institute Inc., Nutanix Inc. , Cyient Ltd., Automation Anywhere Inc., Cloudera Inc., BlackSwan Technologies Inc., Gorilla Technology Group, OneGlobe LLC, Tact.ai Technologies Inc., ClearBlade Inc., Gigaforce Inc., SolveXia Pty Ltd.

Market Drivers:

The increasing implementation of automation is expected to propel the growth of the hyperautomation market going forward. Automation is the creation and application of technologies to produce and deliver goods and services with minimal human intervention. Automation uses hyperautomation to leverage advanced technologies like artificial intelligence, machine learning, and robotic process automation synergistically, enabling organizations to streamline complex workflows, improve efficiency, and achieve digital transformation by automating routine tasks and intricate, knowledge-based processes. For instance, in May 2021, according to Automation Anywhere, a US-based software company, more than 90% of hospitals and medical facilities shifted from using paper medical records to EHRs to create, access, store, and share patient information. Further, in January 2024, according to Kissflow Inc., a US-based software company, The number of automated jobs is growing at 14% per year, and by 2024, 69% of managerial work will be automated. Therefore, the increasing implementation of automation is driving the growth of the hyperautomation market.

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The hyperautomation market covered in this report is segmented -

1) By Component : Hardware, Software, Services
2) By Technology : Robotic Process Automation, Machine Learning, Biometrics, Chatbots, Context Aware Computing, Natural Language Generation, Computer Vision
3) By Deployment: On-Premise, Cloud
4) By Function: Marketing And Sales, Finance And Accounting, Human Resources, Operations And Supply Chain, Information Technology, , , , ,
5) By End Use: Manufacturing, Automotive, Banking, Financial Services And Insurance (BFSI), Healthcare, IT And Telecommunication, Retail, Transportation And Logistics, Other End Users

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