Hyperautomation market is set to witness steady growth during 2021-2031. The potential of hyperautomation is to offer automation of office work while leveraging various technologies, such as artificial intelligence, robotic process automation, and machine learning, among others. Furthermore, hyperautomation helps organizations in rapidly identifying, and automating as many processes as possible with the help of these advanced technologies.
What is Driving Demand for Hyperautomation?
Hyperautomation market primarily deals with the application and implementation of advanced technologies, including artificial intelligence, robotic process automation, and machine learning in order to automate processes and augment human activity.
Rise in the demand for the automation in the manufacturing sector happens to be one of the major factors driving the growth of hyperautomation market. Furthermore, growing demand for reduction in operational costs coupled with improved efficiency are other key factors fueling the market growth.
However, lack of skilled manpower and lack of training happens to be major factors responsible for restraining the market growth. Skilled personnel and proper training plays a vital role in the implementation of advance technologies such as RPA, AI, and natural language processing. Hence, lack of these happens to be a major factor causing hindrance in the market growth.
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Manufacturing is Expected to Grow at the Highest CAGR in the Hyperautomation Market by Vertical
Manufacturing segment is anticipated to grow at the highest rate over the forecast period. The growth of the segment can be attributed to growing demand for automation of manufacturing processes. A large number of manufacturing companies are implementing hyperautomation in order to reduce operational expenditure and increase overall efficiency of production processes.
To overcome laborious processes such as inventory management, purchase, and payment processing, numerous manufacturing companies are moving towards hyperautomation in order to better streamline operations across the manufacturing supply chain.
US and Canada Hyperautomation Demand Outlook
U.S. happens to be one of the largest markets for hyperautomation across the globe. The growth in U.S. is attributed to the presence of established players such as Automation anywhere Inc., UiPath, Appian Corp., and Catalytic Inc., among others in the region.
Moreover, US happens to be the one of the most rapidly changing and competitive markets across the globe. Besides, the region is also anticipated to adopt new technologies at a faster pace as compared to other countries in the world.
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Europe Demand Outlook for Hyperautomation
Increasing penetration of digitalization coupled with growing demand for improved efficiency and reduced operational costs happens to be one of the major factors fueling the market growth in the Europe region. Companies in the region are adopting hyperautomation in order to build a more resilient supply chain.
Furthermore, the rising demand for automation across different sectors in the countries like Germany, Italy, France, and UK in the Europe region has enabled the market for hyperautomation to grow at a substantial rate over the forecast period.
Who are the Key Manufacturers and Suppliers of Hyperautomation?
Some of the leading providers of hyperautomation include
The companies operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market. For instance,
In May 2020, UiPath, one of the leading Robotic Process Automation software companies, delivered an end-to-end hyperautomation platform. The hyperautomation platform is capable of supporting every phase of the automation lifecycle and deployment options that provide organizations with immediate management of their robots. The platform also addresses the end-to-end automation lifecycle by leveraging process discovery tools and employee crowdsourcing in order to determine what should be automated.
In December 2020, Appian announced the release of a unified platform for hyperautomation. The release happens to be a latest version of the Low-code Automation Platform. Foremost enhancements to this version of the company’s platform bring together low-code artificial intelligence, robotic process automation, and process automation.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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