Hyper automation is the combination of two or more technologies such as robotic process automation, predictive analytics, and artificial intelligence. Hyper automation is used for simplifying the workflow and increase the efficiency of the manufacturing process with minimum human intervention. In hyper automation, the human interference is minimum so probability of human errors and operational cost also decreases. The existing enterprise solutions such as enterprise resource planning software, customer relationship management software forms the base for the hyper automation by extracting the relevant data.
Global hyper automation market is expected to witness a significant growth during the forecast period (2019–2027). The market growth is majorly attributed to increasing adoption of automated manufacturing processes by various industries such as pharmaceutical. In manufacturing Industry some jobs that were done by humans previously, are now performed by the machines. For instance, in May 2019, Thermax Limited, a provider of energy solutions, automated its chemical mixing process in Dahej, Gujarat plant. The company removed workers from chemical mixing process and created algorithm for each recipe. The machine operator feeds recipe to into a system and machines follows the instructions according to the preset algorithm. Furthermore, Thermax Limited started a new highly automated facility in the Sri City, Andhra Pradesh in 2019. Due to the hyper automation solutions, company is managed to reduce the production cycle from 4o days to 15 days.
Moreover, in order to adopt the hyper automation solutions, all the systems present in the end to end process should be integrated. There are many challenges associated with the integration of system such as selecting the right tools, monolithic systems maintenance of the system. Hence, integration of the system is major restraining factor for growth of the hyper automation market over the forecast period.
|Base Year:||2019||Market Size in 2019:||USD 5.93 Bn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||18.9%||2027 Value Projection:||USD 23.7 Bn|
Automation Anywhere, Inc., SolveXia, Wipro Limited, UiPath, ALLERIN TECH PVT LTD, Appian, OneGlobe LLC., Mitsubishi Electric Corporation, Catalytic Inc, Infosys Limited, and Tata Consultancy Services Limited
|Restraints & Challenges:||
Figure 1. Global Hyper Automation Market Share (%), by Region, (2018)
Source: Coherent Market Insights, 2018-19
Increasing Demand for Hyper Automation Solutions in Emerging Economies of Asia Pacific, Owing to Transformation of Traditional Manufacturing Plants into Fully Automated Smart Factories is expected to drive the Market Positively in the Asia Pacific Region.
Asia Pacific held a dominant position in the global hyper automation market in 2018, and is estimated to retain its dominance over the forecast period. This is attributed to rapid conversion of traditional manufacturing plants into automated plants. For instance, in November 2018, Rane Madras limited, a manufacturer of car parts, adopted automated solutions for its new plant in Gujarat of Mitsubishi Electric Corporation. Due to implementation of solutions there is significant decrease in energy consumption of plant. Moreover, various hyper automated solutions providers in India include Wipro limited, Infosys Limited, and Tata Consultancy Services Limited. These factors are expected to drive growth of the hyper automation market over the forecast period in the Asia Pacific region.
Major players operating in the global hyper automation market include Automation Anywhere, Inc., SolveXia, Wipro Limited, UiPath, ALLERIN TECH PVT LTD, Appian, OneGlobe LLC., Mitsubishi Electric Corporation, Catalytic Inc, Infosys Limited, and Tata Consultancy Services Limited.
Figure 2. Global Hyper Automation Market Share (%), By Technology, (2018)
Source: Coherent Market Insights, 2018-19
Surge in demand for robotic process automation technology across the globe is expected to drive growth of the global hyper automation market.
Among technology type, robotic process automation segment accounted for 31.2% of the market share in 2018. Moreover, machine learning is expected to be the fastest growing segment exhibiting the highest CAGR of around 44.3% during the forecast period.
Various companies are adopting the hyper automation solutions. For instance, in March 2018, HCX Technology Partners, Inc adopted the robotic process automation solutions of the Automation Anywhere, Inc. HCX Technology Partners, Inc is the technology solution provider based in Philippines. It offers online HR-Payroll platforms to various companies.
The integration of digitalization or artificial intelligence and robotic process automation technologies in a single system or process is known as the hyper automation. Mostly the robotic process automation is integrated with technologies such as natural language processing, deep learning, and machine learning. Robotic process automation mimics the machine operator behavior, while the artificial intelligence or machine learning helps in the decision making by analyzing the data. The RPA solutions along with the machine learning are able to do data processing the semi-structured and unstructured data. Hyper automation integrates each system, machine, and resource in the whole process, so the real time data is readily available at any time from any place. As the whole system is integrated the machine operator can easily send commands to the machines or instruction to another machine operator.
Retaining the existing customer is easy than the acquiring new customer. Customer relationship management software plays important role in the retention of the customer. The customer can contact the company official easily with the CRM software. Hyper automation in CRM means integrating the CRM platform with the artificial intelligence and natural language processing technology to understand the customer feedbacks and implement necessary action. The common example of the natural language processing include the spell check. For instance, according to the Coherent Market Insights analysis the customer relationship management market accounted for US$ 8.02 billion in 2018 and is expected to exhibit a CAGR of 14.5% over the forecast period. The companies now a days are integrating the customer relationship platform with hyper automation solutions to enhance the customer experience.
Moreover, the large manufacturing industries deals with hundreds of invoices on daily basis. Natural language processing reads the invoices and converts them into text format, and after that artificial intelligence feeds the data into the system. Hyper Automation software analyzes the data and selects the respective course of action. These above mentioned factors are expected to drive the global hyper automation market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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