Hyper automation market

Hyper Automation Market, by Technology (Robotic Process Automation (RPA), Machine Learning (ML), Chatbots, Biometrics, Natural Language Generation, and Context-aware Computing), by End-use Industry (Manufacturing, Automotive, Healthcare, BFSI, Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

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Apr 2020
CMI3754
130 Pages
Excel & Pdf
Information and Communication Technology

Summary

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.

Hyper Automation Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S., Canada Europe: U.K., Germany, Italy, France, Russia, Rest of Europe Asia Pacific: China, India, Japan, ASEAN, Australia, South Korea, Rest of Asia Pacific Latin America: Brazil, Argentina, Mexico, Rest of Latin America Middle East and Africa: GCC Countries, South Africa, Rest of Middle East and Africa
Segments covered:	By Technology: Robotic Process Automation (RPA), Machine Learning (ML), Chatbots, Biometrics, Natural Language Generation, Context-aware Computing By End-use Industry: Manufacturing, Automotive, Healthcare, BFSI, Retail, Others
Companies covered:	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
Growth Drivers:	Digitalization of the traditional manufacturing plants Increased adoption of automated manufacturing processes by various industries
Restraints & Challenges:	High initial cost of Automation System

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.

Table of Content

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- Frequently Asked Questions -

What is the market size of Hyper Automation in 2022?

The global market for Hyper Automation is anticipated to reach USD 9.98 Billion by 2022.

What is the Compound Annual Growth Rate (CAGR) of the Hyper Automation market during the forecast period (2020-2027)?

The global Hyper Automation market is anticipated to grow at a CAGR of 18.9% during the forecast period.

What is the primary factor contributing towards the growth of global Hyper Automation market?

Digitalization of the traditional manufacturing plants is the primary factor contributing towards the growth of global Hyper automation market during the forecast period.

Which sub-segment among Technology held the largest market share in the global Hyper Automation market?

Robotic Process Automation sub-segment holds the largest market share among end-use segment contributing 31.8% market share in terms of value in 2018.

Which region held the largest market share in the global Hyper Automation market?

North America region hold the largest share in the global Hyper Automation market in 2018, accounting for 28.7% share in terms of value.

Who are the key players operating in the global Hyper Automation market?

Major players operating in the global Hyper Automation market are 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