The global hyper automation market was valued at US$ 4.2 billion in 2017, and is expected to surpass US$ 23.7 billion by 2027, exhibiting a CAGR of 18.9% over the forecast period (2019-2027). According to Global Hyper Automation Market Report, 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), published by Coherent Market Insights.
Many companies now a days are undergoing through the digital transformation to improve the overall manufacturing process and to increase the transparency on the shop floor. Digitalization helps in resource management, easy availability of real time data, and enhances the customer experience. For instance, according to the Coherent Market Insights analysis, the global digital transformation market accounted for US$ 255.2 Billion in 2018 and expected to exhibit a CAGR of 15.2% over the forecast period. Moreover, to implement a hyper automation solution, all the systems and process should be connected to each other. Digitalization is the first step in the hyper automation solutions. Digitalization along with technologies such as machine learning aids the companies in their decision making. Due to the digitalization, the real time data of systems is available for further analysis. Machine learning analyses the real time data available and selects the respective course of action, according to the preset algorithm.
Furthermore, availability of the reliable data for artificial intelligence and decision making is the major restraining factor for the global hyper automation market growth during the forecast period. In the hyper automation system the decisions or course of action are decided on the analysis of real time data. Thus, the overall output of the process depends upon the real time data and preset algorithm.
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Key Trends and Analysis of the Global Hyper Automation Market:
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