HYPER AUTOMATION MARKET ANALYSIS

Hyper Automation MarketSize and Trends

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.

Market Trends

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.

Figure 1. Global Hyper Automation Market Share (%), by Region, (2018)

Source: Coherent Market Insights, 2018-19

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.