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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hyper-automation-market-3754
Browse 150 market data tables* and 90 figures* on “Global Hyper Automation” - Global forecast to 2027
Key Trends and Analysis of the Global Hyper Automation Market:
- Asia Pacific held dominant position in the global hyper automation market in 2018, and is estimated to retain its dominance throughout the forecast period. This is owing to rising transformation of the traditional factories into smart and automated factories in the region. 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
- North America is expected to witness significant growth over the forecast period, owing to developed IT infrastructure and wide presence of Artificial Intelligence companies such as Nuro.ai and Aurora Innovation.
- Europe, Middle East, and Africa are also expected to witness significant growth during the forecast period, owing to increasing demand for automobile vehicles in these regions. For instance, according to CMI analysis, Europe Automobile Market accounted for 15 million units in volume in 2018 and expected to grow at a CAGR of 8.9% for the forecast period.
- Among technology, robotic process automation segment held dominant position in the market in 2018, and is expected to retain its dominance during the forecast period. The growth of robotic process automation segment is attributed advantages of RPA tools such as operational cost in manufacturing process and higher precision and accuracy than machine operators. For instance, according to the Coherent Market Analysis, the robotic process automation is expected to exhibit a CAGR of 23.4% over the forecast period.
- 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
