Hyperautomation Market
Due to the increasing demand for business automation, a digital process automation solution is most commonly utilized in organizations that require effective back-end processing administration. As a result, more businesses are being established, including BFSI firms, industrial industries, and internet merchants. The market is expanding as organizations embrace automation more quickly. By automating all the repetitive manual procedures traditionally performed by people, an organization may drastically speed up operations while minimizing
The growing use of automation in the industrial sector is projected to fuel the hyperautomation industry. The next generation of robots and automation technology provides a game-changing potential for the industrial industry to increase productivity, quality, safety, and cost parameters. It is something that manufacturers worldwide are aware of. Furthermore, increased robotic automation investment year over year is essentially widening the research market's emphasis.
Increased Use of Cloud-Based Technologies
Cloud-based technology use has risen dramatically in recent years throughout the world. Cloud-based software deployment is predicted to account for almost 80% of the worldwide information and communication technology market by 2023. Companies are expanding their investments in cloud technology in response to the growing demand to properly manage IT resources and improve data storage efficiency. Because of the integration of ML, AI, and RPA in organizational workflows, hyper automation has resulted in an exponential growth in data creation.
The emphasis on lowering data storage and maintenance costs is driving the use of cloud-based technologies, which is boosting the hyper automation industry.
Problems with Cloud Security and Network Transmission
Hyper automation depends largely on cloud-based services to lower total costs, and they are vulnerable to service degradation or control loss, data leakage, service loss including service interruption, or, in worst-case scenarios, monetary loss. To function properly, hyper automation requires a powerful network as well as communication services. Average network communication in places such as South America, Asia Pacific, and the Middle East and Africa is incompatible with the adoption of hyper automation in SMEs. The market's growth is being stifled by the low quality of network communication services as well as security risks.
Furthermore, the increasing trend of digitalization and the rising adoption of automation solutions to reduce operational costs are also driving the market growth. However, the lack of skilled professionals and the high cost associated with the implementation of hyperautomation are some of the factors restraining the market growth. The increasing demand for digital transformation is expected to create lucrative opportunities for the market.
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Market Segmentation
Global
Market players
Recent Development
- November 2022-Thee.IQ 5.0 - Nile Edition has been released to enhance the platform'scapabilities for creating automated business applications at scale. Processorchestration, data and event processing, AI/ML, corporate integrations, andfront-end application development are among the capabilities, which all employa simple low-code/no-code interface. This release enhances the hyper-automationenablement platform, providing a taxonomy builder for multilevel taxonomymanagement that spans business domains. It also offers a unified dataexperience, transforming data into useful information for automating decisionsquickly.
- In September 2022, UiPath, a producer ofcorporate automation software, and OutSystems, a global player inhigh-performance application development, announced a partnership to combinethe strength of the UiPath Business Automation Platform with OutSystemshigh-performance low-code. They will enable customers to automate criticalbusiness processes and applications intelligently and securely, resulting intime savings, enhanced productivity, and innovative app experiences.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Technical Type By Deployment Type By End User |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; India; Japan; South Korea; Australia; Singapore; Malaysia, Germany; United Kingdom; France; Russia, Switzerland; Belgium; Italy, Brazil; Colombia; Argentina; Peru; Chile, Saudi Arabia; South Africa; UAE; Israel; Turkey |
| Key companies profiled | UiPath, Alteryx, SolveXia , Automation Anywhere, Catalytic Inc, Appian, Mitsubishi Electric Corporation, OneGlobe LLC, Allerin Tech Pvt. Ltd, Honeywell International Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
