Hyperautomation Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Function (HR, IT), By Deployment (Cloud, On-premise), By Technology, By End-use, By Enterprise, And Segment Forecasts, 2022 - 2030

Report Overview

The global hyperautomation market size was valued at USD 31.39 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 16.5% from 2022 to 2030. The market is growing due to the digitization of traditional manufacturing plants and the increased adoption of automated manufacturing processes among various industries. The rapid rise of digital transformation with sophisticated methodologies in hyper automation is also propelling the market growth. In addition, a boost in automation demand owing to the rise in digitalization across major industries is likely to be opportunistic for market growth.

The COVID-19 pandemic played a crucial role in driving the demand for automated solutions. As a result of the pandemic, companies started adopting hyper automation for production due to multiple safety reasons. The increased concerns regarding safety and privacy led to a surge in demand for automation. For example, in the insurance sector, automating the onboarding process, like assessing and verifying the customers, and monitoring insurance fraud using AI/ML helped in simplifying the process due to the sudden rise in insurance claims and increased applications.

The increased risk of cyber threats following the pandemic, which prompted several people to work remotely, the majority of whom were linked to the internet via insecure channels, compelled the adoption of automated solutions as insurance companies focused on adopting the latest fraud detection solutions to protect their businesses and consumer data. In addition, several factors, such as rapid digitization, increased demand for automation in industrial processes, lower operational costs, and improved efficiency, are acting as key driving forces for industry growth.

Component Insights

In terms of components, the industry has been further categorized into hardware, software, and services. Hyperautomation services within the hardware segment include controlled power delivery installation and maintenance of machinery & equipment. The hardware component segment accounted for the largest revenue share of 50.9% in 2021. Automation hardware in industries provides the benefits of increased efficiency and quality while reducing errors in the manufacturing process, owing to the mobility, expandability, and adaptability of automation solutions.

The software segment, on the other hand, is expected to witness the fastest growth rate during the forecast period. Automation software assists businesses in increasing their efficiency by developing solutions that aid in repetitive administrative activities and data processing. These software solutions are meant to reduce the need for human intervention and can be employed in practically any business. For instance, in May 2020, UiPath, one of the major robotic process automation software providers, launched an end-to-end hyper-automation platform.

Technology Insights

On the basis of technologies, the global industry has been further categorized into Robotic Process Automation (RPA), Machine Learning (ML), Natural Language Generation (NLG), context-aware computing, biometrics, chatbots, and computer vision. The RPA technology segment dominated the industry in 2021 and accounted for the maximum share of 21.4% of the overall revenue. Owing to the rise of complex business tools like data analytics and big data, companies are in need of storing massive volumes of daily data.

Multinational firms generally choose corporate data centers with superior data security, thus fueling segment development. The computer vision technology segment is expected to grow at the fastest CAGR during the forecast period. Combined with intelligent automation, computer vision is transforming manufacturing processes by improving fault detection, barcode analysis, security & safety standards, and inventory management; thereby, making it easy for manufacturers to track damages or faults and the quality of the products along with the structure surveillance.

Function Insights

On the basis of functions, the global industry has been further categorized into Human Resources (HR), Information Technology (IT), marketing & sales, finance & accounting, and operations & supply chain. The marketing & sales function segment is expected to register the fastest growth rate of 17.2% during the forecast period. Marketing firms are increasingly relying on automation to improve campaign accuracy, provide better leads to sales teams, and generate higher ROI; thereby, driving market growth in the segment.

The finance & accounting function segment dominated the industry in 2021 and accounted for the largest revenue share in the same year. The segment is estimated to remain dominant throughout the forecast period. The increasing need to reduce errors, improve cooperation, and enhance overall productivity by standardizing, automating, and integrating hyper-automation technology in financial analysis, payroll administration, invoicing, collection, and financial statement preparation is driving the segment's growth.

Enterprise Insights

On the basis of enterprises, the global industry has been further categorized into large-size enterprises and Small- and Medium-size Enterprises (SMEs). The large-size enterprise's segment dominated the global market in 2021 and accounted for the largest share of 64.9% of the overall revenue. The segment will expand further at a significant growth rate retaining its leading industry position throughout the forecast period. On account of the rise of complex business tools like data analytics and big data, companies need to store massive volumes of daily data.

Multinational firms generally choose corporate data centers with superior data security. This, in turn, supports segment growth. The SMEs segment is expected to register a significant growth rate during the forecast period. The increasing demand for rapidly deployable and scalable data centers is augmenting the growth of the market in the SMEs segment. In addition, an increase in the adoption of cloud services by SMEs is driving market growth in this segment.

End-use Insights

On the basis of end-uses, the global market for hyper-automation has been further segmented into manufacturing, automotive, BFSI, healthcare, aerospace & defense retail, transportation & logistics, and others. The IT & telecommunication end-use segment dominated the global industry in 2021 and accounted for the maximum share of 19.8% of the overall revenue. The segment is likely to expand further at a steady growth rate maintaining its market position throughout the forecast period.

Integrating Robotic Process Automation (RPA) is assisting telecom companies in simplifying operational tasks while also generating long-term revenue streams by providing quick, high-quality, and affordable services. The retail end-use segment is expected to register a considerable growth rate during the forecast period. Automation in retail helps in keeping a track of inventory, eases out the workload of store managers, and also helps in reducing delivery time. These factors are driving the demand for hyper-automation in the retail end-use segment.

Deployment Insights

On the basis of deployment modes, the global industry has been further segmented into on-premise and cloud. The cloud deployment segment dominated the market in 2021 and accounted for the largest share of 51.1% of the overall revenue. The segment is estimated to expand further at a steady growth rate maintaining its leading industry position throughout the forecast period. Cloud deployment allows businesses to provide features and functions with greater efficiency and flexibility. Using cloud-based solutions, organizations can gain access to a large number of data centers and cloud platforms for conducting analysis and mapping.

Also, features, such as reduced costs and maintenance requirements are further driving the demand for cloud-based hyper-automation solutions among organizations. The on-premise segment is also expected to register a considerable growth rate during the forecast period. On account of the increase in demand from SMEs, on-premise deployment would hold a significant revenue share in the future. The segment is anticipated to experience rapid growth as on-premise deployment provides customers with complete access to their data, applications, and infrastructure while reducing operating costs and enhancing security.

Regional Insights

The North America regional market dominated the global industry in 2021 and accounted for the highest share of 34.2% of the total revenue in the same year. Rapid digitization penetration and rising demand for increased efficiency & lower business operational costs are some of the key factors driving the market growth in the region. In addition, various industries in the region are implementing hyper-automation to create a more resilient supply chain, thereby, driving the regional market growth.

The Asia Pacific region is expected to register the fastest growth rate during the projected period. Countries, such as Japan, China, and India, are spending heavily on the IT infrastructure and development of new data centers to maintain the ever-increasing data volumes in their respective regions. In addition, a large number of small- and medium-sized businesses in the region are embracing cloud computing. This, in turn, creates a lucrative growth potential for the market in the Asia Pacific region.

Key Companies & Market Share Insights

The industry’s competitive landscape is fragmented due to the presence of numerous global and regional players. To survive in a highly competitive industry and expand their business footprints, market leaders are implementing strategies, such as partnerships, collaborations, and product launches. For instance, in July 2022, Wipro PARI acquired Hochrainer, a German automation technology firm. This acquisition assisted the company in further expanding its presence in Europe and consolidating its worldwide leadership position. The acquisition would also allow Hochrainer to expand and get access to advanced technological resources and future technology. Some of the key companies in the global hyper-automation market are:

• UiPath

• Wipro Ltd.

• Tata Consultancy Services Ltd.

• Mitsubishi Electric Corporation

• OneGlobe LLC

• SolveXia

• Appian

• Automation Anywhere Inc.

• Allerin Tech Pvt. Ltd.

• PagerDuty, Inc.

• Honeywell International Inc.

Hyperautomation Market Report Scope

Global Hyperautomation Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global hyper-automation market report based on component, technology, deployment, function, enterprise, end-use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware

  • Software

  • Services

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Robotic Process Automation (RPA)

  • Machine Learning (ML)

  • Biometrics

  • Chatbots

  • Context Aware Computing

  • Natural Language Generation (NLG)

  • Computer Vision

• Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • On-premise

  • Cloud

• Function Outlook (Revenue, USD Million, 2017 - 2030)

  • Marketing & Sales

  • Finance & Accounting

  • Human Resources (HR)

  • Operations & Supply Chain

  • Information Technology (IT)

• Enterprise Outlook (Revenue, USD Million, 2017 - 2030)

  • Large-size Enterprises

  • Small & Medium-size Enterprises (SMEs)

• End Use Outlook (Revenue, USD Million, 2017 - 2030)

  • Manufacturing

  • Automotive

  • BFSI

  • Healthcare

  • IT & Telecommunication

  • Retail

  • Transportation & Logistics

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa