Hyper Automation Market

Increasing demand for process efficiency and cost reduction is driving the market growth

Market CAGR for Hyper Automation is being driven by the escalating demand among organizations for enhanced process efficiency and cost reduction. As businesses operate in an increasingly competitive and dynamic environment, the need to optimize operations becomes paramount. Hyper-automation provides a comprehensive solution by leveraging a combination of technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and advanced analytics.

The rapid advancements in artificial intelligence (AI) and robotic process automation (RPA) play a pivotal role in driving the hyper-automation market. AI capabilities, such as natural language processing (NLP) and machine learning algorithms, enable systems to comprehend, learn, and adapt to complex scenarios. This empowers hyper-automation solutions to handle a wide range of tasks, including those that involve decision-making and cognitive abilities.

In the modern digital landscape, gaining a competitive edge is crucial for the survival and success of businesses. Hyper-automation empowers organizations to stay ahead by providing a flexible and scalable solution that adapts to evolving technological landscapes. The ability to automate a wide spectrum of processes, from simple and repetitive to complex and cognitive, positions businesses to respond swiftly to changing market conditions.

According to a study by McKinsey & Company found that hyper-automation technologies, including AI and RPA, have the potential to automate up to 45% of the tasks currently performed by humans, leading to substantial gains in productivity and operational efficiency. As a result, it is anticipated that throughout the projection period, demand for Hyper Automation will increase due to high productivity and efficiency. Thus, driving the Hyper Automation market revenue.

The Global Hyper Automation Market Industry experiences heightened demand for operational efficiency as organizations seek to streamline processes and reduce costs. This drive is particularly evident in sectors such as manufacturing and logistics, where automation technologies can significantly enhance productivity. For instance, companies are increasingly adopting robotic process automation to minimize manual tasks, thereby improving accuracy and speed. The market is projected to reach 51.8 USD Billion in 2024, reflecting a growing recognition of the need for efficient operations. As businesses continue to prioritize efficiency, the Global Hyper Automation Market Industry is likely to expand further.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Hyper Automation market area will dominate this market due to its early and widespread adoption of advanced technologies, a robust ecosystem of technology providers, and a mature business environment. The region is home to many leading technology companies, research institutions, and enterprises that drive innovation and investment in hyper-automation.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: HYPER AUTOMATION MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Hyper Automation market accounts for the second-largest market share due to the advanced technological infrastructure, a strong emphasis on industrial automation, and a supportive regulatory environment. Further, the German Hyper Automation market held the largest market share, and the UK Hyper Automation market was the fastest-growing market in the European region

The Asia-Pacific Hyper Automation Market is expected to grow at the fastest CAGR from 2023 to 2032 owing to rapid economic growth, a burgeoning technology landscape, and the presence of major manufacturing hubs. Countries like China, Japan, and South Korea are at the forefront of adopting automation technologies across industries such as manufacturing, automotive, and electronics. Moreover, China’s Hyper Automation market held the largest market share, and the Indian Hyper Automation market was the fastest growing market in the Asia-Pacific region.

Leading market players are focusing on continuous innovation to enhance their hyper-automation solutions. They invest in research and development to incorporate the latest technologies, improve functionalities, and address evolving market demands. Market participants are also adopting a variety of strategic initiatives to expand their global presence, with important market developments including new product launches, contractual agreements, mergers and acquisitions, customer education, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Hyper Automation industry must offer innovative solution

Providing exceptional customer support and services is one of the key business tactics used by manufacturers in the global Hyper Automation industry to benefit clients and increase the market share. In recent years, the Hyper Automation industry has offered some of the most significant advantages to Consumers. Major players in the Hyper Automation market, including UiPath, Wipro Ltd., Automation Anywhere Inc., Allerin Tech Pvt. Ltd., PagerDuty, Inc., Honeywell International Inc., and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.

Cyient is a globally recognized Technology Solutions company, distinguished by its consulting-led approach and industry-centric focus. With a commitment to fostering imaginative technology applications, Cyient empowers customers to address meaningful challenges throughout their value chain. Positioned as a socially responsible and environmentally sustainable organization, Cyient actively collaborates with stakeholders to design a better future. Emphasizing cultural inclusivity, the company stands as a key player in shaping tomorrow through innovative and impactful technological solutions. In June 2022, Cyient launched CyFAST, an AI-driven framework designed to expedite end-to-end test automation for system and software testing.

This innovative system is compatible with a diverse range of applications, including web, mobile, desktop, and embedded applications in hardware devices. The introduction of CyFAST establishes a robust and inclusive testing environment, significantly enhancing the efficiency of testing projects.

Gigaforce, Inc., headquartered in Sunnyvale, CA, revolutionizes subrogation in the insurance industry with an award-winning technology. Catering to Property and Casualty claims executives grappling with talent shortages and escalating loss ratios, Gigaforce offers unprecedented efficiencies and maximizes recovery opportunities. Their pioneering open ecosystem employs intelligent automation, distributed ledger technology, and cutting-edge AI, ensuring 360-degree stakeholder accountability and secure communications. Utilizing OpenAI, machine learning, and robotic process automation, Gigaforce delivers end-to-end automated subrogation, enabling claims leaders to achieve a remarkable 50% efficiency boost, 33% faster cycle times, and a 20% reduction in arbitrations.

In June 2022, Gigaforce unveiled Gigabot, an intake bot equipped with Hyper-Automation Capabilities, advancing clients towards a seamless claims experience. This innovation facilitates comprehensive automation, resulting in substantial cost reductions for insurance companies. The primary goal is to streamline the insurance claims procedure, enhancing efficiency and accuracy by leveraging data operations.