Consultants Review Team
Automation has taken the world by storm. With the massive advantages it offers to businesses, companies are increasingly relying on automation technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) to increase their process efficiency and cut-down their costs. Hyperautomation is a latest technique that combines AI, ML and RPA to offer the most efficient solutions for businesses.
Business Consulting firm Grand View Research recently conducted a study on the current hyperautomation market globally. According to the study, the global hyperautomation market will be worth $118.66 billion by 2030, growing at a CAGR of 16.5 percent from 2022 to 2030. Digitization, increasing demand to automate every manufacturing process and cost efficiency are among the major factors that are currently driving this market growth.
Grand View Research had segmented the market under seven categories – component, technology, deployment, function, enterprise, end-use, and region. Other findings of the study indicate that RPA emerged as the segment with maximum revenue share in 2021 owing to emerging tech processes like data analytics. Also, IT & Telecommunication emerged as the largest end-use segment, and North America was the most dominant hyperautomation market in 2021. Companies increasingly opting niche technologies such as big data, analytics and cloud computing, along with the presence of top corporates in North America are the major contributors to this market surge.
The study also highlights the list of major players in the current global hyperautomation market which includes UiPath, Wipro, TCS, Honeywell International, Automation Anywhere, Allerin Tech and PagerDuty, to name a few.