Hyperautomation market to be worth $118.66 bn by 2030

The global hyper-automation market size is anticipated to reach USD 118.66 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 16.5% from 2022 to 2030. The industry focuses on the application and implementation of advanced technologies, such as robotic process automation, artificial intelligence, and machine learning, to automate processes and augment human activity. The expansion of social networking, cloud computing, mobile computing, and analytics is anticipated to have a positive effect on the demand for hyper-automation.

Key Industry Insights:

• The large enterprise segment accounted for the major revenue share in 2021 owing to the increasing integration of complex business technologies, such as data analytics and big data, on account of the growing requirement for storing massive volumes of daily data.
• The hardware component segment accounted for the major revenue share in 2021. It helps in maintaining the machinery and equipment providing timely deliverables and thereby reducing time and effort.
• By function, the finance & accounting segment led the industry in 2021. Financial automation reduces the need for personnel to manually batch and balance transactions allowing them to handle each operation more efficiently.
• The cloud deployment segment dominated the market in 2021 owing to the growth in enterprise adoption of high-end cloud computing in developing economies.
• However, the on-premise segment is expected to register the fastest growth rate from 2022 to 2030. This is owing to the rapid growth in small- and medium-sized industries.

Several factors, such as rapid digitalization, increased demand for automation in manufacturing processes, lower operational costs, and improved efficiency, support the industry’s growth. The Robotic Process Automation (RPA) technology segment held the maximum revenue share in 2021 owing to the rise of complex business tools like data analytics. Businesses can provide intelligent automation in consumer onboarding by utilizing OCR and RPA. Even in firms that rely on legacy systems, most onboarding processes, such as service agreement generation, can be completed instantly, thereby improving customer experience.

IT & telecommunication was the largest end-use segment in 2021. IT has become a significant resource for managing the ever-increasing demand for advanced IT while maintaining adequate IT expenditures as it has become a more basic component of the telecom business. Automation provides consistent and predictable methods for handling configuration settings to improve consistency, and speed control, and increase uptime by lowering the risk of human error in common daily tasks. North America was the dominant regional market in 2021 due to the demand for big data analytics & cloud computing and the strong presence of various leading industry players in the region.

CT Bureau