Hyperautomation Market is Estimated To Reach $98.3 Billion by 2031 | CAGR 30.4%

high growth of digital transformation with advanced techniques in hyper-automation drives the growth of the global hyperautomation market.

PORTLAND, OR, UNITED STATES, September 27, 2024 /EINPresswire.com/ -- According to the report, the global hyperautomation market size generated $6.9 billion in revenue in 2021 and is projected to reach $98.3 billion by 2031, reflecting a compound annual growth rate (CAGR) of 30.4% from 2022 to 2031.

The expansion of the hyperautomation market is being driven by several key factors, including the digitalization of traditional manufacturing plants, the growing adoption of automated manufacturing processes across various industries, and the significant advancement of digital transformation initiatives that integrate cutting-edge hyperautomation techniques. However, the market's growth is expected to be hampered by a shortage of skilled professionals and trainers in hyperautomation, as well as the high initial costs associated with implementing automation systems. Despite these challenges, the increasing demand for automation across major industries is anticipated to create new opportunities in the years ahead.

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Impact of COVID-19

1. Before 2020, the hyperautomation market was witnessing steady investments, contributing significantly to economic growth.

2. However, the onset of the COVID-19 pandemic led to the imposition of global lockdowns, which substantially disrupted the hyperautomation market's value chain.

3. The pandemic's impact was felt across nearly all industries worldwide, including hyperautomation and machinery, resulting in a downturn in the market's growth trajectory during the first half of 2020.

4. Despite this, the demand for hyperautomation is expected to rebound in the post-pandemic era, driven by a growing focus on smart automation, energy efficiency, and resource optimization.

Regional Insights

North America emerged as the dominant region in the hyperautomation market in 2021, holding nearly 40% of the global revenue share. The region is expected to maintain its leading position throughout the forecast period, supported by rising urbanization and an increasing middle-class population in both developing and developed markets. These factors have spurred the adoption of convenience-oriented lifestyles, making automation technologies more appealing across all age groups. On the other hand, the Asia-Pacific region is projected to experience the highest CAGR of 34.1% from 2022 to 2031. This rapid growth is attributed to the increasing number of companies embracing digital transformation and the surge in digital initiatives during the COVID-19 pandemic.

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Enterprise Size Insights

In terms of enterprise size, large enterprises dominated the hyperautomation market in 2021, accounting for over two-thirds of the global revenue share. This trend is expected to continue throughout the forecast period, as large enterprises seek to enhance production efficiency and reduce human intervention by automating processes. Meanwhile, small and medium-sized enterprises (SMEs) are anticipated to exhibit the highest CAGR of 32.2% from 2022 to 2031. This growth is driven by SMEs' need to expand their business reach and the cost-effectiveness of hyperautomation solutions that cater to their specific requirements.

Application Insights

The supply chain segment led the hyperautomation market in 2021, representing nearly 40% of the global revenue share. The segment is expected to retain its leadership position over the forecast period, as automation platforms enable the integration of all systems and create centralized locations for employees to access information, ensuring complete process visibility and orchestration. However, the human resources segment is predicted to register the highest CAGR of 34.4% from 2022 to 2031, as hyperautomation allows for the efficient tracking of data across HR functions, enabling companies to analyze and optimize various processes.

Offering Insights

In 2021, the solutions segment accounted for the largest share of the hyperautomation market, contributing more than two-thirds of the global revenue. This segment is projected to continue leading the market, as businesses increasingly rely on these solutions to secure their IT infrastructure. Conversely, the services segment is expected to record the highest CAGR of 32.6% from 2022 to 2031, fueled by the growing demand for automation services across industries.

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Leading Market Players

Prominent companies in the hyperautomation market include:

Appian
Automation Anywhere
Allerin Tech Pvt Ltd
Catalytic
Celonis
Decisions
ElectroNeek Robotics Inc
G1ANT
Laiye
OneGlobe LLC
Infosys Limited
SolveXia
Tata Consultancy Services
Microsoft Corporation
IBM Corporation
ProcessMaker
Automate.io

These companies are at the forefront of the hyperautomation industry, driving innovation and shaping the future of automation across various sectors.

Related Report:

1. Digital Process Automation Market Size

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