According to a new market research report published by sheer analytics and insights, "The Global Hyperautomation Market was valued at $4.78 Billion in 2020. Growing at a high CAGR of more than 21.7% between 2021 and 2031, it is estimated to reach $46.4 Billion by 2031", as per the latest market research report titled Global Hyperautomation Market - Industry analysis, size, share, growth, trends and forecast, 2021 – 2031.
According to World Economic Forum founder Klaus Schwab, fourth industrial revolution is knocking the doors of many industries at faster pace. In third industrial revolution, automation techniques have made life easy for the people and production level had increased drastically. With the emergence of Hyperautomation, fourth revolution is becoming a reality, as companies are using AI in integration of RPA to achieve the same.
Hyperautomation market growth is attributed through the increasing demand of artificial intelligence and machine learning with robotic process automation (RPA). Chatbots and biometrics have been deployed by many organizations to make the work easier for the employees too when they are off duty. For example, in BFSI sector if someone has any query over online, chatbots use to handle with the help of the feed given by human intelligence. Increased demand of automation in manufacturing and healthcare facilities are also helping the market to grow at commendable rate.
By technology, robotic process automation (RPA) dominated the hyperautomation market with a share of more than 33% in 2020. As its acting as a base for the development of hyperautomation, therefore its demand is expected to hold its market share through forecast period. However, machine learning is expected to grow at the fastest rate with a CAGR of 24.8% through forecast period.
BFSI sector is the forerunner in deployment of hyperautomation technologies. Day to day increasing automation in banking and finance sector helps human to interpret big data and give them meaningful insights with the help of hyperautomation integration.
Presence of numerous manufacturing facility supported by different IT process across the industry led China holding the largest market in Asia-Pacific. China market in 2020 was $0.49 billion and is expected to reach $1.29 billion by 2031 at a CAGR of 26.3%. India is the most attractive market and is expected to grow at a CAGR of 29.1% from 2021 to 2031.
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Company profile covers Business Overview, Product & Services Offered, Financial Performance, Recent Developments.
The Global Hyperautomation Market Has Been Segmented Into:
Global hyperautomation market - analysis & forecast, by deployment mode
Global hyperautomation market - analysis & forecast, by components
Global hyperautomation market - analysis & forecast, by technology
Global hyperautomation market - analysis & forecast, by industry vertical
Global hyperautomation market - analysis & forecast, by region
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