Global Hyper Automation Market: Introduction
Hyper automation is end-to-end automation within an enterprise, made possible by integration of multiple technologies such as robotic process automation, machine learning, artificial intelligence, cloud computing, edge computing, and many more. Hyper automation does not mean 100% automation within the enterprise as it requires collaboration between humans to implement the logic and the task.
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Global Hyper Automation Market – Dynamics
Increase in Adoption of Cloud-based Technologies
In the current scenario, adoption of cloud-based technology has increased extensively across the globe. Cloud-based deployment of software is expected to hold approximately 80% share of the global information & communication technology industry by 2023. Companies are increasing investment in cloud technology with the increasing need to effectively operate IT resources and enhance data storage efficiency. Hyper automation has resulted in exponential increase in data generation due to integration of ML, AI, and RPA in the enterprise workflow. Focus on reducing the data storage and maintenance cost is leading to the increasing adoption of cloud-based technology, thus driving the hyper automation market.
Increasing Need to Reduce Operational Cost
Organizations are increasingly seeking to reduce the operational cost to survive in this competitive environment. Financial institutions, retail enterprises, and many other industries are eliminating manual operational work and shifting to workflow automation. Hyper automation drastically eliminates manual work and reduces the labor cost. Labor cost is one of the major costs incurred by organizations to maintain and manage IT resources.
Cloud Security and Network Transmission Issues
To reduce the overall cost, hyper automation relies heavily on cloud-based services and are susceptible to service impairment or control loss, data leakage, service loss including service interruption, or in worse cases, monetary loss. Hyper automation requires strong network as well as communication services to operate efficiently. In regions such as South America, Asia Pacific, and Middle East & Africa, the average network communication is not compatible to adopt hyper automation in SMEs. The limited quality of network communication service as well as risk of security is restraining the growth of the market.
North America to Dominate the Global Hyper Automation Market
In terms of region, the global hyper automation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the hyper automation market during the forecast period due to strong adoption of machine learning, artificial intelligence, and robotic process automation within enterprises.
COVID-19 Impact on the Global Hyper Automation Market
The COVID-19 pandemic is expected to moderately impact the global hyper automation market for a short-term period. Lockdowns have resulted in total shutdowns, and companies are likely to resist in investing in new technology due to the expected economic depression across the globe. Hyper automation requires huge initial capital investment and due to the economic depression in year 2020, it is expected that business owners will be skeptical about new investment for the years 2020 and 2021.
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Global Hyper Automation Market – Competition Landscape
- In May 2020, UiPath, the leading enterprise Robotic Process Automation (RPA) software company launched an end-to-end hyper automation platform, that will enable employees to both engage in the automation process and benefit from working alongside robots every day.
UiPath was founded in year 2005. UiPath initially started by outsourcing automation libraries and software to some of the world’s biggest companies. In 2015, the company launched free courses for UiPath Academy and started teaching RPA to over 35,000 now certified developers, propelling exponential growth. In the current market scenario, the company has 7,000+ enterprise customers and has raised over US$1Bn to a valuation of US$10.2 Bn.
Global Hyper Automation Market: Segmentation
The global hyper automation market can be segmented based on:
Global Hyper Automation Market, by Deployment
Based on deployment, the global hyper automation market can be divided into:
Global Hyper Automation Market, by Industry
In terms of industry, the global hyper automation market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.