Hyperautomation Market Scope and Structure Analysis
Automating difficult business procedures can be accomplished through the use of hyperautomation, which is a combination of several different technologies such as artificial intelligence, machine learning, and robotic process automation (RPA). Over the course of the last few years, this industry has witnessed tremendous expansion as a direct result of the rising prevalence of automation across numerous business sectors. The following is a breakdown, by scope, of the structure analysis for the hyperautomation market:
The global market for hyperautomation is anticipated to develop at a compound annual growth rate (CAGR) of 23.5% from USD 9 billion in 2019 to USD 26.5 billion by 2026, The rising desire for automation as a means of boosting productivity while simultaneously cutting expenses is the primary force behind this increase.
Structure of the Market: The market for hyperautomation can be divided into many submarkets depending on the following factors:
Software and services are two such subcategories that can be used to split the market. RPA, artificial intelligence, and machine learning are the sub-segments that further break down the software market. The consultation, implementation, and maintenance facets of business make up the services component.
The market is divisible according to the mode of deployment, which can be broken down into cloud-based and on-premises categories. It is anticipated that cloud-based deployment will experience faster growth than other modes due to the several advantages it offers, including scalability and flexibility.
Size of the Company The market is able to be broken down into small and medium-sized businesses (often known as SMEs), as well as huge corporations. It is anticipated that the growth rate of the segment comprised of small and medium-sized enterprises (SMEs) will be higher than that of the overall market.
Industry Vertical: The market can be split into banking, financial services and insurance (BFSI), healthcare, retail, manufacturing, and other industries. Other industry verticals include retail and manufacturing. It is anticipated that the BFSI sector would hold the greatest share of the market because of the growing adoption of automation to both lower operational costs and improve the quality of the customer experience.
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The market is able to be broken down into several different regions, the most common of which are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As a result of the expanding use of automation across a number of different industries, North America is anticipated to hold the greatest market share.
As a result of the expanding use of automation across a variety of business sectors, it is anticipated that the hyperautomation market will experience significant expansion over the course of the next few years. There are several different ways that the market can be broken down, including by component, deployment mode, organisation size, industry vertical, and geographical location.
Some of the Major Hyperautomation Market Players Are:
- Quale Infotech
- Automation Anywhere
- Blue Prism
- Simple Fractal
- and Juniper Networks.