Hyper automation Market - Forecast(2021 - 2026)
The Hyper Automation Market is forecast to reach $200m by 2025, growing at a CAGR of 14% in the period 2019-2025. Hyper automation is the advancement of traditional automation capabilities by using technologies like artificial intelligence (AI), machine learning (ML) and other with robotic process automation(RPA) to automate processes. Banking financial services and insurance (BFSI) sector are going to play major role in growth of hyper automation and this technology is estimated to have highest adoption in banking financial services and insurance (BFSI) sector as most of the BFSI sector is using RPA which is estimated to be replaced by hyper automation. In manufacturing sector automobile industry is increasingly adopting hyper automation to verify the components that will need a warranty or replacement.
Key Takeaways
Robotic process automation is main tool of hyper automation market which is going to be advanced by the use artificial intelligence, analytics and other. This technology development is driving the hyperautomation market
Hyper automation is estimated to have huge growth in Banking, financial services and insurance (BFSI) sector as the ability to perform many tasks such as data analyzing, data processing and others without any human intervention is driving the adoption.
Hyper automation is increasingly introduced as technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements.
North America region dominated hyper automation market due to their demand in high precision applications and applications in Banking, financial services and insurance (BFSI)
Challenges – Hyper Automation Market
Lack of training among employees
As technology is getting updated day-by- day, it is not possible for the many industries to provide proper training to the employees, which is leading to delay in implementation of new technology in various industries. Without being aware of where automation is required in business and following the trend blindly, implementing it would be a disaster. Training plays the major role in implementing advance tools such as artificial intelligence, machine learning, natural language processing and other. However the lack of training among employees provides a major hindrance in the adoption of hyper automation.
Key Takeaways
Robotic process automation is main tool of hyper automation market which is going to be advanced by the use artificial intelligence, analytics and other. This technology development is driving the hyperautomation market
Hyper automation is estimated to have huge growth in Banking, financial services and insurance (BFSI) sector as the ability to perform many tasks such as data analyzing, data processing and others without any human intervention is driving the adoption.
Hyper automation is increasingly introduced as technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements.
North America region dominated hyper automation market due to their demand in high precision applications and applications in Banking, financial services and insurance (BFSI)
Tool - Segment Analysis
The tools required for hyper-automation are robotic automatic process (RPA), artificial intelligence, intelligent business management, analytics and other advanced tools, among the above robotic automatic process (RPA) is the core and expands automation capability with artificial intelligence (AI), process mining, analytics, and other advanced tools. The growth of hyper automation market is mainly driven by the ease in business processes with the installation of robotic process automation with artificial intelligence (AI), with the addition of many new features such intelligent business process management software (iBPM), natural language processing (NLP), analytics and other.
Application - Segment Analysis
Hyper automation is estimated to have great success in the banking, insurance and financial services sectors as hyper-automation can provide centralized updated data instantly. Hyper-automation improves accuracy and enables chief financial officers (CFO) to have live-data reporting, to reporting risk and enable fast decision using most current data. In manufacturing sector, automobile industry can use hyper automation to verify the components that may need a warranty or replacement. This growing set of applications is set to drive the hyper automation market demand led by BFSI segment which is estimated to grow at 19% CAGR through 2025.
The tools required for hyper-automation are robotic automatic process (RPA), artificial intelligence, intelligent business management, analytics and other advanced tools, among the above robotic automatic process (RPA) is the core and expands automation capability with artificial intelligence (AI), process mining, analytics, and other advanced tools. The growth of hyper automation market is mainly driven by the ease in business processes with the installation of robotic process automation with artificial intelligence (AI), with the addition of many new features such intelligent business process management software (iBPM), natural language processing (NLP), analytics and other.
Application - Segment Analysis
Hyper automation is estimated to have great success in the banking, insurance and financial services sectors as hyper-automation can provide centralized updated data instantly. Hyper-automation improves accuracy and enables chief financial officers (CFO) to have live-data reporting, to reporting risk and enable fast decision using most current data. In manufacturing sector, automobile industry can use hyper automation to verify the components that may need a warranty or replacement. This growing set of applications is set to drive the hyper automation market demand led by BFSI segment which is estimated to grow at 19% CAGR through 2025.
Geography - Segment Analysis
The hyper automation market for North America held the largest market size in 2019 at 39% and is expected to dominate the market during forecasted period. U.S. is the largest market for Banking, financial services and insurance (BFSI) and most of the tasks such as customer service, accounts payable, mortgage processing and others are operated using robotic process automation (RPA). Now with introduction of many advance tools such as artificial intelligence (AI), process mining, analytics, and others with robotic process automation (RPA), hyper automation or advanced robotic automation process can perform many task such as data analyzing, data processing and others without any human intervention. Thus, many regions such as Canada, Mexico and others which have large BFSI sectors using robotic process automation (RPA) are going to be huge market for hyper-automation.
Drivers – Hyper Automation Market
Increasing penetration of automation
Technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements. In recent years, the adoption of automation has captured the attention of many small, medium and large sized enterprises as automation has many benefits such as increase in employee capacity, greater productivity and accurate insights and others which are leading to increase in penetration of automation. Hyper-automation has many benefits such as reduction in errors, reduction in work time for humans and improvement in quality of work. Thus this market is set to witness significant rise in market penetration
Surge in demand for precision and accuracy in various industry verticals-
Accuracy plays a major part in data extraction process, and human beings have issues in providing accurate data. Thus, as hyper automation provides accurate data through the use of data mining, machine learning and other processes, this technology is set to witness increased adoption. Data extraction and data accuracy plays a major role in analytics; hyper automation uses extracted data for analyzing and automating the whole process by using robotic process automation. With the use of advanced tools such as artificial intelligence, machine learning and others, hyper automation can not only reduce the risk of human error but also human effort and thus will witness significant rise in adoption.
The hyper automation market for North America held the largest market size in 2019 at 39% and is expected to dominate the market during forecasted period. U.S. is the largest market for Banking, financial services and insurance (BFSI) and most of the tasks such as customer service, accounts payable, mortgage processing and others are operated using robotic process automation (RPA). Now with introduction of many advance tools such as artificial intelligence (AI), process mining, analytics, and others with robotic process automation (RPA), hyper automation or advanced robotic automation process can perform many task such as data analyzing, data processing and others without any human intervention. Thus, many regions such as Canada, Mexico and others which have large BFSI sectors using robotic process automation (RPA) are going to be huge market for hyper-automation.
Drivers – Hyper Automation Market
Increasing penetration of automation
Technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements. In recent years, the adoption of automation has captured the attention of many small, medium and large sized enterprises as automation has many benefits such as increase in employee capacity, greater productivity and accurate insights and others which are leading to increase in penetration of automation. Hyper-automation has many benefits such as reduction in errors, reduction in work time for humans and improvement in quality of work. Thus this market is set to witness significant rise in market penetration
Surge in demand for precision and accuracy in various industry verticals-
Accuracy plays a major part in data extraction process, and human beings have issues in providing accurate data. Thus, as hyper automation provides accurate data through the use of data mining, machine learning and other processes, this technology is set to witness increased adoption. Data extraction and data accuracy plays a major role in analytics; hyper automation uses extracted data for analyzing and automating the whole process by using robotic process automation. With the use of advanced tools such as artificial intelligence, machine learning and others, hyper automation can not only reduce the risk of human error but also human effort and thus will witness significant rise in adoption.
Challenges – Hyper Automation Market
Lack of training among employees
As technology is getting updated day-by- day, it is not possible for the many industries to provide proper training to the employees, which is leading to delay in implementation of new technology in various industries. Without being aware of where automation is required in business and following the trend blindly, implementing it would be a disaster. Training plays the major role in implementing advance tools such as artificial intelligence, machine learning, natural language processing and other. However the lack of training among employees provides a major hindrance in the adoption of hyper automation.
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