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Increasing Demand for Rapid Application Development using Low-code Platforms is Accelerating the Growth of Hyper Automation Market

HYDERABAD, TELANGANA, INDIA, November 2, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Hyper Automation Market size is estimated to reach $20 Billion by 2027, growing at a CAGR of 12.5% during the forecast period 2022-2027, attributed to increasing utilization of automated manufacturing processes, rising integration of natural language processing (NLP), machine learning and artificial intelligence technologies in various industries to improve operational efficiency and so on. The growing use of hyper-automation in accounts payable processes for receiving, processing as well as paying out invoices, alongside integration of machine learning and document extraction technologies like Optical Character Recognition (OCR) into robotic process automation has been also aiding its market demands. Additionally, the growing demand for rapid application development using low-code platforms as well as higher adoption of SaaS & other platform-based services is analyzed to contribute to the market growth over time. Moreover, the increasing shifts towards technologies capable of reducing operational discrepancies within production lines, as well as the rising utilization of robotic systems in billing cycles & consumer services are some of the major factors set to transform the Hyper Automation industry outlook in the coming time. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary: https://www.industryarc.com/Report/19192/hyper-automation-market.html

1. Robotic Process Automation (RPA) segment is analyzed to witness the fastest growth in the global Hyper Automation market during the forecast period 2022-2027, owing to increased emphasis on optimizing operations to boost productivity, deployment of industrial robots for supporting Industry 4.0 trends and so on.

2. Hyper Automation market for the manufacturing industry is analyzed to grow with the highest CAGR during 2022-2027, attributed to increasing utilization of large-scale manufacturing & flexible production technologies, rising adoption of machine learning & natural language processing (NLP) for informed decision-making and so on.

3. APAC dominated the global Hyper Automation market in 2021, owing to the rapid transformation of conventional industrial facilities into smart factories, as well as the growing adoption of industrial robots across diverse industries like oil & gas, manufacturing and so on.

4. Increasing demand for rapid application development using low-code platforms and growing adoption of SaaS & other platform-based services is analyzed to significantly drive the market growth of the Hyper Automation market during the forecast period 2022-2027.

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1. The robotic Process Automation (RPA) segment is analyzed to witness the fastest growth of 14.3% in the global Hyper Automation market during the forecast period 2022-2027.

2. According to a survey conducted by UiPath and The Economist Intelligence Unit in 2020, about 90% of organizations had leveraged RPA technology for automating their business processes. The survey further highlighted that about 73% of the respondents were completely satisfied with the benefits of automation.

3. APAC dominated the global Hyper Automation market with a share of 38% in 2021, owing to the rapid transformation of conventional industrial facilities into smart factories, as well as the growing adoption of industrial robots across diverse industries like oil & gas, manufacturing and so on.

4. According to a report published by UiPath in 2021, the Asia-Pacific is the home to 60% of the global workforce and is expected to readily adopt automation technologies.

5. Hyper Automation market for the manufacturing industry is analyzed to grow with the highest CAGR of 13.6% during 2022-2027, attributed to increasing utilization of large-scale manufacturing & flexible production technologies, significant adoption of machine learning & natural language processing (NLP) for informed decision-making and so on.

6. According to a report published by the International Federation of Robotics (IFR) in 2022, the operational stock of industrial robots reached a record level of around 3 million units worldwide, growing at the rate of 13% during 2015-2020.

The top 5 players in the Hyper Automation industry are -

Click on the following link to buy the Hyper Automation Market Report: https://www.industryarc.com/reports/request-quote?id=19192

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

A. Robotic Process Automation Market https://www.industryarc.com/Report/18907/robotic-process-automation-market

B. CIS Process Automation Market https://www.industryarc.com/Report/19040/cis-process-automation-market

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