Hyper-automation is the continual integration of automated automation into business processes. The term "hyper-automation" is commonly used in business today to indicate software applications, which are able to perform multiple tasks in a shorter time. Hyper automation has the ability to make your business more efficient and cost-effective by automating a variety of business processes in order to make everything run more smoothly and efficiently. With the use of a hyper-automation number of processes with a software application, such as your payroll, inventory, credit card processing, and even data processing processes.
The growing digitalization and automation of manufacturing processes is driving the market growth of hyper-automation. Moreover, the growing demand for the robotic process automation technology is again contributing to the market growth of hyper-automation. Various manufacturers are launching innovative robotic process automation technology. For instance, in July 2019, Micro Focus has launched a new Robotic Process Automation (RPA) product, it is a ‘scalable and resilient solution designed to increase enterprise productivity’. Micro Focus’ new RPA product is claimed to deliver UI and API-based RPA to enterprise businesses, allowing them to build, secure, and scale automated business processes.
On the other hand, the high initial cost of the hyper-automation tools is projected to hinder the market growth of hyper-automation over the forecast period.
From the regional assessment, North America is expected to gain significant growth over the forecast period and this is attributed to the presence of well-established IT infrastructure and Artificial Intelligence companies. According to Forbes, the U.S. AI and machine learning startups raised $6.62 billion so far in 2019, and international startups raised $6.79 in the same period. The North America AI chip market is estimated to reach $30.62 billion in 2027, up from $2.5 billion in 2018.
Key Developments:
In March 2020, AutomationEdge- the Robotic Process Automation (RPA) and IT Process Automation (ITPA) solution provider has launched a hyper-automation platform with next-generation AI capabilities and named it CogniBot.
In May 2020, UiPath, the enterprise Robotic Process Automation (RPA) Software Company, delivered an end-to-end hyper-automation platform as unveiled at its October 2019 FORWARD III event.
In October 2020, Mindfields, the global Intelligent Automation, and Artificial Intelligence (AI) advisory firm, and Amelia, an IPsoft Company and the largest independent leader in enterprise AI, announced a partnership to introduce a unique hyper automation offering for clients in Australia.
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