Market Research Future says that global Automation as a Service Market’s revenue will reach 6 billion in the coming years. Such a significant growth is likely to take place at a CAGR of 29% during the forecast period 2017 to 2023.
Organizations are developing their techniques and solutions to gain more visibility in complex architecture. With the right solutions, they can automate the business processes with more efficiency. Automation-as-a-service enhance mechanizing business processes for quick task resolution, without wasting time on repetitive tasks. It enables organizations to maintain all the transaction records and provides the required security and privacy of the data which is a major concern for organizations. Thereby, the finance vertical is estimated to have the largest market share in 2023.
Market Key Trends & Challenges
The experts from the Market Research Future reveals that the market for Automation as a Service Market is reflecting a steady growth as automation is high on its potentials. The future of automation is bright, which is one of the essential factors boosting the market’s growth.
Other than this, the factors driving the growth of the automation as a service market is noted to be the high adoption of automation services in business processes, across the world, and utilization of cloud technology within businesses to enrich the business growth for the future instances.
At the same time, currently, many organizations are actively developing their techniques as well as solutions so to gain more visibility in existing complex architecture. Therefore, with the help of the right solutions, the business processes can be automated with more efficiency. In this, automation-as-a-market is enhancing the mechanism of business processes for quick resolutions and hence helps in maintaining all the transaction records and provides the required security and privacy of the data. These factors are, thus, taking the market towards a hike that can be expected to give a positive approach to the market’s growth over the forecast period.
On the flip side, factors such as aspects of maintaining data security and privacy are impeding the market growth over the forecast period. The opportunities well-known in this market are the higher adoption of automation service among the small and medium businesses as well as the ability to generate a positive impact that can revive the status of the market and direct towards growth gaining purpose during the assessment period.
North America accounts for high share of the global Automation as a Service (SDP) market share in terms of value, owing to early adoption of automation as a service and rapid rate of technological advancements in the region. In Asia Pacific market, enterprises in countries such as India and China are mostly operating in cloud-based applications, which is further aiding the market growth in the region. The study indicates that, Europe and Japan also account for a significant value share in the global Automation as a Service market.
The market for automation as a service globally in MRFR’s study has been segmented by the elements of component, type, deployment, organization size, application, and vertical.
In terms of component: Solutions & service are the segments while service consists of managed services and professional services.
In terms of deployment: Cloud and on-premise are the segments.
In terms of organization size: Small & medium enterprises and large enterprises are the segments.
In terms of application: Sales and marketing, Information technology (IT), operations, and finance and human resources (HR) are the segments.
In the last, under the end-user segment: Telecommunications and IT, retail & wholesales, healthcare & life science, transportation & logistics BFSI, media, and entertainment, as well as hospitality, have encouraged the market’s growth in the segmental analysis.
Key Market Players
The list of the well-known players in the market of Automation as a service market is listed as International Business Machines Corporation (U.S.), Blue Prism Group Plc. (U.K), UiPath (U.S.), HCL Technologies Limited (India), Microsoft Corporation (U.S.), Kofax Inc. (U.S.), NICE Ltd. (Israel), Hewlett Packard Enterprise Development LP (U.S.), and Pegasystems Inc.(U.S.).
Among these, Accenture and Blue Prism are the leading providers of enterprise robotic process automation (RPA) software, as they are working together to provide RPA solutions. These things would help organizations across industries to automate a wide range of business processes for lesser costs along with enhanced compliance and increased productivity.