At 27+% CAGR Automation-as-a-Service Market To Hit $23.39 Billion During 2020-2027 Led by Huge Adoption of Digital Solutions

The global automation-as-a-service market is expected to grow at a CAGR of 27.5% over the forecast period 2019-2027 that was accounted for US$ 2.79 Bn in 2018, to account for US$ 23.40 Bn in 2027.

Automation has advanced enormously over last few years. Today, it is a key empowering influence of change, development, and aggressive differentiation for associations where various processes are institutionalized. It has effectively empowered early adopters to make a quick, exact, financially sound, all-rounder virtual workforce. The developing necessity for RPA execution have pushed the innovation to a focal point of excellence model facilitating advanced automation to the organizations. This has generated growth opportunities for system Integrators to partner and help companies optimally attain the automation to their systems. Based on region, North America held the largest share in the global automation-as-a-service market in 2018. This is majorly due to the growing service industry in the region. Moreover, the increased IT spending, presence of a large number of big enterprises, and technological advancements are some of the other drivers supporting the growth of the automation-as-a-service market. Whereas, APAC is anticipated to witness fastest growth during the forecast period. This can be attributed to the surging service industry in developing countries, such as China and India, economic development, increasing digitalization, and rising adoption of new technologies.

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Leading Players in Automation-as-a-Service Market are-
- Accenture PLC
- Automation Anywhere, Inc.
- Blue Prism Group plc
- HCL Technologies Limited
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- NICE Ltd.
- Pegasystems Inc
- UiPath

The increasing adoption of digital solutions by different industry verticals and growing need for error-free and timely processes are few of the factors driving the automation-as-a-service market worldwide. However, s frequent alterations in operating procedures and business rules impacting the efficiency, which in turn may restrain the future growth of automation-as-a-service market. Despite these limitations, entry of new players focusing on emerging economies is projected to have a positive impact on the growth of the automation-as-a-service market in the coming years.

Growth of novel technologies including cognitive computing, machine learning, and artificial intelligence is expected to promote the development of automation tools at a rapid pace. Application of intelligent technologies among the innovation leaders and business pioneers is predicted to create a platform that would lead to development of improvised framework, which would incorporate everything from staffing and general expenses to execution and productivity. Further, organizations around the world are highly investing in innovative and disruptive technologies such as RPA, process automation, AI, ML, Blockchain, and others to drive optimization and refocus their critical resources on tasks that boost revenue growth and innovation. The ICT companies and various industry players are planning to make substantial investments in automation solutions and services. The automation platforms offered by the vendors along with the technology-oriented automation proficiency enable the clients to focus on creating better business value.

Key findings of the study:

The Asia Pacific region is projected to grow at the fastest pace over the forecast period. The region has progressive economic outlook with the presence of developing countries such as China, India, and developed countries like Japan. Owing to the presence of a large number of SMEs, coupled with the rapid expansion of the retail sector, the adoption of the automation services is projected to gain high momentum in the forecast period. Furthermore, continuous plans for digitization by government authorities in various countries will also accelerate the growth of the automation-as-a-service market. Moreover, technological advancements and rapid urbanization are encouraging companies of different verticals to implement automated tools to have access to real-time information.

The market for automation-as-a-service has been segmented on the basis of component, deployment model, business function, and industry vertical. The automation-as-a-service market based on component is sub-segmented into solution and services. The solution segment is expected to hold the prime market share in the automation-as-a-service market. The automation-as-a-service market on the basis of deployment model is segmented into on-premise and cloud. The cloud based deployment model led the automation-as-a-service market and it is anticipated to continue its dominance during the forecast period. The market for automation-as-a-service by industry vertical is further segmented into BFSI, IT & telecom, retail, healthcare & life sciences, transportation & logistics, government agencies, manufacturing, and others. The BFSI segment is expected to hold the lion's share in the year 2018 and is expected to continue its dominance till 2027.

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This release was published on openPR.