Automation as a Service Market Size, Growth Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2023 | COVID-19 Impact
Market Highlights
Automation as a Service (SDP) can be referred to as the method of assimilating all functionality and domain tools into several automation layers to have combined interface for all workflows. It can also be referred to as the procedure of automating processes, events, business functions, and tasks. The worldwide market for automation as a service is ruled by a few technology giants such as Blue Prism Group Plc. (U.K), Automation Anywhere, Inc. (U.S.), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), HCL Technologies Limited (India), and UiPath (U.S.). Blue Prism and Accenture, a leading provider of enterprise robotic process automation (RPA) software, are operating together to offer RPA solutions to assist organizations throughout verticals to automate a wide gamut of business processes for reduced costs along with enhanced compliance and surged productivity. It has been witnessed that more than 40 firms have already selected Blue Prism and Accenture to assist them in achieving this, including international retailer Raiffeisen Bank International and Circle K.
The factors propelling the expansion of the automation sector as a service market is the surged espousal of automation services throughout business processes and employment of cloud technology within businesses to accelerate business growth. However, factors such as maintaining data privacy and data security is restricting the market growth. The avenues recognized in this market include the increased adoption of automation service among the small and medium firms and the capability to create a positive impact within the market. The worldwide automation as a service Market is estimated to develop at a CAGR of almost 29% throughout the estimation period 2017-2023, asserts Market Research Future (MRFR) in its report.
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.
Segmentation:
Market Research Future has studied the global automation as a service market research thoroughly and has segmented the market on the basis of type, component, organization size, deployment, vertical, and application. Based on component, the market has been segmented into services & solutions. Service signifies the professional services and managed services. Professional service embraces the consulting services, support & training coupled with deployment & integration services. Based on deployment, the market has been classified into on-premise and cloud services. Based on organization size, the market has been segmented into large enterprises and small & medium enterprises. Based on application, the market comprises sales and marketing, information technology (it), finance, human resources (HR), and operations. Based on the end-user segment, the market has been segmented into telecommunications, IT, retail & wholesales, BFSI, transportation, healthcare and life science, logistics, entertainment, media, hospitality and others.
Regional Analysis
The worldwide automation as a service market has been studied for regions like North America, Asia Pacific, Europe, and the Rest of the World. It has been witnessed that North America market accounts for the primary share in the global automation as a service industry. Besides, the growth is this market is attributed to the technological advancements, adoption of progressive technology throughout different industries, and well-established IT infrastructure. Asia Pacific market is estimated to be the swiftest growing on account of the prevalence of small and medium companies that mostly accept cloud-based applications. Moreover, the surge in adoption of cloud technologies and automation among enterprise, and government approaches, for building of smart cities in the APAC region, which includes India, Taiwan, and China, is propelling the market growth significantly.
Key Players
The key players dominating the worldwide automation as a service market include Blue Prism Group Plc. (U.K), Automation Anywhere, Inc. (U.S.), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), HCL Technologies Limited (India), UiPath (U.S.), Kofax Inc. (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Pegasystems Inc.(U.S.), NICE Ltd. (Israel), and others.