June 23, 2020
As per the report titled ‘Automation-as-a-Service Market to 2027 - Global Analysis and Forecasts By Component; Deployment Model; Business Function; Industry Vertical, available with Market Study Report LLC, global automation-as-a-service market was valued at USD 2.79 billion in 2018 and is projected to cross USD 23.4 billion by the year 2027, expanding with a CAGR of 27.5% throughout the forecast timeframe.
Rising trend of digitalization across various industry verticals, in tandem with growing focus towards improving efficiency and reducing errors in industrial processes are the major growth drivers of global automation-as-a-service market, cites the report.
Notably, automation has had a profound impact across numerous industries and has effectively enabled early adopters to create a quick, precise, and a financially viable virtual workforce. Growing necessity for robotic process automation (RPA) execution have encouraged the development and deployment of advanced automation technologies in several organizations. This presents new growth opportunities for system integrators to form partnerships and assist companies in fulfilling their automation inadequacies, which is positively impacting the industry outlook.
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Besides this, focus to new entrants explore prospects in emerging economies will further push the automation-as-a-service market forward in the coming years. However, decline in efficiency of automated solutions due to frequent changes in operating procedures and business rules may impede the industry growth over the forecast period.
Based on the component terrain, solution segment is expected to hold majority share of global automation-as-a-service market during the analysis period.
Elaborating on the deployment model, cloud segment dominated the market in recent past and is expected to follow similar growth trends in the upcoming years.
Speaking of the industry vertical, BFSI segment accumulated the largest market share in 2018 and is poised to show a significant growth over the forecast duration.
On the geographical front, North America led the global automation-as-a-service market in 2018. Continuous growth of service industry, increasing IT expenditure, and presence of major players are among the key factors supporting the regional market expansion.
In contrast, Asia Pacific market is slated to expand at rapid pace over the projection period, on account of factors such as growth of service industry in developing nations like India and China, economic development, rising digitalization, and adoption of new & advanced technologies.
Key players operating in global automation-as-a-service market are Automation Anywhere, Inc., Accenture, Blue Prism Group, Hewlett Packard Enterprise Development LP (HPE), HCL Technologies, IBM Corporation, NICE Ltd., Microsoft Corporation, UiPath, and Pegasystems Inc.