The Automation-as-a-Service Market was valued at US$ 3,354.3 million in 2019 and is projected to reach US$ 23,397.7 million by 2027. The Automation-as-a-service market is expected to grow at a CAGR of 27.5% during the forecast period of 2020 to 2027.
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.
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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.
Additionally, adoption of digital platform provides an opportunity of automating tasks by adoption of technology. Tasks that are highly skillful can be automated through Machine Learning and Artificial Intelligence thus, resulting in cost savings. Further, digitalization of processes help in time-saving and reduction of errors thereby, improving the work quality. Owing to the mentioned advantages, adoption of digital solutions by SMEs is gaining pace consequently, providing potential opportunities to the players the value chain of the market.
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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 List of Companies - Automation-as-a-Service Market
- Accenture PLC
- Automation Anywhere, Inc.
- Blue Prism Group plc
- HCL Technologies Limited
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- NICE Ltd.
- Pegasystems Inc
- UiPath
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