“The automation-as-a-service market was valued at US$ 2.79 Bn in 2018 and is expected to grow at a CAGR of 27.5% from 2020 to 2027 to reach US$ 23.39 Bn by 2027.”
Advancements in robotics, artificial intelligence, and machine learning are ushering in a new age of automation, as machines match or outperform human performance in a range of work activities, including ones requiring cognitive capabilities. Automation of activities can enable businesses to improve performance, by reducing errors and improving quality and speed, and in some cases achieving outcomes that go beyond human capabilities. Automation also contributes to productivity, as it has done historically. At a time of lackluster productivity growth, this would give a needed boost to economic growth and prosperity and help offset the impact of a declining share of the working-age population in many countries. Factors including cost benefits offered by automation solution and rapid product innovation by the technology providers are propelling the adoption in diverse industry verticals.
However, alterations in operating procedures and business rules impacting the efficiency are might hinder the market growth during the forecast period. 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.
To Remain ‘Ahead’ Of Your Competitors, Request for a Sample [email protected] https://www.theinsightpartners.com/sample/TIPRE00008607/
- Automation Anywhere, Inc.
- Blue Prism Group
- HCL Technologies
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- Microsoft Corporation
- NICE Ltd.
- Pegasystems Inc.
Huge adoption of digital solutions by different sectors
The implementation of digital solutions is gaining momentum across various industries including manufacturing, healthcare, BFSI, IT & telecom, and retail among others. These industries are increasingly benefiting themselves from digital transformation. Analytics enable them to better apprehend and serve customers. Further, access to real-time information results in efficient decision-making. Automation of business operations facilitates them to escalate productivity. For instance, airline companies have become proficient at pricing through real-time information of supply and demand.
Furthermore, retail companies with robust digital capabilities have designed seamless omnichannel environments. Also, healthcare industry has modernized through EHRs, digital tools which track patients’ vital signs, as well as virtual consultations between patients and doctors. In the meantime, automation has reduced insurance companies’ claims-processing and underwriting costs. Manufacturers in every industry can enhance product quality, operating performance, and supply chain transparency, if they restructure their processes and train employees to function in the digital world. Therefore, companies are preparing themselves to adopt automation incrementally. Digital technology is not only limited to certain industries, there is a huge scope for the market to flourish in different industry verticals.
Growth of novel technologies like machine learning, cognitive computing and artificial intelligence is expected to promote the evolution of automation tools at a higher pace. Application of intelligent technologies among the innovation leaders and business pioneers is predicted to create arrangements that would lead to development of improvised framework, which would incorporate everything from staffing and general expenses to execution and productivity. Furthermore, the significant advancements owing to the combined impact of AI and ML technologies is expected to ensure the increased ROI and productivity. Thus driving growth opportunities for the market in the coming years. The demand for enhanced and innovative solutions is expected to snowball in next 3-5 years, and the companies operating in the ecosystem are expected to illustrate their expertise in order to attain the demands at multiple level.
The solution segment captured the largest share in the global automation-as-a-service market. In the digital era, purchasing hardware and software for rapidly emerging technologies such as, Robotics, AI, and Drones involves high complexity. In addition, retaining scarce resources for managing and operating such a system can be even harder. Owing to this, numerous advanced technology providers are making it easy for their customers to move to newer technologies by providing Automation Solutions as-a-Service, based on their business requirements.
For In-Depth Competitive Analysis, Buy Now @ https://www.theinsightpartners.com/buy/TIPRE00008607/
Frequently Asked Questions
What are reasons behind automation-as-a-service market growth?
The growth of the automation-as-a-service market is primarily attributed to the increasing adoption of digital solutions by different industry verticals. Moreover, the growing need for error-free and timely processes would stimulate the demand for automation-as-a-service in the market.
What are market opportunities for automation-as-a-service?
The increasing adoption in the SMEs and emerging economies is expected to create significant opportunity of the automation-as-a-service market growth. Tasks that are highly skillful can be automated through Machine Learning and Artificial Intelligence thus, resulting in cost savings. Further, digitalization of processes helps 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.
Which industry vertical is expected to dominate the market in the forecast period?
BFSI industry is dominating the in the automation-as-a-service market and is expected to dominate the market in the forecast period due to increase in new developments by various market players to offer advanced solutions in order to support BFSI industry players to overcome the challenges faced.
Contact Person: Sameer Joshi
Email Id: [email protected]
About The Insight Partners:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.