New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Automation-as-a-Service Market to 2027 - Global Analysis and Forecasts By Component (Solution and Service); Deployment Model (On-premise and Cloud); Business Function (Sales & Marketing, Finance & Operations, Human Resource, Information Technology); Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare & Life Sciences, Transportation & Logistics, Government Agencies & Defense, Manufacturing, and Others)” The global automation-as-a-service market growth is driven by increasing adoption of digital solutions by different industry verticals and growing need for error-free and timely processes.
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| Market Size Value in | US$ 3.35 billion in 2019 |
| Market Size Value by | US$ 23.39 billion by 2027 |
| Growth rate | CAGR of 27.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 213 |
| No. Tables | 111 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Component ; Deployment Model ; Business Function ; Industry Vertical |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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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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.
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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 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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