(MENAFN - GetNews) Digital Process Automation Market by Services (Professional, Managed), Industry Vertical (BFSI, Consumer Electronics, Retail, Manufacturing, Healthcare, Transport), Deployment (On-cloud, On-premise), Organization Size (SME, Large) and Region-Global Forecast till 2023
Digital Process Automation Market Insights
The global digital process automation market has been reviewed by Market Research Future in its newest report. Valued at USD 6 Bn in 2017, the market is on track to witness stellar growth at a CAGR of 15% during the assessment period ranging between 2018 and 2023. Growth of the market at the projected rate is expected to reach an approximate market value of USD 14 Bn by the end of 2023.Digital Process Automation Marketis the process of replacing tasks performed by humans and automating it thus reducing redundancy and increasing operational efficiency.
On the other hand, the digital process automation market is expected to be held back by the lack of technical resources and skilled personnel to handle the software platforms. As the field of digital process automation is still fairly new, trained personnel are still lacking. Small and midsized enterprises are likely to suffer more from this restraint, as they may lack the financial clout of larger organizations and thus be unable to hire the best technicians to work on their automation platforms.
Automation has increased in prevalence, and the various benefits of automating have made the technology vital. Automation gets things done in a rapid manner with minimal errors and improved efficiency. The rising demand for automation across various enterprises from a variety of industry verticals has been observed to be a strong driver of the market. Moreover, these enterprises are increasingly accepting the advantages of digital process automation, thus driving demand and increasing adoption. Digital process automation market solutions free up the enterprise's human resources for more productive contributions which are closer to the business's core activities. Repetitive and mundane tasks are increasingly being automated to improve overall workforce efficiency. Menial day to day tasks are often handed for automation which allows for more creative, idea-intensive working from the human workforce. Digital process automation is fairly affordable, thus driving adoption. Moreover, the low cost of software platforms has made it easier for organizations to approach core business functions with improved efficiency, thus driving the digital process automation market.
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Key players in the global digital process automation market include IBM, Oracle, Pegasystems, Appian, Software AG, DST Systems, Opentext Corporation, Dxc Technology, Infosys, Cognizant, Mindtree, Newgen Software, Tibco Software, Bizagi, Nintex, Ayehu Software Technologies, Integrify, Helpsystems, and Innov8tif. Leading players in the market are looking to produce low-cost software platforms which can be incorporated by companies into their workflow. Low cost is likely to remain the major competition avenue for companies in the digital process automation market over the forecast period.
The report segments the global digital process automation market by services, industry vertical, deployment, organization size, and region.
By services, the market is segmented into professional and managed services. Of these, professional services are the dominant segment and are likely to retain the title over the forecast period with the highest growth rate.
By industry vertical, the market is segmented into BFSI, consumer electronics, retail, manufacturing, healthcare, and transportation. Of these, the manufacturing sector holds the largest share in the global digital process automation market at present. However, the retail sector is expected to exhibit the highest growth rate over the forecast period.
By deployment, the market is segmented into on-cloud and on-premise deployment. Cloud solutions are likely to remain the popular option in the digital process automation market over the forecast period.
Europe is likely to be the dominant market for digital process automation over the forecast period. The business and technological environment in Europe is highly conducive for large-scale adoption of automation solutions. Consistent technological advancement has allowed the manufacturing sector in Europe, the highest consumer of digital process automation solutions, to easily incorporate automation solutions into its workflow. This has created a strong position for the digital process automation market in Europe, which is likely to remain the leading regional market for digital process automation over the forecast period.
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