The market for automation-as-a-service was valued at $3.35 billion in 2019 and is expected to grow to $23.39 billion by 2027, at a CAGR of 27.5 percent from 2020 to 2027, according to the recent research published by Insight Partners on the “Automation-as-a-Service Market.
The escalating use of digital solutions by various business verticals, as well as the rising requirement for error-free and timely operations, are driving the global automation-as-a-service market growth.
Over the past few years, automation has improved dramatically. It has substantially enabled early adopters to create a virtual workforce that is rapid, precise, and financially solid. The growing need for RPA execution has driven innovation to a center of excellence model, allowing enterprises to benefit from enhanced automation. This has created new opportunities for system integrators to collaborate and assist businesses in optimizing the automation of their systems.
Key Findings of Automation-as-a-Service Market Report:
- In 2018, North America had the greatest regional share of the worldwide automation-as-a-service market. This is primarily attributable to the region’s expanding service industry. Furthermore, growing IT expenditure, the existence of a large number of major organizations, and technical developments are some of the key drivers propelling the automation-as-a-service market forward.
- During the projected period, APAC is expected to grow the fastest. This can be due to the brisk growth of the service industry in developing countries like China and India, as well as economic expansion, increased digitalization, and increased use of new technology.
- Government authorities’ ongoing digitalization ambitions in numerous countries will further boost the expansion of the automation-as-a-service market. Furthermore, technology improvements and rising urbanization are prompting businesses across industries to employ automated solutions to gain access to real-time data.
- The automation-as-a-service market is divided into on-premise and cloud deployment models. The cloud-based deployment approach dominated the automation-as-a-service market and is expected to maintain its domination during the projected period.
- By industry vertical, the market for automation-as-a-service is further classified into BFSI, retail, transportation & logistics, government agencies, manufacturing, IT & telecom, healthcare & life sciences, and others. The BFSI sector is anticipated to maintain its domination till 2027.
The development of novel technologies such as machine learning, cognitive computing, and artificial intelligence is projected to accelerate the progress of automation tools. The usage of intelligent technologies among innovation leaders and business pioneers is expected to result in agreements that will lead to the establishment of an improved framework, which will include everything from personnel and expenditures to execution and productivity.
Furthermore, major breakthroughs as a result of the combined influence of AI and ML technologies are predicted to increase ROI and productivity. As a result, the market will have more prospects for growth in the upcoming years. The need for improved and creative solutions is predicted to skyrocket over the next 3-5 years, and enterprises functioning in the ecosystem are expected to demonstrate their knowledge to meet the expectations at numerous levels.
Interested people can access the full report on Automation-as-a-Service Market.