The fastest growing automation as a service market in the coming years and is projected to generate $2,444.9 million by 2023
NEW YORK, Nov. 26, 2019 /PRNewswire/ --
Automation as a Service Market by Offering (Solution, Service), by Type (Rule-based, Knowledge-based), by Enterprise Size (Large Enterprise, Small and Medium Enterprises), by Business Process (IT, Sales & Marketing, Operations, Customer Service, Supply Chain, Finance & Accounting, HR), by Deployment Type (Cloud, On-premises, Hybrid), by Industry (BFSI, Telecom & IT, Manufacturing, Energy & Utilities, Retail & Consumer Goods, Government & Defense, Healthcare, Transportation & Logistics, Media & Entertainment, Hospitality, Travel & Tourism), by Geography (U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, China, India, Japan, South Korea, Australia, Brazil, Argentina, Mexico, U.A.E., South Africa, Saudi Arabia, Turkey) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
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Automation as a service (AaaS) market is projected to reach $10,914.9 million by 2023, the growth in the market can be attributed to the surging demand for virtual workforce, and growing advancements in artificial intelligence (AI) and cognitive computing. Further, the growing demand for business process automation, and declining cost of automation software and services is bolstering the demand for automation as a service platform.
Based on offering, the market is bifurcated into solution and service, where the solution category dominated the automation as a service market in 2017. Globally, North America contributed the largest share of 43.3% in solution market in 2017, owing to the existence of the largest information technology (IT) industry. The presence of top IT companies including Apple Inc., Amazon Inc., Alphabet Inc., Microsoft Corporation, IBM Corporation, Intel Corporation, and HP, generates the highest revenue in the U.S. in IT sector, globally. However, Asia-Pacific (APAC) is anticipated to record the fastest CAGR of 26.7% in the solution market during 2018-2023, due to the increasing digitization in the APAC countries including China, India, Australia, and South Korea, attributed to increasing urbanization.
Based on industry, banking, financial services and insurance (BFSI) category witnessed the highest share in automation as a service market in 2017. North America held the highest share of over 40% in BFSI category in 2017, owing to increasing demand for automation in processes such as customer service, compliance, invoice digitization, credit card approval, mortgage processing, detection of fraud, know your customer (KYC) processing, updating ledger, report build-up, and account closing process.
APAC is forecast to emerge as the fastest growing automation as a service market in the coming years and is projected to generate $2,444.9 million by 2023. Developing countries such as India and China are the major contributors pushing the APAC market growth, supported by growing BFSI and manufacturing sectors in these countries. Out of five largest banks in the world, four of them are based in China, which could offer lucrative opportunities for automation as a service vendors. Also, the growing demand for consumer products are forcing manufacturers to adopt efficient and cost-effective automated manufacturing processes.
Recently, major players in the global automation as a service market were involved in major activities such as partnerships, mergers and acquisitions, product and service launches, and geographic and facility expansions. Accenture plc, IBM Corporation, HCL Technologies Limited, and Hewlett Packard Enterprise Development LP were involved in mergers and acquisitions to increase their product availability in the untapped market as well as increase their product portfolio. Companies such as UiPath, Pegasystems Inc., and Microsoft Corporation were involved in partnerships to expand their product capabilities and provide latest technologies to their customers.
Some of the other key players operating in the automation as a service market include NICE Ltd., Kofax Inc., Automation Anywhere Inc., Micro Focus International plc, and Blue Prism Ltd.
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