The automation-as-a-service market is expected to grow from USD 1.80 Billion in 2017 to USD 6.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%.
The automation-as-a-service market is growing rapidly because of increasing need to mechanize the repetitive and mundane business processes, and due to the massive surge in the automation trend across industries. Factor such as lack of awareness about automation-as-a-service is expected to limit the market growth.
Organizations are evolving their techniques and solutions to gain more visibility in the new complexity. With the right solution, one can automate the business processes with more efficiency. Automation-as-a-service allows mechanizing business processes for quick task resolution, without having to waste time on repetitive tasks. It enables organizations to maintain all the transaction records and also provides the required security and privacy of the data which is otherwise a major concern for organizations. Therefore, the finance business function is estimated to have the largest market share in 2022.
The automation-as-a-service market is also segmented by various industries, out of which, the adoption of automation-as-a-service is expected to be the largest in the BFSI vertical. As the volume and variety of data is increasing day-by-day, the demand for automation to maintain and manage these records of the financial transactions in banks and other financial institutes is also increasing.
APAC is expected to be the highest growing region in the automation-as-a-service market because of the increasing adoption of automation and cloud technologies, and government initiatives, such as smart cities in the APAC countries, including China and India. North America, followed by Europe, is expected to continue being the largest revenue-generating region for the automation-as-a-service vendors, for the next 5 years. This is mainly due to the presence of various developed economies, such as Canada and US, and because of the high focus on innovations in R&D and technology across industries.
Increasing Demand for Automation Across Business Processes Increasing Adoption of the Cloud Technology
Maintaining Data Security And Privacy
Higher Adoption Among the SMEs The Ability to Generate a Positive RoI
Lack of Awareness Lack of Skilled Workforce
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview And Industry Trends
6 Automation-as-a-Service Market, by Component
7 Automation-as-a-Service Market, by Type
8 Automation-as-a-Service Market, by Business Function
9 Automation-as-a-Service Market, by Deployment Model
10 Automation-as-a-Service Market, by Organization Size
11 Automation-as-a-Service Market, by Industry
12 Automation-as-a-Service Market, by Region