According to the new research report published by The Insight Partners, titled “Automation-as-a-Service Market — Global Analysis and Forecast to 2027”, the global automation-as-a-service market is expected to reach US$ 23.40 Bn in 2027, registering a CAGR of 27.5% during the forecast period 2019-2027.
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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The top five companies in the automation-as-a-service market include Blue Prism Group, NICE Ltd., Pegasystems Inc., UiPath, and Automation Anywhere, Inc. The above listing of key players is derived by considering multiple factors such as overall revenue, current automation-as-a-service solution portfolio, new product launches, market initiatives, investment in technology up gradation, mergers & acquisitions and other joint activities. There are various other notable players in the global automation-as-a-service market ecosystem such as Accenture, HCL Technologies, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, and Microsoft Corporation. In February 2019, UiPath partnered with GMCS, a Russia-based company, to deliver solutions that surges operational efficiency and enhance business performance by using RPA to automate tasks. In the same year, Fujitsu Middleware & Fujitsu Limited and UiPath unveiled their plan to work closely to offer sales of UiPath’s RPA software in Japan in order to meet high demand for the implementation of RPA solutions in Japan.
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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