According to the latest report published by Variant Market Research,the global automation-as-a-service market size is projected to reach $14.1 billion by 2025 from $2.0 billion in 2017. In this report, automation-as-a-service market forecast says that the global market is growing at a CAGR of 27.4% from 2017 to 2025. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 29.1% and 28.4%, respectively, during the forecast period. Automation-as-a-service is the process of combining all territory as well as functionality equipment into many automation layers to combined interface for all workflows. The automation-as-a-service find applications in many industries such as government and defense, banking, financial services, and insurance (BFSI), manufacturing, retail and consumer goods, transportation and logistics, telecom and IT, and healthcare and life sciences, among others.
Automation-as-a-Service Market (By Component: Solution and Services; By Type: Knowledge-Based Automation and Rule-Based Automation; By Deployment Model: Private Cloud, Hybrid Cloud and Public Cloud; By Business Function: Sales and Marketing, Operations, Finance, Human Resources (HR) and Information Technology (IT); By Organization Size: Large Enterprises and Small And Medium-Sized Enterprises (SMEs); By Industry: Retail and Consumer Goods, Government and Defense, Banking, Financial Services, and Insurance (BFSI), Manufacturing, Energy and Utilities, Media and Entertainment, Transportation and Logistics, Healthcare and Life Sciences, Telecom and IT, and Other Industries;By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Increasing adoption of the cloud technologydrives the global automation-as-a-service market
The global automation-as-a-service market trend includes increasing adoption of the cloud technology and growing demand for automation. Additionally, with increasing automation, it is being implemented by large organizations as well as (SMEs) among various industries like, BFSI, healthcare & life sciences, and manufacturing. Though, dearth of skilled workforce might act as a roadblock for the global automation-as-a-service market growth. Moreover, increase in acceptance among numerous sectors and SMEs is likely to offer worthwhile opportunities for the market in the coming years.
The global automation-as-a-service market has been bifurcated into component, type, deployment model, business function, organization size, industry, and geography. Component is segmented into solution and services. Knowledge-based automation and rule-based automation are the subsegments of type. Deployment model includes private cloud, hybrid cloud and public cloud. Sales and marketing, operations, finance, human resources (HR) and information technology (IT) are the segregation of business function segment. Based on organization size, the market is separated into large enterprises and small and medium-sized enterprises (SMEs). Furthermore, industry is subdivided into energy and utilities, retail and consumer goods, government and defense, banking, financial services, and insurance (BFSI), media and entertainment, transportation and logistics, healthcare and life sciences, telecom and IT, manufacturing, and other industries.
By geography, global automation-as-a-service market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S. and North America whereas Europe segment consists of Germany, UK, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Sales and marketing, by business function is likely to grow at the highest CAGR
On the basis of business function, sales and marketing is expected to grow at a highest CAGR over the forecast period, driven by the growing need about sales and marketing departments among industries for automation of numerous routine tasks which use a lot of time of the sales & marketing representatives, that can otherwise be useful in beneficial tasks like customer acquisition & retainment.
Healthcare and life sciences industry segment is expected to show higher growth during the forecast period
The healthcare and life sciences industry segment is likely to grow with the highest CAGR during the forecast period, owing to the growing need for handling the growing data coming from several patients, keeping their records, & automating the repetitive routine tasks.
North America dominated the global market with highest market share over the forecast period
North America dominated the global market with largest market share of 38.76% in 2017 and expected to continue the trend during the forecasted period. The growth is attributed to the advancements in automation coupled with early implementation of automation-as-a-service solutions in this region.
Key players are offering innovative products and services to increase their automation-as-a-service market share. Main players competing in the market include Kofax Inc., HCL Technologies Limited, Hewlett Packard Enterprise, Pegasystems Inc., Automation Anywhere, Inc., Blue Prism, International Business Machines Corporation, Uipath, NICE Ltd., and Microsoft Corporation, among others.