Global Digital Process Automation Market
global digital process automation market, according to Market Research Future (MRFR), is slated to exhibit a stellar 15% CAGR over the forecast period (2017-2023), growing up to a market valuation of USD 14 billion by 2023.
Drivers and Restraints
The major driving factor for the global digital process automation market is the increasing demand for automation in enterprises. Enterprises across the globe are realizing the advantages of automation to their workflow and are, therefore, going after automation solutions. Automation solutions can free up an organization’s valued human resources to contribute more productively and more directly to the business’s strategic vision. Day-to-day tedious tasks can be handed over to automation solutions, leaving an organization’s human capital free to generate more creative work.
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The lower cost of digital process automation platforms is another key driving factor for the global digital process automation market. The lower cost of software platforms has made it likely for companies to handle their core functionalities with maximum competence. This has made automation solutions very popular in an extensive range of end-use industries.
On the other hand, lack of technical proficiency and issues regarding data privacy and security are expected to hamper the global digital process automation market over the review period.
Key players identified by MRFR in the global digital process automation market are Integrify, Oracle, IBM, Pegasystems, Software AG, Appian, DST Systems, Helpsystems, Opentext Corporation, Infosys, Dxc Technology, Cognizant, Newgen Software, Mindtree, Tibco Software, Nintex, Bizagi, Ayehu Software Technologies, and Innov8tif.
global Digital Process Automation Market is segmented by services, deployment, industry vertical, organization size, and region.
Based on services, the digital process automation market is bifurcated into professional and managed services. Among these, professional services are the leading segment and are expected to retain its lead over the forecast period with the fastest growth rate.
By industry vertical, the digital process automation market is segmented into consumer electronics, BFSI, retail, healthcare, manufacturing, and transportation. Among these, the manufacturing sector holds the maximum share in the global digital process automation market at present. However, the retail sector is expected to display the highest growth rate over the forecast period.
Based on deployment, the digital process automation market is segmented into on-cloud and on-premise. Cloud solutions are expected to remain the widespread option in the digital process automation market over the review period.
Based on organization size, the digital process automation market is bifurcated into small and midsized enterprises (SMEs), and large enterprises. Of these, large enterprises are the leading segment at present. Though, as new small and midsized enterprises learn about the advantages of digital process automation, they are estimated to adopt it in higher volume, leading to a faster growth rate for the segment over the assessment period.
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The digital process automation is segmented on the basis of region into Europe, Aisa Pacific, North America, and the rest of the world.
Europe is anticipated to be the leading market for digital process automation over the review period. The business and technological environment in Europe is highly favorable for large-scale implementation of automation solutions. Constant technological advancement has allowed the manufacturing sector in Europe, the main consumer of digital process automation solutions, to incorporate automation solutions into its workflow easily. This has created a durable position for the digital process automation market in Europe, which is expected to remain the foremost regional market for digital process automation over the forecast period.
Asia Pacific developing countries such as India and China have made substantial efforts to raise the adoption of automation solutions in their industrial sector and are thus, expected to witness increasing incorporation of digital process automation over the review period. These countries have a labor-intensive workforce, which could to some extent hamper the development of the digital process automation, nonetheless, APAC is projected to be the fastest-growing regional market across the globe, over the assessment period.
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