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(MoneyNewsWire.Net, March 09, 2018 ) 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 major growth drivers of the market include the increasing demand for automation and the increasing adoption of cloud technology.
The market is segmented by solution and services. The services segment is expected to grow at the highest CAGR during the forecast period, out of which, deployment and integration services in the professional services segment is projected to witness the highest demand, due to the growing need of automation-as-a-service solutions across organizations.
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The Banking, Financial Services, and Insurance (BFSI) industry is expected to hold the largest share of the automation-as-a-service market in 2017. The growth is fueled by the growing need to simplify the workload related to security and the increasing dependence on workers, for monitoring every financial transaction. The healthcare and life sciences industry is expected to grow at the highest CAGR during the forecast period, due to the increasing need to store and manage data coming from various patients and medical devices and medical record systems, used across healthcare organizations.
The major business functions for which the automation-as-a-service is deployed include the IT, sales and marketing, operations, finance, and Human Resources (HR). The adoption of automation-as-a-service for sales and marketing is expected to increase significantly in the coming years because of the increasing need to automate repetitive tasks and streamline the business process across industries.
Organizations are deploying automation-as-a-service solutions either on the public, private, or hybrid cloud. The demand for hybrid automation-as-a-service solutions is expected to grow, due to its cost-effective and scalable features; its growth is expected to be high, particularly in the Small and Medium-sized Enterprises (SMEs), where low-cost solutions along with high data privacy are largely required._x000D_
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Organizations are opting for rule-based or knowledge-based automation. The demand for knowledge-based automation solutions is expected to grow, due to its ability to deal with the increasing amount of unstructured data across all organizations with greater efficiency and lesser dependency on manual handling.
The global market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The North American region, followed by Europe, is expected to continue as the largest revenue-generating region for the automation-as-a-service vendors, for the next 5 years. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technologies. The APAC region is expected to be the fastest-growing region in the automation-as-a-service market because of the increasing adoption of automation and cloud technologies, and various other government initiatives, such as smart cities across the APAC countries, including China and India.
The automation-as-a-service market faces challenges, such as maintaining data security and privacy, and lack of skilled workforce. Factors such as lack of awareness of automation-as-a-service is expected to limit the market growth.
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The major vendors that offer automation-as-a-service software and services globally are Automation Anywhere, Inc. (US), Blue Prism Group plc (UK), International Business Machines Corporation (US), Microsoft Corporation (US), UiPath (US), HCL Technologies Limited (India), Hewlett Packard Enterprise Development LP (US), Kofax Inc. (US), NICE Ltd. (Israel), and Pegasystems Inc. (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships, collaborations, agreements, and acquisitions, to expand their offerings in the automation-as-a-service market.
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