The primary drivers of the automation as a service market include cost-efficiency, scalability, and accelerated digital transformation.
PORTLAND, ORIGON, UNITED STATES, October 6, 2023 /EINPresswire.com/: The advent of digitalization and Industry 4.0 has propelled market growth at a significant rate as it provides an all-in-one automation suite to businesses for digitised solutions for their operations. In addition, the rise in the need to convert information into digital form to gain insights that support strategic decision-making in an organisation is further expected to drive automation as a service market growth.
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Key Findings of the Automation as a Service Market:
► By component, the solution segment dominated the automation as a service market trend. However, the services segment is expected to exhibit significant growth during the forecast period in the automation as a service industry.
► By business function, the information technology segment dominated the automation as a service market in 2018. However, the sales and marketing segment is expected to exhibit significant growth during the forecast period.
► By enterprise size, the large enterprise segment accounted for the highest revenue and automation as a service market share in 2018.
► Depending on the industry vertical, the BFSI industry generated the highest revenue in 2018. However, the IT and telecommunications sectors are expected to witness considerable growth in the near future.
► Region-wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
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Favourable government initiatives, particularly in developing regions, to adopt cloud technology to modernise applications are further expected to boost the growth of the global automation as a service market. In addition, the momentous growth of cloud migration activities is among some of the major factors expected to boost the growth of the market during the forecast period. On the contrary, concerns associated with data security and privacy, coupled with an increase in the number of cyberattacks on digital data, restrain market growth. Furthermore, the rise in adoption of robotics in manufacturing facilities to ease operational and work force costs is a very opportunistic factor for the global market.
By component, the solution segment dominated the overall automation as a service market in 2018 and is further expected to endure traction for automation as a service among organisations during the forecast period. Moreover, the services segment witnessed significant growth in the market in terms of CAGR during the forecast period. This is attributed to the automation services suite, which includes consulting, installation, maintenance, and support services. The service automation concept is gaining traction over solutional packages due to its ability to integrate into almost all domains and functionality tools to have an amalgamated interface for all workflows. In addition, AaaS services include automation of tasks, events, processes, and business functions, which helps businesses achieve multi-dimensional visibility and streamline service processes.
The banking, financial services, and insurance (BFSI) sector is a pioneer in adopting advanced computer and networking systems to reduce enormous, space-concentrated databases and repositories, which leads to competition for the adoption of cloud technology. This has attributed the BFSI sector to dominating the automation as a service market in 2018 and is expected to continue this trend during the forecast period.
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Key market players:
► Anywhere, Inc.,
► Blue Prism Limited
► HCL Technologies Limited
► Hewlett Packard Enterprise Company
► International Business Machines Corporation
► Kofax Inc.
► Microsoft Corporation
► NICE Robotic Automation
► Pegasystems Inc.
► UiPat
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