Global Digital Process Automation market
The global digital process automation market has been reviewed by Market Research Future in its newest report. Valued at USD 6 Bn in 2017, the market is on track to witness stellar growth at a CAGR of 15% during the assessment period ranging between 2018 and 2023. Growth of the market at the projected rate is expected to reach an approximate market value of USD 14 Bn by the end of 2023. Digital process automation is the process of replacing tasks performed by humans and automating it thus reducing redundancy and increasing operational efficiency.
Automation has increased in prevalence, and the various benefits of automating have made the technology vital. Automation gets things done in a rapid manner with minimal errors and improved efficiency. The rising demand for automation across various enterprises from a variety of industry verticals has been observed to be a strong driver of the market. Moreover, these enterprises are increasingly accepting the advantages of digital process automation, thus driving demand and increasing adoption. Digital process automation solutions free up the enterprise's human resources for more productive contributions which are closer to the business's core activities. Repetitive and mundane tasks are increasingly being automated to improve overall workforce efficiency. Menial day to day tasks are often handed for automation which allows for more creative, idea-intensive working from the human workforce. Digital process automation is fairly affordable, thus driving adoption. Moreover, the low cost of software platforms has made it easier for organizations to approach core business functions with improved efficiency, thus driving the digital process automation market.
Alternatively, the market is also hindered by the lack of technical expertise in digital process automation and the widespread concern with regards to security and data privacy will likely challenge the growth of the market. However, it should be noted that the ongoing development of existing automation technologies will likely open up the market for new opportunities.
Market Segmentation
MRFR's segmentation of the digital process automation market has been performed on the basis of services, industry vertical, deployment, organization size, and region. Services have been segmented to include professional and managed services. Among these, the professional services segment has achieved dominance over the market and is likely to grow at the highest CAGR while maintaining its leadership position in the market.
Industry vertical has been segmented in the report into, consumer electronics, BFSI, retail, manufacturing, healthcare, and transportation. The manufacturing sector has been observed to have captured the largest share of the market with the retail segment growing at the most rapid pace over the assessment period.
Deployment has been segmented into on cloud and on-premise. Cloud deployment will likely continue its growth as the more popular option in the market over the assessment period.
Organization size has been segmented into small & medium enterprises and large enterprises. Large enterprises lead the market with the largest share. However, the SME segment is growing rapidly due to the cloud which has unique pay as you go models that allow scalability of solutions and make it more affordable in the long run.
Regional Analysis
The global digital process automation market is being led by Europe which has the most dominant share in the market. Meanwhile, the Asia Pacific is expected to grow at the highest growth rate over the forecast period. The APAC market is made up of a number of countries, many of which are emerging economically. These economies, particularly countries such as India, China, Japan, and South Korea are manufacturing hubs with a growing retail sector where digital process automation is increasingly being adopted.
Key Players
Leading market players in the global digital process automation market include Oracle, Integrify, Bizagi, Software AG, IBM, Dxc Technology, Pegasystems, Nintex, Cognizant, Innov8tif, Newgen Software, DST Systems, OpenText Corporation, Helpsystems, Mindtree, Appian, Tibco Software, Ayehu Software Technologies, and Infosys. These players have been carefully analyzed in MRFR's report.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/digital-process-automation-market-6651
