The global digital process automation (DPA) market is growing rapidly. The market growth attributes to the rising adoption of automation and digitization across the end-use industries. Besides, increasing demand for digital process automation tools in BFSI, consumer electronics, manufacturing, retail, healthcare, and transportation sectors, substantiate market growth. Moreover, the growing need for digital transformations of businesses escalates the market demand.
According to Market Research Future (MRFR), the global Digital Process Automation Market is poised to grow to USD 14 billion by 2023, registering 15% CAGR throughout the forecast period (2017 - 2023). Disconnected and complex data challenge business leaders; in such situations, DPA software help making informed decisions by automating reporting and identifying gaps in an organization's workflow and data management.
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Digital process automation (DPA) software efficiently responds to the need to get things done quickly and ensure minimal errors in the workflow, presenting business entities with solutions to smoothen functions of working units at the minimum possible cost. Additionally, the rising awareness for the benefits of digitalized automation in workflow increases the adoption of automation solutions. The rapid adoption of cloud-based services and advanced algorithms deployment in BFSI and retail & manufacturing sectors drive the digital process automation industry.
Conversely, the lack of technical expertise and issues concerning data privacy & security is a major factor projected to impede the market growth. Nevertheless, increasing implementations of DPA solutions at workspaces would support market growth throughout the assessment period. Also, the growing competition in businesses and emphasis on business intelligence would propel market growth.
Digital Process Automation Market - Segments
The report is segmented into five dynamics;
By Services : Professional and Managed Services.
By Industry Vertical : BFSI, Consumer Electronics, Manufacturing, Retail, Healthcare, Transportation, and others.
By Deployment : On-cloud and On-premise.
By Organization Size : Small-to-Mid-size Enterprises and Large Enterprises.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Digital Process Automation Market - Regional Analysis
North America dominates the global digital process automation market. The largest market share attributes to the strong presence of notable players and well-established development centers, allowing the early adoption of advanced technologies and digital transformation. Besides, increasing R&D investments to develop automation technologies and services drive the growth of the regional market.
Moreover, the increasing adoption of digital automation process across the end-user industries boosts the regional market growth. The digital process automation market in North America is projected to retain its dominance throughout the forecast period.
Europe stands second in the global digital process automation market. The market rise attributes to the presence of many notable service providers and large deployments of automation platforms. Additionally, the rising numbers of SMEs and large enterprises act as a major tailwind for the growth of the regional market.
The high adoption of digital process automation tools pushes the development of the regional market. The European digital process automation market is predicted to create a substantial revenue pocket during the assessment period.
The digital process automation market in the Asia Pacific region is growing rapidly. Factors such as the proliferation of digitization in businesses drive the growth of the regional market. The rising adoption of robotic process automation and cloud deployment of DPA software in large and SMEs to enhance operational performance, influence the growth of the regional market.
Augmenting demand for automation tools from increasing numbers of retailers and businesses acts as a major tailwind for the regional market growth. Substantial investments made by key players for the improvements in services positively impact the growth of the regional market. India and China are major markets for digital process automation (DPA) software in the region. The APAC digital process automation market is expected to grow at a significant rate during the forecast period.
Digital Process Automation Market - Competitive Analysis
Highly competitive, the digital process automation market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
Major Players:
Players leading the digital process automation market Oracle, IBM, Pegasystems, Software AG, Appian, DST Systems, Dxc Technology, Opentext Corporation, Infosys, Mindtree, Cognizant, Newgen Software, Bizagi, Tibco Software, Nintex, Integrify, Ayehu Software Technologies, Helpsystems, and Innov8tif, among others.
Industry/Innovation/Related News:
October 06, 2020 ---- FlowForma (the US), a leading provider of Digital Process Automation (DPA) Software, announced its partnership with Pontem Innovations (Canada) to accelerate digital process automation across North America. Pontem Innovations empowers organizations to make data-driven decisions through data analytics, visualizations, and process automation.
FlowForma provides process automation tools for Microsoft Office® 365. Pontem Innovations sought the FlowForma Process Automation tool's services as a solution for its clients to automate processes with speed and agility. The partnership would help FlowForma to strengthen its process automation offerings further.
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