Automation-as-a-service is gradually working its way organizations across the globe, since it allows mechanizing of business processes, thereby improving efficiency, without having to waste time and money on repetitive and mundane tasks. It also helps the organizations maintain and manage their records and large volumes of data along with providing the required security and privacy of the data. The global market for automation-as-a-service is witnessing rapid growth due to the high adoption of the automation trend across various industries.
Market overview
The global automation-as-a-service market that was estimated to be worth USD 1.56 Billion in 2016 is projected to reach a size of USD 6.23 Billion by 2022, growing at a CAGR of 28.1% between 2017 and 2022.
Based on component, the services segment is projected to witness the highest growth over the forecast period, out of which in the professional services segment, deployment and integration services is expected to have the highest demand, owing to the rising need for automation-as-a-service solutions across many organizations.
On the basis of business function, the sales and marketing segment is expected to grow at the highest CAGR during the projected period, mainly due to the growing need for sales and marketing departments across various industries in order to automate the repetitive and mundane tasks and streamline the business processes.
Among industries, the BFSI industry is accounted for the largest market share in 2017, owing to the rising need for simplifying the security-related workload and increased dependence on workers to monitor every financial transaction. However, the healthcare and life sciences industry is anticipated to grow at the highest CAGR over the forecast period, mainly due to the rising to need manage the growing patient data, maintaining the records, and automating the repetitive tasks.
How is the market growing, geographically?
The AaaS market in North America, followed by Europe, is expected to be the dominating market over the forecast period. This growth can be primarily attributed to the developed economies of the U.S. and Canada, where innovations obtained from Research and Development (R&D) and technologies are highly focused on. Moreover, advancements in automation and early adoption of AaaS solutions have also led to the growth of this market. However, the market for automation-as-a-service in the APAC region is projected to be the fastest-growing market, owing to the rising adoption of automation and cloud technologies, growing government initiatives, such as smart cities across the APAC region, and huge opportunities across various industries, especially in nations like India, China, and Japan.
What are the factors impacting the growth of this market?
The worldwide automation-as-a-service market is being majorly driven by the following factors:
- Growing demand for automation across various businesses
- Increased adoption of cloud technology
In addition, higher adoption rate of automation-as-a-service solutions among SMEs and the ability to generate a positive Return on Investment (RoI) are expected to further create an array of growth opportunities for this market.
On the downside, maintaining the security and privacy of data is the major factor likely to restrain the growth of this market to a certain extent. Additionally, lack of skilled workforce and lack of awareness regarding AaaS are the key challenges being faced by the players operating in this market.
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Major companies and strategies adopted for sustenance
The major players involved in the global automation-as-a-service market include 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 companies are adopting various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships, collaborations, agreements, and acquisitions in order to expand their offerings as well as witness continued growth in future.
