Automation-as-a-Service Market extrapolated to obtain $6.23 Billion by 2022


Posted June 10, 2020 by rheajackson

Automation-as-a-service market size is expected to grow from USD 1.56 Billion in 2016 to USD 6.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%.

 
According to a research report "Automation-as-a-Service Market by Component (Solution and Services), Type (Rule-Based and Knowledge-Based), Business Function, Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size, Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets, the Automation-as-a-Service Market expected to grow from $1.80 Billion in 2017 to $6.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%.

The major factors driving the automation-as-a-service market are the increasing demand for automation and the increasing adoption of cloud technology. Various opportunities present in this market include the higher adoption of the automation-as-a-service solutions by the Small and Medium-sized Enterprises (SMEs) and the ability to generate a positive Return on Investment (RoI).

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Sales and marketing business function is expected to grow at the highest CAGR

Automation-as-a-service solutions and services are used for various business functions, which include Information Technology (IT), sales and marketing, finance, operations, and Human Resource (HR). The sales and marketing business function is expected to witness the highest CAGR during the forecast period because of the increasing need for sales and marketing departments across industries, to automate various repetitive and mundane tasks that utilize a lot of time of the sales and marketing representatives, which can otherwise be used for beneficial tasks such as customer acquisition and retainment.

Healthcare and life sciences industry is expected to have the highest growth rate during the forecast period

Automation-as-a-service solutions have been deployed across various industries, including Banking, Financial Services, and Insurance (BFSI); telecom and IT; retail and consumer goods; manufacturing; healthcare and life sciences; energy and utilities; transportation and logistics; media and entertainment; government and defense; and others (travel and hospitality, and education). The healthcare and life sciences industry is expected to witness the highest CAGR during the forecast period because of the increasing need for managing the growing data coming from various patients, maintaining their records, and automating the repetitive tasks.

North America is expected to dominate the automation-as-a-service market during the forecast period

North America is expected to hold the largest share of the automation-as-a-service market in 2017, due to the automation advancements and early adoption of automation-as-a-service solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The primary driving factors for this growth are the increasing automation adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan.

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The report also encompasses different strategies, such as acquisitions, partnerships and collaborations, new product launches, and product upgradations, adopted by the major players to increase their shares in the market. Some of the major technology vendors in the 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).

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Issued By MnM
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Categories Technology
Tags Automation-as-a-Service Market
Last Updated June 10, 2020