Reduction in workforce cost, ease of doing business, and adoption of services technologies drive the growth of the global automation as a service market. On the contrary, data security and privacy and dynamic automation technology landscape hinder the market growth. However, rising adoption among SMEs would open new opportunities in the coming future.
According to the report, the global automation as a service industry was pegged at $2.09 billion in 2018 and is projected to reach $12.37 billion by 2026, growing at a CAGR of 25.3% from 2019 to 2026.
The global automation as a service market is segmented on the basis of component, business function, enterprise size, industry vertical, and geography.
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Based on the component, the market is divided into solutions and services. The solution segment dominated the market in 2018, contributing to more than two-thirds of the total revenue. However, the services segment is anticipated to manifest the highest CAGR of 26.8% during the forecast period.
The services segment is expected to register the fastest CAGR of 26.8% during the forecast period, owing to rise in need for automation in an almost entire business process. However, the solution segment held the lion’s share in 2018, accounting for more than two-thirds of the global automation as a service market, as automation solutions are cheaper and fastest to deploy.
The healthcare segment is anticipated to register the fastest CAGR of 29.0% during the forecast period, owing to high adoption of analytics, advent of industry 4.0, and rise in need for business agility in healthcare industries.
However, the BFSI segment dominated the global automation as a service market in 2018, contributing to nearly one-fifth of the market. This is due to increase in adoption of technological solutions for diverse applications such as data analytics, fraud detection, and others.
The global automation as a service market across North America is expected to hold the largest share in 2018, contributing to around two-fifths of the market. This is owing to its compatible infrastructure and need to stay ahead in the global market. However, the market across the Asia-Pacific region is expected to manifest the fastest CAGR of 29.0% during the forecast period, owing to the high penetrations SME’s and demand for high business agility in the region.
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The global automation as a service industry report includes an in-depth analysis of the major market players such as Automation 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., and UiPath.
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