Published: October 2018 | Report Code: IM11405 | Available Format: PDF | Pages: 208
The global automation as a service (AaaS) market was valued at $2.9 billion in 2017, and is expected to generate $10.9 billion revenue by 2023, exhibiting a CAGR of 23.9% during 2018–2023. Greater ease of doing business, surge in demand for virtual workforce, and decreasing cost of automation software and services are the key factors driving the growth of the market across the globe. As per analysis, among all regions, Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period. This can be due to rising economic growth, increasing investment in IT infrastructure, and significant adoption of emerging technologies.
Factors Governing Automation as a Service Market
Reduction in workforce cost in one of the major factors driving the growth of the automation as a service market worldwide. AaaS enables enterprises to form virtual workforce, which is capable of performing several tasks with high efficiency, eliminating the need for human intervention. It offers high scalability and reduces operational cost by 25–50%, as virtual workforce has the capability to work round the clock.
Increasing adoption of emerging technologies in the BFSI industry offers immense growth opportunities to the AaaS software vendors in the automation as a service market across the globe. The industry generates a huge volume of data that can be documented and analyzed with precision through AaaS. The adoption of AaaS in the BFSI industry would significantly cut the time spent on accounting, documenting, calculations, invoicing, and other critical functions, resulting in enhanced efficiency of the system and streamlined BFSI operations.
Automation as a Service Market Segmentation Analysis
The service offering category is expected to witness faster growth in the automation as a service market during the forecast period. This can be attributed to the consulting services and increasing demand for integration and implementation.
The rule-based category held the larger market share in 2017. This is attributed to the fact that automation programming of the process is the most deployed automation solution due to the higher demand for automating several tasks, which are least complex and do not require high cognitive abilities.
The large enterprise category in terms of enterprise size held the larger share in the market in 2017. Large enterprises have several complex processes, which need to be automated to save time and reduce redundancies as well as errors occurring manually.
The sales & marketing process category is projected to grow fastest during the forecast period in the automation as a service market. This can be due to high requirement of engaging the customers, managing the billing processes, and several other works.
The hybrid category in terms of deployment is witnessing the fastest growth rate, of 26.7%, during the forecast period. This can be attributed to increasing use of AaaS solution with existing on-premise infrastructure for greater scalability and control.
The BFSI industry category held the largest share in the automation as a service market in 2017. Increasing demand for automation in processes, such as customer service, compliance, invoice digitization, credit card approvals, mortgage processing, fraud detection, know your customer (KYC) process, ledger update, report build-up, and account closing process, is driving the adoption of AaaS software in the industry.
Geographical Analysis of Automation as a Service Market
Based on region, North America held the largest share in the global automation as a service market in 2017. This is primarily attributed to the growing service industry in the region. In addition, presence of a large number of big enterprises, large IT spending, and technological advancement are some of the other factors supporting the growth of the market. On the other hand, APAC is expected to witness fastest growth during the forecast period. This can be due to the surging service industry in developing countries, such as China and India, increasing digitalization, economic development, and increasing adoption of new technologies.
Competitive Landscape of Automation as a Service Market
The automation as a service market demonstrates a fragmented landscape with prominent key players, including Nice Ltd., Kofax Inc., Automation Anywhere Inc., Pegasystems Inc., Accenture plc, International Business Machines Corporation, HCL Technologies Ltd., Microsoft Corporation, Micro Focus International plc., Blue Prism Ltd., UiPath Inc., and Hewlett Packard Enterprise Company.
Recent Strategic Developments of Automation as a Service Players
In recent years, major players in the automation as a service market have taken several strategic measures such as mergers & acquisitions, product launches, and geographical expansions, to remain competitively ahead. For instance, in July 2018, Accenture plc acquired Kogentix, a provider of big data and AI services and solutions, for an undisclosed amount. The acquisition is aimed at strengthening Accenture Applied Intelligence services in North America.
Further, in May 2018, Micro Focus International plc released a new version of Vertica, the Vertica 9.1. The new release comes with feature of separating compute resources from data storage, enabling clients to reduce cloud infrastructure costs, and simplifying operations.
Market Size Breakdown by Segment
The automation as a Service (AaaS) market report offers comprehensive market segmentation analysis along with market estimates for the period 2013–2023.
Based on Offering
Based on Type
Based on Size
Based on Business Process
Based on Type
Based on Industry
Key Questions Addressed/Answered in the Report
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws