Digital Process Automation Market - Global Forecast to 2023: Increasing Demand for Streamlining Business Processes & Integration of AI and Machine Learning
DUBLIN, Feb. 14, 2019 /PRNewswire/ --
The "Digital Process Automation Market by Component, Business Function (Sales Process Automation, Supply Chain Automation, Claims Automation & Marketing Automation), Deployment Type, Organization Size, Industry Vertical & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The digital process automation market is expected to grow from USD 6.76 billion in 2018 to USD 12.61 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
Several factors that are expected to drive the market include the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies with digital process automation solution, demand for IT resources according to business priorities, and improved IT systems to meet customers' dynamic requirements. Industry verticals such as Banking, Financial Services, and Insurance (BFSI), and consumer goods and retail are expected to have significantly contributed to the growth of the market.
The digital process automation market has been segmented by component, business process, deployment type, organization size, industry vertical, and region. The solution segment is estimated to dominate the market in 2018, while the services segment is expected to witness the highest CAGR during the forecast period. Digital process automation solution and services are gaining popularity as they empower enterprises for cost-effectively meeting their business requirements.
Among all deployments, the cloud deployment type is expected to gain traction during the forecast period as it offers the agility of on-demand resource deployment and consumption. Organizations are preferring this deployment model because it offers ease of access along with reduced capital and operational expenses.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The growing need to reduce operational costs and streamline business processes is expected to drive the adoption of digital process automation solution and services.
Digital process automation solution and services are being rapidly adopted by industry verticals, such as BFSI, telecom & IT, consumer goods & retail, media & entertainment, manufacturing, transportation & logistics, energy & utilities, and others (government, healthcare, education, and travel & hospitality), to optimize their business processes. The manufacturing industry vertical is expected to hold the largest market size during the forecast period, whereas the BFSI industry vertical is expected to present prospective opportunities for digital process automation vendors during the forecast period.
The digital process automation market has been segmented on the basis of region into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis. North America is expected to hold the largest market size during the forecast period because of the presence of large digital process automation vendors in the region. This region is also considered to be one of the most advanced regions in terms of technology adoption and IT infrastructure optimization.
Digital process automation solutions help organizations make more optimized use of their available workforce. Some of the organizations are still unaware of their benefits and are quite reluctant to adopt digital process automation solution and services in their daily operations and functioning. There is a widespread misconception among organizations that the adoption of automation is going to pose a threat to the job security of their workforce as many manual processes performed by workers would be automated.
With recent developments around data privacy and General Data Protection Regulation (GDPR) implementation in Europe, the organizations need to make changes in their digital process automation frameworks for complying with regulations. These factors may restraint the wide-scale adoption of digital process automation solution and services.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Process Automation Market
4.2 Market By Industry Vertical (2018 vs 2023)
4.3 Market Market Share Across Various Regions
4.4 Market Professional Services, By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand for Automating Business Processes
5.2.1.2 Increasing Adoption of the Low-Code Automation Platform
5.2.2 Restraints
5.2.2.1 Data Security and Privacy
5.2.2.2 Lack of Technical Expertise
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Streamlining Business Processes
5.2.3.2 Integration of AI and Machine Learning
5.2.4 Challenges
5.2.4.1 Integration With Existing Systems and Tools
6 Digital Process Automation Market, By Component
6.1 Introduction
6.2 Solution
6.3 Services
7 Market By Service
7.1 Introduction
7.2 Professional Services
7.3 Managed Services
8 Digital Process Automation Market, By Professional Service
8.1 Introduction
8.2 Advisory Services
8.3 Implementation Services
8.4 Support Services
9 Market By Business Function
9.1 Introduction
9.2 Sales Process Automation
9.3 Supply Chain Automation
9.4 Claims Automation
9.5 Marketing Automation
10 Digital Process Automation Market, By Industry Vertical
10.1 Introduction
10.2 Manufacturing
10.3 Consumer Goods and Retail
10.4 Banking, Financial Services, and Insurance
10.5 Telecom and IT
10.6 Transportation and Logistics
10.7 Energy and Utilities
10.8 Media and Entertainment
10.9 Healthcare
10.10 Others
11 Market By Deployment Type
11.1 Introduction
11.2 Cloud
11.3 On-Premises
12 Market By Organization Size
12.1 Introduction
12.2 Small and Medium-Sized Enterprises
12.3 Large Enterprises
13 Digital Process Automation Market, By Region
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.2 Canada
13.3 Europe
13.3.1 United Kingdom
13.3.2 Germany
13.3.3 Rest of Europe
13.4 Asia Pacific
13.4.1 China
13.4.2 Japan
13.4.3 India
13.4.4 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Kingdom of Saudi Arabia
13.5.2 United Arab Emirates
13.5.3 South Africa
13.5.4 Rest of Middle East and Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Mexico
13.6.3 Rest of Latin America
14 Competitive Landscape
14.1 Overview
14.2 Market Ranking
14.3 Competitive Scenario
14.3.1 New Product and Service Launches/Product Upgradations
14.3.2 Business Expansions
14.3.3 Mergers and Acquisitions
14.3.4 Partnerships, Agreements, and Collaboration
15 Company Profiles
15.1 IBM
15.2 Pegasystems
15.3 Appian
15.4 Oracle
15.5 Software AG
15.6 DST Systems
15.7 Opentext Corporation
15.8 Dxc Technology
15.9 Infosys
15.10 Cognizant
15.11 Mindtree
15.12 Newgen Software
15.13 Tibco Software
15.14 K2
15.15 Bizagi
15.16 Nintex
15.17 Ayehu Software Technologies
15.18 Integrify
15.19 Helpsystems
15.20 Innov8tif
15.21 Novatio Solutions
15.22 Bonitasoft
15.23 Cortex
15.24 PMG
15.25 Blue-Infinity
For more information about this report visit https://www.researchandmarkets.com/research/7c4gg8/digital_process?w=5
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