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:
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 22.214.171.124 Increased Demand for Automating Business Processes 126.96.36.199 Increasing Adoption of the Low-Code Automation Platform 5.2.2 Restraints 188.8.131.52 Data Security and Privacy 184.108.40.206 Lack of Technical Expertise 5.2.3 Opportunities 220.127.116.11 Increasing Demand for Streamlining Business Processes 18.104.22.168 Integration of AI and Machine Learning 5.2.4 Challenges 22.214.171.124 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