The digital process automation market size 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%
NEW YORK, July 19, 2018 /PRNewswire/ -- The growing need to optimize business processes for meeting the dynamic requirements of customers is expected to drive the overall digital process automation market.
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The digital process automation market size 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. Digital process automation solutions empower enterprises and enable them to plan their business processes efficiently. These solutions also help streamline business processes and improve operational efficiency, which enables companies to fully utilize their IT systems for catering to their customers' dynamic requirements. The digital process automation market is expected to gain traction as organizations are deploying adequate digital process automation solutions to utilize their IT resources and reduce operational costs effectively. However, data security concerns and difficulty in integrating with legacy systems may restrain the market's growth.
Among components, the solution segment is expected to hold a larger market size during the forecast period.
The solution segment is estimated to contribute to a larger market size in 2018.Digital process automation solutions help enterprises optimize their costs and resources, which further reduces their business risks.
These solutions are widely adopted among industry verticals because of the increasing need to streamline business processes. However, the services segment is expected to grow at a higher CAGR as organizations are focusing on reducing operational costs and providing positive customer experience.
The cloud deployment segment is expected to grow at a higher CAGR during the forecast period.
The cloud deployment model is rapidly adopted in the digital process automation market.Enhanced security features, interactive dashboards, ease of flexibility, and better scalability are some of the major factors that are expected to encourage enterprises across the globe to adopt the cloud deployment model.
Moreover, the cloud-based deployment model offers higher agility compared to that of the on-premises deployment model.
Asia Pacific (APAC) is expected to be the fastest growing region during the forecast period.
APAC is expected to be the fastest growing region during the forecast period.Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the growth of the digital process automation market in the APAC region.
Furthermore, the growing need for cost optimization and effective utilization of IT infrastructures are expected to propel the demand for digital process automation solutions and its associated services.
In the process of determining and verifying the total market size, several segments and subsegments were gathered through secondary research, and extensive primary interviews were conducted with key people. The breakdown of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
• By Designation: C-level – 70%, Director-level – 19%, and Manager-level – 11%
• By Region: North America – 40%, Europe – 20%, APAC – 30%, and MEA– 10%
The digital process automation ecosystem comprises service and solution providers, such as IBM (US), Appian (US), DST Systems (US), OpenText (Canada), K2 (US), Bizagi (England), DXC (US), Infosys (India), Oracle (US), Pegasystems (US), TIBCO (US), Software AG (Germany), Cognizant(US) , Mindtree (India), Newgen software (India), Nintex (US), Ayehu (US), Integrify (US), HelpSystems (US), Innov8tif (Malaysia), Novatio (US), Bonitasoft (France), Cortex (UK), PMG.net (US), and blue-infinity (Switzerland).
Research Coverage
The report includes an in-depth competitive analysis of key players in the digital process automation market, with their company profiles, recent developments, and key market strategies. The research report segments the digital process automation market by component, business processes, deployment type, organization size, industry vertical, and region.
Reasons to Buy the Report
The digital process automation market has been segmented by component, business function, deployment type, organization size, industry vertical, and region. The report would help market leaders/new entrants in this market in the following ways:
1. The report segments the digital process automation market comprehensively and provides the closest approximations of the revenue numbers for the overall market segments and subsegments. The market numbers are further split across different industry verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report helps stakeholders understand their competitors better and gain more insights to improve the position of their businesses. There is a separate section on the competitive landscape, including competitor ecosystems, and mergers & acquisitions. Besides, there are company profiles of major vendors who offer digital process automation solution and services.
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