Market Overview —
Market Research Future announces the release of a new market research report. The report examines the global digital process automation market and presents forecasts for the forecast period (2018-2023).
The market_ has risen smoothly over the last few years, as enterprises in a wide variety of end-use industries have started to realize the myriad benefits of automating various tasks in their workflow. This allows the enterprises to leave the menial tasks in their workflows to digital software and focus on maximizing their output in their core areas. As a result, enterprises in industries ranging from manufacturing to healthcare have started adopting automation software platforms, driving the global Digital Process Automation Market.
On the other hand, the digital process automation market is expected to be held back by the lack of technical resources and skilled personnel to handle the software platforms. As the field of digital process automation is still fairly new, trained personnel are still lacking. Small and midsized enterprises are likely to suffer more from this restraint, as they may lack the financial clout of larger organizations and thus be unable to hire the best technicians to work on their automation platforms.
Nevertheless, the digital process automation market is likely to make smooth progress over the coming years and is expected to exhibit a strong CAGR of 15% over the forecast period.
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Key players in the global digital process automation market include IBM, Oracle, Pegasystems, Appian, Software AG, DST Systems, Opentext Corporation, Dxc Technology, Infosys, Cognizant, Mindtree, Newgen Software, Tibco Software, Bizagi, Nintex, Ayehu Software Technologies, Integrify, Helpsystems, and Innov8tif. Leading players in the market are looking to produce low-cost software platforms which can be incorporated by companies into their workflow. Low cost is likely to remain the major competition avenue for companies in the digital process automation market over the forecast period.
The report segments the global digital process automation market by services, industry vertical, deployment, organization size, and region.
By services, the market is segmented into professional and managed services. Of these, professional services are the dominant segment and are likely to retain the title over the forecast period with the highest growth rate.
By industry vertical, the market is segmented into BFSI, consumer electronics, retail, manufacturing, healthcare, and transportation. Of these, the manufacturing sector holds the largest share in the global digital process automation market at present. However, the retail sector is expected to exhibit the highest growth rate over the forecast period.
By deployment, the market is segmented into on-cloud and on-premise deployment. Cloud solutions are likely to remain the popular option in the digital process automation market over the forecast period.
By organization size, the digital process automation market is bifurcated into large enterprises and small and midsized enterprises (SMEs). Of these, large enterprises are the dominant segment at present. However, as more small and midsized enterprises learn about the benefits of digital process automation, they are likely to adopt it in high volume, leading to a higher growth rate for the segment over the forecast period.
Europe is likely to be the dominant market for digital process automation over the forecast period. The business and technological environment in Europe is highly conducive for large-scale adoption of automation solutions. Consistent technological advancement has allowed the manufacturing sector in Europe, the highest consumer of digital process automation solutions, to easily incorporate automation solutions into its workflow. This has created a strong position for the digital process automation market in Europe, which is likely to remain the leading regional market for digital process automation over the forecast period.
Asia Pacific countries such as India and China have made significant efforts to increase the adoption of automation solutions in their industrial sector and are thus likely to see rising incorporation of digital process automation over the forecast period. These countries have a labor-intensive workforce, which could slightly hinder the development of the digital process automation, but APAC is still expected to be the fastest growing regional market over the forecast period.
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