According to a new market research report "Digital Process Automation Market by Component, Business Function (Sales Process Automation, Supply Chain Automation, Claims Automation, and Marketing Automation), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the 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.
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The increasing need to automate processes and achieve business agility in various industry verticals is expected to lead to the adoption of digital process automation solutions. With an increase in the adoption of cloud-based digital process automation solution and services among Small and Medium-sized Enterprises (SMEs), the Digital Process Automation Market is expected to gain traction during the forecast period.
Among all services, the managed services segment is expected to grow at the highest CAGR.
The managed services segment is expected to gain traction during the forecast period. Managed services are provided by third parties to run and manage IT operations and infrastructure of organizations as per service-level agreements. Managed service providers take the complete responsibility of customers' needs and deliver optimum services. From the digital process automation standpoint, the managed service providers run the automation solution or framework for helping enterprises reach their business goals. The managed services help enterprises focus on their core competencies rather than implementing and managing the digital process automation framework.
The on-premises deployment under the deployment type is expected to hold the larger market share during the forecast period.
The on-premises deployment segment is expected to dominate the Digital Process Automation Market between 2018 and 2023. On-premises solutions are delivered for a one-time license fee, along with a service agreement. As the on-premises deployment requires huge infrastructure and a personal data center, only those organizations that can afford its deployment cost usually deploy this model. Therefore, the SMEs often face the dilemma of choosing between cloud and on-premises solutions. The on-premises deployment model offers several advantages, such as system and data control and dedicated maintenance and support staff.
Among all regions, North America is expected to hold the largest market size in the global Digital Process Automation Market
North America is expected to hold the largest market size as this region is extremely responsive toward the adoption of latest technological advancements. Whereas Asia Pacific (APAC) is expected to grow at the highest CAGR and has become a new hotspot for digital process automation vendors as a revenue-generating region. Furthermore, Europe is expected to be another revenue generating region for the digital process automation vendors.
Major vendors who offer digital process automation solution and services across the globe include 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).
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