Automation as a Service Market Value
Desire to simplify complicated corporate processes, lower labour costs, and widespread adoption of cloud technology are projected to drive market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, February 24, 2023 /EINPresswire.com/ — As per the report published by Allied Market Research, the global automation as a service market accounted for $2.09 billion in 2018 and is anticipated to garner $12.37 billion by 2026, registering a CAGR of 25.3% from 2019 to 2026.
Reduction in workforce cost, ease of doing business, and adoption of services technologies drive the growth of the global automation as a service market. On the contrary, data security and privacy and dynamic automation technology landscape hinder the market growth. However, rising adoption among SMEs would open new opportunities in the coming future.
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The global automation as a service market is segmented on the basis of component, business function, enterprise size, industry vertical, and geography. Based on the component, the market is divided into solutions and services. The solution segment dominated the market in 2018, contributing to more than two-thirds of the total revenue. However, the services segment is anticipated to manifest the highest CAGR of 26.8% during the forecast period.
On the basis of business function, the market is categorized into information technology, sales and marketing, operations, finance, human resources, and others. On the other hand, based on enterprise size, the market is segmented into large enterprises and small & medium enterprises.
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On the basis of industry vertical, the market is bifurcated into BFSI, telecom & IT, retail, healthcare, manufacturing, government & defense, energy & utilities, media & entertainment, transportation & logistics, and others. The BFSI segment held the largest share in 2018, accounting for nearly one-fifth of the market. However, the healthcare segment is expected to portray the fastest CAGR of 29.0% during the study period.
The global automation as a service market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region would register the highest CAGR of 29.0% during the study period. However, the market across North America held the largest share in 2018, accounting for around two-fifths of the market.
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The global automation as a service industry report includes an in-depth analysis of the major market players such as Automation Anywhere, Inc., Blue Prism Limited, HCL Technologies Limited, Hewlett Packard Enterprise Company, International Business Machines Corporation, Kofax Inc., Microsoft Corporation, NICE Robotic Automation, Pegasystems Inc., and UiPath.
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Article originally published on www.einpresswire.com as Automation as a Service Market Value to Achieve USD 12.36 Billion by 2026