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Automation-as-a-service is a set of solution and services that enable SMEs and large enterprise to automate business functionalities, processes, and tasks. Automation is accomplished by the use of disruptive technology and the adoption of multiple robotic or automated devices that can work with little or no human intervention.
Some of the major factors driving the growth of the global market include the increasing introduction of automation in all end-user sectors, the widening reach of cloud computing technology, and the number of IIoT products. The growing demand for automated workforces, enterprise process automation, and cognitive computing advances, as well as the decreasing costs of automation technologies is expected to contribute to the growth of the market.
Self-service networks, remote workspaces, 'as a service' models, and robust AI infrastructure are on the rise as a result of the COVID-19 epidemic. In few months, the adoption rate has risen ever further. According to a report published by Nasscom in 2020, the COVID-19 epidemic had intensified the global growth of automation technology, providing massive prospects for the AaaS industry. The AaaS aids companies and organizations in improving their service delivery and operations processes in order to improve accuracy, cost savings, and competitiveness. AaaS technologies can simplify time-consuming, extremely repetitive, and error-prone internal IT and business processes efficiently, easily, and affordably, allowing businesses to redirect resources to other roles and divisions.
The use of robotic technology in operating systems is projected to be a major factor driving market growth over the forecast period. The rise of the automation as a service industry can be due to robotic technology, which can be implemented into a variety of applications and then perform existing procedures more efficiently. In today's digital world, demand for autonomous systems that can manage massive amounts of data is also driving global market development.
In order to offer enterprises with efficient AaaS suits, key players operating in the market are launching different automation services that aid in offering better competitive approach and control over service delivery model. For instance, In September 2020, Kryon Systems launched Full Cycle Automation-as-a-Service (FCAaaS) platform. Such initiatives are expected to contribute to the growth of the market.
Key Market Driver -
• Growing use Demand for Automation Across Business Processes to drive Growth • Increased Adoption of Cloud Services is Likely to Boost the Market Growth
Key Market Restraint -
• Difficulty in Integrating Automation Services and Data Security and Privacy Issues
To increase their share and gain competitive advantage, the market players operating in the market are using variety of business growth strategies, including new product launches, product portfolio expansion, agreements, and others. Various prominent market participants are investing heavily in research and development activities, with the goal of improving their service model and solutions. The global AaaS market is highly fragmented, with both start-ups and large companies competing on global level and attaining different business expansion strategies.
AaaS services providers are opting for collaboration and mergers as a business expansion strategy. For instance, in April 2019, Tech Mahindra Ltd., a leading digital solution provider collaborated with UiPath to unveil their first collaborative solution offering in the field of Service Desk Operations: a cognitive operations automation solution. This ready-to-use cognitive processes solution will aid in an organization's automation journey. The key players operating in the global market are Automation Anywhere, Inc., Blue Prism Group PLC, IBM Corporation, Microsoft Corporation, Uipath Inc., HCL Technologies Limited, Kofax Inc., and Pegasystems Inc., among others.
North America is expected to capture maximum share in global AaaS market. Because of the involvement of top IT firms and the fact that most of the main industry vendors are headquartered in the United States, the area is one of the major investors and contributors in the market. Because of technical advancements and well-established regional IT infrastructure, emerging technology is being adopted across a wide range of industries. Furthermore, the market is being aided by the increased adoption of automation and cloud technology among enterprises, as well as government initiatives for the construction of smart cities in the region.
The growth of market is Asia Pacific would occur on account of increasing demand for automation solutions and services among various industry verticals such as BFSI, IT & telecom, healthcare, among others. Followed by Asia Pacific, Europe is expected to hold significant market share in the global AaaS market. The emergence of various manufacturing firms that are using factory automation systems characterizes the rise of the regional industry. In addition, the region's significant increase in research and development activities in the field of IIoT is expected to drive regional business growth.
Due to technical advancements and widespread implementation of automation technology in various industries, the Middle East and Africa, as well as South America, are projected to continue to hold the significant share in the global Automation-as-a-Service market.
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