Digital Process Automation Market Analysis, Growth Factor & Industry Revenue Analysis Along with Key Players by 2031
Data security and privacy and lack of technical expertise limit the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATES, October 27, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, the digital process automation industry was valued at $12.37 billion in 2021, and is estimated to reach $42.7 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.
Digital process automation is a digital technology that is used to automate one or more tasks involved in a business process. Organizations often use software as a means of automation to optimize their workflows. The use of digital process automation industry focuses on automating processes to improve workflows. A wide variety of business processes and activities can be automated, or more often, they can be partially automated with human intervention at strategic points within workflows. Sales, marketing, production, supply chain, inventory control, administration, IT, and management process are among those benefitting from digital process automation market analysis.
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Depending on enterprise size, the large enterprise segment garnered largest share in 2022 and is expected to continue this trend during the forecast period. This is attributed to owing to advance analytics as it helps in analyzing automation data to enhance an organization’s workforce performance is expected to drive market growth. However, the small and medium-sized enterprises segment is expected to witness the highest growth in the upcoming years. the increasing use to help companies of all sizes solve their business problems. As, small business features, pricing, setup, and installation differ from businesses of other sizes, where companies provide customized solutions right small business digital process automation to fit specialized needs.
By business function, the supply chain automation segment contributed to more than one-third of the global digital process automation market share in 2021, and is projected to rule the roost by 2031. The claims automation segment, on the other hand, would display the fastest CAGR of 15.2% throughout the forecast period. The other segments assessed through the report take in sales process automation, and marketing automation.
By deployment type, the on-premises segment contributed to nearly one-third of the global digital process automation market share in 2021, and is projected to rule the roost by 2031. The cloud segment, on the other hand, would display the fastest CAGR of 14.8% throughout the forecast period.
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By Industry vertical, the BFSI segment accounted for the highest share in 2021, generating around one-fourth of the global digital process automation market revenue. The retail segment, simultaneously, would portray the fastest CAGR of 17.1% during the forecast period. The IT and telecom, healthcare, manufacturing, and other segments are also analyzed through the report.
Region-wise, North America held a significant global digital process automation market share, due to the region’s increasing demand for enhanced end-user services, U.S. and Canada currently dominate the regional market for North America. The main drivers of the growth of the digital process automation market in this region is increase in the integration of artificial intelligence (AI) and machine learning (ML) in automation and surge in adoption of the low-code automation platform are the primary factors that drive the growth of the digital process automation market forecast in Asia-Pacific, North America, Europe, and LAMEA.
During the pandemic, there was rapid adaption of automation technologies such as digital process automation with industry AI and ML. This advanced technological innovation played a key role in better understanding and addressing the COVID-19 crisis by enabling computers to mimic human intelligence and ingest large volumes of data to quickly identify patterns and insights.
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In the pandemic, the IT department played a major role as digital process automation requires careful thought regarding the choice of technology, integration with existing systems, and compatibility with other ongoing IT modernization projects. In the long-run outlook, the market witnessed a significant upturn, as much of the world moved online, accelerating a digital transformation that has been underway for decades. Children with at-home Internet access began attending class remotely; many employees started working from home, and numerous firms adopted digital business models to maintain operations and preserve some revenue flows.
Key players profiled in the report include Appian, Cognizant, SS&C Technologies, Inc., IBM Corporation, Infosys Limited, LTIMindtree Limited, Open Text Corporation, Oracle Corporation, Software AG, and Pegasystems Inc. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the digital process automation market.
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