May 21, 2020 11:49 AM ET
iCrowd Newswire – May 21, 2020
According to the new research report published by The Insight Partners, titled “Automation-as-a-Service Market – Global Analysis and Forecast to 2027”, the global automation-as-a-service market is expected to reach US$ 23.40 Bn in 2027, registering a CAGR of 27.5% during the forecast period 2019-2027.
The ICT companies and various industry players are planning to make substantial investments in automation solutions and services. The automation platforms offered by the vendors along with the technology-oriented automation proficiency enable the clients to focus on creating better business value. Apart from the large enterprises, various SMEs around the world are also adopting the automation services to ease their business operations. This trend is predominantly driven by the presence of new category of cloud only solutions, which help in minimizing integration complexities and installation costs with quick setup.
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Advancements in robotics, artificial intelligence, and machine learning are ushering in a new age of automation, as machines match or outperform human performance in a range of work activities, including ones requiring cognitive capabilities. Automation of activities can enable businesses to improve performance, by reducing errors and improving quality and speed, and in some cases achieving outcomes that go beyond human capabilities. Automation also contributes to productivity, as it has done historically. At a time of lackluster productivity growth, this would give a needed boost to economic growth and prosperity and help offset the impact of a declining share of the working-age population in many countries.
Growth of novel technologies including cognitive computing, machine learning, and artificial intelligence is expected to promote the development of automation tools at a rapid pace. Application of intelligent technologies among the innovation leaders and business pioneers is predicted to create a platform that would lead to development of improvised framework, which would incorporate everything from staffing and general expenses to execution and productivity. Further, organizations around the world are highly investing in innovative and disruptive technologies such as RPA, process automation, AI, ML, Blockchain, and others to drive optimization and refocus their critical resources on tasks that boost revenue growth and innovation.
The global market for automation-as-a-service is projected to exhibit high growth in near future. Factors including cost benefits offered by automation solution and rapid product innovation by the technology providers are propelling the adoption in diverse industry verticals. However, alterations in operating procedures and business rules impacting the efficiency are might hinder the market growth during the forecast period.
Merger & acquisition strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is mostly observed in Europe and APAC. The players present in the Automation-as-a-Service market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally. Some of the merger and acquisition strategies were observed in North America and Europe regions:
2019: In May 2019, Pegasystems Inc. acquired In the Chat Communications Inc., a Canada-based digital customer service platform provider. The acquisition would allow In the Chat to automate its customer service, which amalgamates social media, email, messengers, chatbots, and other platforms into a conversation with customers.
2018: In April 2017, Accenture PLC acquired Genfour Ltd., a UK based company. The acquisition fortified the company’s abilities as a prominent provider of intelligent automation services.
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Keywords: Automation-as-a-Service Market, Automation-as-a-Service, Automation-as-a-Service Market 2020, Automation-as-a-Service Market 2027