Market Research Future takes into account the impact of the novel COVID-19 pandemic on the global digital process automation market 2020. It offers a clear assessment of the projected market fluctuations during the forecast period (2018–2023) with USD 14 billion from USD 6 billion in 2017. Various factors are likely to impact the overall dynamics of the digital process automation market with a high 15?GR in the same forecasted period.
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Top Grossing Factors
Coronavirus pandemic has forced many companies in the digital process automation market to halt their business operations to abide by the new government rulings. The driving force behind the market is attributed to be rapid automation, which is being witnessed in business processes such as sales, marketing, inventory control, production, IT, supply chain, and administration. Companies across all industries realize the consequence of automating business processes for promoting end-to-end customer experience, aiming to retain customers.
Digital process automation has been witnessing a rise in user cases in streamlining business processes. Rapid strides made in digital transformation by businesses in various end-use industries will persist to continually expand the horizon of the market for the future purpose. Some of the business functions that profit from digital process automation are supply chain claims, sales, and marketing. Various industry verticals are improving their business processes with the adoption of digital process automation. The industries are media and entertainment, healthcare, transport and logistics, energy and utility, IT, telecom, as well as retail and consumer goods.
MRFR also estimates that the rapid pace of digital process transformations in businesses focused on suppliers, customers, and partners are opening new windows of opportunity in the digital process automation market. The rising demand for a low-code automation platform is possible to bolster the demand in various industry verticals during the projected period.
On the flip side, the factor of deficient of technical expertise, coupled with extensive security concerns, is likely to dampen the prospects of the digital process automation market’s growth during the growth phase.
Segmentation of Market
The global digital process automation market has further been segmented along the following lines:
In terms of the services segment, the market has included professional and managed services. Of these, professional services segment commands and are likely to retain the position over the forecast period with the highest growth rate.
In terms of industry vertical segment, the market has included consumer electronics, BFSI, manufacturing, healthcare, retail, and transportation. Among these, the manufacturing sector cleaves to the largest share in the global digital process automation market currently. However, the retail sector might exhibit the highest growth rate over the assessment period.
In terms of the deployment segment, the market comprises of an on-cloud and on-premise deployment. The on-cloud solutions segment is likely to remain the popular option in the digital process automation market over the assessment period.
In terms of organization size segment, the market is bifurcated into large enterprises and small and midsized enterprises (SMEs). Of these, large enterprises are the escorts in the current time. However, as more small and midsized enterprises learning about the benefits of digital process automation, and are likely to approve it in high volume, leading to an elevated growth rate for the segment over the assessment period.
The study takes a closer look at critical regional dynamics and the trends that will create lucrative avenues in emerging regional markets for digital process automation.
In support of the presence of sizeable digital process automation vendors in the region of North America, it is expected to contribute to market expansion significantly. The foremost trends responsible for the growth of the digital process automation market in this region include the diverse packaging that surges demand for advanced sensing technology, which will directly impact the increase of automated products. The United States is appreciably growing in support of improved technology and streamlined global supply chains or logistics. Such emergence of international logistics networks among the United States manufacturers can now capably deliver the finished products and raw materials anywhere around the world.
The ell-known vital players in the global digital process automation market are IBM, Pegasystems, Appian, Oracle, DST Systems, Software AG, Dxc Technology, Opentext Corporation, Cognizant, Infosys, Newgen Software, Mindtree, Bizagi, Tibco Software, Ayehu Software Technologies, Nintex, Helpsystems, Integrify, and Innov8tif.
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