Automation Software Market to reach USD 76.4 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Automation Software Market Size accounted for USD 19.9 Billion in 2021 and is estimated to achieve a market size of USD 76.4 Billion by 2030 growing at a CAGR of 16.5% from 2022 to 2030.

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Automation Software Market Overview

Automation software is a type of technology that reduces the requirement for human involvement and may be employed in practically any sector. Automation software is intended to convert recurring, routine processes into autonomous operations.

Automation Software Market Growth Factors

• Increasing mass manufacturing adoption while lowering operating costs
• Extensive adoption of Industry 4.0 and digital infrastructure
• Rising adoption of burgeoning digital industrialization, such as the industrial Internet of Things (IIoT)

Automation Software Market Trends

With the emergence of sensing devices and high-bandwidth internet, industries are concentrating on improving plant performance. The existence of a significant number of businesses that operate in automation, as well as the introduction of novel solutions, is likely to boost the particular market's growth. The participants' approach to expanding the financial system and enhancing customer experience is predicted to have an influence on the expansion of the automation software market. Temenos AG will deploy its digital financial services technology solutions in the United States in 2020. The technology would allow clients to open digital-only financial transactions for 90 days, allowing banks to satisfy rising consumer demand while remaining competitive in the marketplace. Temenos AG is a Swiss bank-based technology service company. This is key to improving the corporation improve its operations and raise its revenue share.

Besides that, issues such as a shortage of decent infrastructure in emerging nations for the adoption of innovative devices, as well as a shortage of experienced personnel, are likely to impede the growth of the worldwide automation software market. Furthermore, the high cost of integrating innovative solutions into the current structure is projected to limit the target market's growth. However, rising government expenditure on new additional skills, high investment by major corporations and future product introductions are projected to provide new possibilities for players in the automation software market throughout the forecast period. Furthermore, the growing collaboration between regional and worldwide players is likely to assist the target market's revenue growth.

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Automation Software Market Segmentation

The global automation software market has been segmented by Acumen Research and Consulting based on product, and application. By product, the segment is separated into cloud, and on-premises. According to the automation software market forecast, the cloud category is predicted to develop significantly in the next years. In terms of application, the market is categorized into BFSI, retail and consumer goods, healthcare and life sciences, media and entertainment, IT and telecoms, manufacturing, travel and hospitality, education, and others.

Automation Software Market Regional Overview

The global automation software market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to an automation software industry analysis, North America is predicted to account for a significant revenue share in the global market. This is owing to the gamers' preference for automating operations. The government is working to improve infrastructure in order to facilitate the use of modern technology. The US government has stated that it will invest $10.9 billion in intelligent process automation by 2021. While spending on artificial intelligence (AI) and robotic process automation (RPA) solutions is predicted to be lower, at US$ 4 billion and US$ 5.4 billion, respectively. The use of intelligent process automation in each and every industrial vertical approach to improving operational efficiency and cost reduction is growing.

In the coming years, Asia-Pacific is predicted to experience significant market growth. This is owing to the government's large infrastructure spending. With the development of machine learning, artificial intelligence, and robotic technology, rapid industrialization in developing countries is changing economies with automated systems. Government spending on healthcare development is rising, and the trend toward using advanced robotics to help with service delivery is projected to fuel the expansion of the industrial automation software market.

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Automation Software Market Players

Some of the prominent automation software market companies are Click Dimensions, Oracle, Sendinblue, Acoustic, GetResponse, Act-On Software, ActiveCampaign, Salesforce, SAS, and HubSpot.

Automation Software Market Strategies

Favorable economic schemes and regulations by the regional administration, the creation of SME firms with new solutions, and continued spending for automation in a variety of industries are projected to be important factors driving the worldwide marketing automation software market growth. Moreover, increased acquisitions and mergers, and innovative product introductions to improve business and increase client base are projected to drive industrial automation software market growth.

Some of the key strategies in market:

• In 2021, UiPath, a prominent corporate automation software provider, founded Ireland's first automation academy to train the country's professionals on automation. This rollout is supposed to help the business increase its operations and attract new consumers.

• In 2021, Sopra Banking Software introduced a software "Marketplace" to speed platformization & modernization of financial institutions. This can assist BSFIs in utilizing digitization for banking, security, customer service, data management, documentary management, and visualization.

• In 2020, Automation Anywhere, an RPA pioneer, built an AI-powered banking assistant to reduce SBA loan processing time from three days to three weeks. This new launch is intended to assist the company in growing its operations and broadening its product portfolio in the BFSI industry.

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