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Digital Process Automation Market Size will Grow at a CAGR of 8.5% | Valuates Reports
Digital Process Automation MarketThe global Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027. The digital process automation market is anticipated to increase as a result of rising automation demand and rising low code automation platform adoption.
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Trends Influencing the Growth of Global Digital Process Automation Market
The banking, financial, and insurance industries face many issues, including rising costs, a lack of
talented people, outmoded banking practices, data breaches, and an onslaught of laws. BFSI must make
use of the enormous advantages of digital process automation if it is to remain on top of these problems.
Robotic process automation is a type of software-based automation that is more effective than humans at
carrying out repetitive tasks. Digital process automation makes it possible to process massive amounts of
data more quickly, accurately, and affordably. Additionally, these institutions can simply automate high-
volume workflows, track crucial accounts, do security checks, and even improve client experiences with
the help of digital process automation. This in turn is expected to drive the growth of the Digital Process
Automation Market
Better Compliance with Regulations Meeting strict compliance rules is a difficult issue for firms in the
banking, finance, and insurance sectors. Digital Process Automation assists in addressing some of the
main requirements of regulatory compliance by automating repetitive and routine processes. Banks can
handle reconciliation, fraud and risk, quality assurance processing, regulatory monitoring, and compliance
reporting by utilizing the potential of digital process automation.
By optimizing workflow to support important business initiatives, digital process automation aids
enterprises in changing the way they conduct business. With no new code required, the solutions and
services enable enterprises to quickly create and implement novel applications or solutions. Low-code
development unites business and IT to swiftly and cooperatively produce new customer-facing
applications. Organizations must rely on software developers because the conventional way of developing
software/applications takes a long time. The traditional approaches also impede an organization's ability
to react swiftly to changes in the market and shift client expectations on an enterprise scale. Organizations
can constantly enhance the customer experience, develop more quickly, and generate more income thanks
to low-code automation platforms. This factor is expected to drive the growth of the Digital Process
Automation Market.
The need to create more sophisticated and intuitive customer experiences is expected to drive the growth
of the Digital Process Automation Market. Organizations can use digital process automation to expand on
their investments in data, systems, and APIs to develop more sophisticated and user-friendly customer
journeys. Digital process automation's integration capabilities enable continuous data flow across all
channels, giving you the knowledge and insights, you need to succeed.
Cost savings are still being experienced by many DPA users, despite the fact that this is not their primary
objective. The beauty of digital process automation is that cost savings and better client experiences go
hand in hand. This is expected to further drive the Digital Process Automation Market. Customers
frequently enjoy speedier and more transparent experiences as a result of cost-cutting efficiency.
The anxiety and anguish of having to replace legacy technologies are one of the biggest barriers to
completing the digital transformation. To improve client experiences without having to give up what they
already have, digital process automation technologies can wrap legacy systems with a process-centric
application layer that empowers staff and boosts agility.
Digital Process Automation Market Share Analysis
Based on type, the service segment is expected to be the most lucrative. The software life cycle, which
also encompasses deployment, integration, product upgrade, maintenance, training, and consulting,
incorporates services as a crucial component.
During the forecast period, the BFSI segment will hold the greatest market share. Demand for this market
segment is being fueled by aspects related to the benefits of digital process automation, such as effective
processing and output, decreased time delays, and improved security.
Due to the presence of significant digital process automation suppliers in the area, North America is
anticipated to have the greatest market size throughout the projection period. When it comes to the
adoption of new technologies and the optimization of IT infrastructure, this region is likewise regarded as
one of the most advanced.
Digital Process Automation Market Segmentation
By Type
• Solution
• Services
By Application
• Manufacturing
• Retail & Consumer Goods
• BFSI
• Telecom & IT
• Transport & Logistics
• Energy & Utility
• Media & Entertainment
• Healthcare
• Others
Key Players
• IBM
• Pegasystems
• Appian
• Oracle
• Software AG
• DST Systems
• Opentext
• Dxc Technology
• Infosys
• Cognizant
• Mindtree
• Newgen Software
• Tibco Software
• K2
• Bizagi
• Nintex
• Ayehu Software Technologies
• Integrify
• Helpsystems
• Innov8tif
• Novatio Solutions
• Bonitasoft
• Cortex
• PMG
• Blue-Infinity
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