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Digital Process Automation Market Analysis, Trends, Size And Insights 2024 To 2033
Digital Process Automation Market Analysis
Digital Process Automation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $24.29 billion In 2028 At A CAGR Of 13.9% :
The digital process automation market size has grown rapidly in recent years. It will grow from $12.68 billion in 2023 to $14.42 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to legacy system modernization, cost reduction initiatives, regulatory compliance requirements, customer experience improvement, business agility and adaptability.
The digital process automation market size is expected to see rapid growth in the next few years. It will grow to $24.29 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to hyperautomation strategies, rise of low-code and no-code platforms, cloud-based dpa solutions, focus on employee experience, dynamic case management. Major trends in the forecast period include hyperautomation and intelligent process automation, low-code and no-code platforms, process mining for optimization, integration with robotic process automation (rpa), security and compliance.
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Digital Process Automation Market Major Segments
1) By Component: Solution, Service
2) By Deployment: On-Demand, On-Premise
3) By Organization Size: Small And Medium Sized Enterprises, Large Enterprises
4) By End User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, IT And Telecommunication, Aerospace And Defense, Healthcare, Retail And Consumer Goods, Other End Users
Key Driver - Impact Of Cloud-Based Solutions On The Growth Of Digital Process Automation
The rise in the adoption of cloud-based solutions is expected to propel the growth of the digital process automation market going forward. A cloud-based solution is a concept for providing on-demand access to a shared pool of configurable applications and services that can be quickly deployed and delivered via the internet with low administration work. Digital process automation providers offer services to a broader customer base by leveraging cloud infrastructure, eliminating the need for extensive hardware or on-premises installations, and lowering the barriers to entry for businesses looking to incorporate AI into their operations, as they can easily access AI capabilities through a subscription-based model. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-%age point (pp) increase from 36% in 2020. Therefore, the increasing adoption of artificial intelligence (AI) is driving the growth of the digital process automation market.
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Prominent Trend - Increasing Focus On Launching IOT-Enabled Open Digital Business Platform To Gain A Competitive Edge
Major companies operating in the digital process automation market are integrating their efforts to launch IoT-enabled open digital business platforms, such as Siemens Xcelerator, to gain a competitive edge. It is a platform that gives companies access to tools and services that let them digitize their processes, automate work, and enhance client experiences. For instance, in June 2022, Siemens AG, a Germany-based automation company, launched the Siemens Xcelerator. This open digital business platform enables customers to speed up their digital transformation by providing access to a curated portfolio of IoT-enabled hardware and software. It is a powerful tool that helps organizations of all sizes achieve their business goals and accelerate their digital transformation. It is a one-stop shop where organizations can access all the products and services they need to connect their physical systems to the digital world, collect and analyze data, and automate their processes.
Digital Process Automation Market Players
Major companies operating in the digital process automation market report are Microsoft Corporation, Infosys Limited, Siemens AG, General Electric Company, Panasonic Holdings Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, SAP SE, ABB Ltd., Cognizant, Rockwell Automation Inc., ServiceNow Inc., Yaskawa Electric Corporation, OpenText Corporation, NICE Systems Ltd., Pegasystems Inc., Software AG, TIBCO Software Inc, UiPath, Automation Anywhere, Appian Corporation, Nintex Global Ltd., K2 Partnering Solutions, Bizagi, Laserfiche, Zapier, BP Logix Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Process Automation Market Report Structure
3. Digital Process Automation Market Trends And Strategies
4. Digital Process Automation Market - Macro Economic Scenario
5. Digital Process Automation Market Size And Growth
…..
27. Digital Process Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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