The digital process automation market is expected to exhibit a stellar 15% CAGR over the 2017-2023 forecast period and will reach USD 14 billion by 2023. Today, the operations of any business are complex. It is essential to adapt to new technologies to improve their workflow. Automation can help in higher productivity and efficiency in any industry. Also, the risks and errors are less with the adoption of automation.
Rising automation widens the business allocations in IT, production, sales, inventory control, etc. Today, companies are well aware of the benefits of adopting such technologies. There is a great end to customer experience due to the development in any organization.
Health care, telecommunications, IT, media, entertainment, logistics, transport and retail, are some of the business ageing demands for process automation. The need for digital process automation will be surging during the forecast period. Saving plenty of business is the cost possible with digital process automation. The integration of advanced technologies is expected to be a common practice in many companies. All these factors will tremendously increase the digital process automation market value.
The covid 19 has affected many global industries. The various lockdowns and restrictions are affecting the market activities. Various businesses are shut downing its operations. Also, work from home is adopted in plenty of businesses. The digital process automation market is facing few challenges. Slowdown in the deployment of digital process automation is affecting the market demand. Most of the business is not adopting any technologies in the recent years. There is economical crisis due to the pandemic. Due to this the businesses are not able to invest in technologies. The less investments is affected the revenue of the digital process automation market. The revenue decrease of the digital process automation market is high. However, in the upcoming years the digital process automation market is expected to witness high growth. The demand will gradually increase in the upcoming years.
Crucial Market Drivers
The sharply surging demand for automation in enterprises is a crucial driver. Digital process modifies the organisaions work. The streamlining of workflow is efficient through proves automation. The solution of this system is empowering too many organizations. More innovations and solutions are possible through this system. The low code concept of process automation combines business and IT. Through this, the businesses are able to respond to their customers well. The traditional organizational processes are highly tied consuming. They are inefficient and lead to plenty of risks in any organization. The business finds it hard to cope with customers requirements with traditional methods. However, with the digital process automation the business is approaching the future. Affecting, productivity and cost management is exceptional through this. Customer experience through the digital process automation is bringing extraordinary changes in nay business. These are the causes for high demand for process automation. The user end of this market is wide. It leads to more demand for digital process automation in the forecast period.
Market Growth Opportunities
The integration of AI and machine learning will bring wide range of opportunities for the digital process automation market. Due to the drawbacks of the existing technologies business are ready to choose advanced technologies. Both the small, medium and large scale organization are adapting to digital process automation for more efficiency. Digital process automation is a wide market with both software and services. Plenty of organisational solutions are available through the services platform of the market. With centralized help organizations are able to perform better. The development in the dutiable process automation will create more opportunities and varied services for business. The robotic process and AI integration is a crucial development of this market. AI creates a competitive edge in any organization. It is possible to prevent human error, wastage and manual work. The digital workforce can handle any organizational task efficiently. The accuracy of the tasks is more with AI digital proves automation. With this development the end users for the digital process automation market will grow. Also, demand rate will be exceeding with AI integration. All these growth opportunities will lead to more expansion and high predictability for the market.
The Market Restraints
Lack of technical expertise is a major restraint of the digital process automation market. The new age technologies are complex to handle. The technologies such as industrial internet and advanced analytics require expert help. The process automation is tough with different types of automation. Technical support is essential to carry out the tasks efficiently. Also, an expert with analytics skills is needed to operate the automation technologies. The lack of available experts to handle these processes is a restraint for the market. More business knowledge and training is needed for the individuals. Without proper training or experts the demand rate for the market can slow down. Less awareness can hamper the growth for digital process automation.
The Market Challenges
Today, many of the industries are quick to adopt digital process automation. However, the implantation costs are a significant challenge of the armlet. Further, most of the business environment is not compatible for automation. The legacy systems and outdated technologies make the adoption process difficult. To adopt automation, more investments and new systems are required. However, the financial position of many companies does not allow this change. To interact the new technologies into legacy system is time consuming. Even this may cause more costs to repair and integrate the new solution of process automation. Especially, the integration of cloud bases process automation solution is difficult in legacy systems. Most of the organization environment is not favourable for the digital process automation market. All this can restrict the growth of the market.
Cumulative Growth Analysis
The Digital process automation trends are rising rapidly in the forecast period. The service segment of process automation market is witnessing the highest demand. Managed services of the market assists the organization with IT applications. Further, the demand driving factor of the market such as high demand from various verticals continually enable growth. However, the lack of technical experts is restricting the growth. Also, the high implementation cost is a barrier for the market demand. The growth opportunities of the market sustain the positive trend of the digital process automation market.
Value Chain Analysis
Asia pacific market is the dominating regional player of digital process automation market. The adoption of digital overseer automation is exceptional in this region. The market scenarios are favourable in this region. There are governmental initiatives that encourage organization to adopt process automation. Also, it is a region with high growth in IT and other businesses. The need for digital process automation is highly essential. The benefits of productivity, efficiency and customer experience can bring ore profits to businesses. Therefore, the key players in the region are enabling more companies to adopt process automation. The ongoing development in the Asia pacific region will boost the overall demand for digital process automation.
By Business Function
By Organisation Size
By Industrial Vertical
The competition in the digital process automation market is getting severe in the forecast period. There are plenty of advancements in the cloud and on premise segment of the market. Also, the services segment will hold maximum shares. Further, acquisition, partnerships and expansion are key strategies in competitive landscape.
The key regional players of digital process automation market are Asia pacific, Europe and North America. Earlier adoption of digital process automation will create more demand in the Asia pacific region. The advancements in the digital process automation market are high in the forecast period. North America is the next largest region with high growth. The presence of key player will bring more development in North America. WE and Canada are the key contributors for high market revenue. The investments from these key players are high for the market. Also, Europe is witnessing more demand in forecast period. There are plenty of businesses in this region automation. All these factors will create high growth among regional players.
The key players of the digital process automation market are
Pegasystems launched Pega Infinity, a next-generation digital transformation suite. Pega Infinity helps organizations accelerate the digital transformation of their businesses while enhancing customer experience.
DXC Technology launched DXC Application Service Automation, enabling organizations to automate application management tasks. DXC Application Service Automation is powered by DXC Bionix. It comprises 4 components, namely, DXC autoDetect, DXC autoManage, DXC auto-resolve, and DXC auto improve, which empower clients to troubleshoot application issues and reduce turnaround time proactively.
OpenText upgraded OpenText Release 16 by launching Enhancement Pack 4 (EP4) for its state-of-the-art Enterprise Information Management platform. This major technological upgrade would provide robustness to its EIM platform with advanced security, AI, and cloud support.
Newgen Software launched OmniScan 4.1, an advanced distributed document scanning solution to digitize and deliver critical business information.
TIBCO launched the TIBCO Jaspersoft 7 to streamline the workflow of designing data visualizations by integrating them into web and mobile applications and also help companies in the deployment of embedded analytics.
|Market Size||USD 14 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Services, Industry Vertical, Deployment, Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM, Oracle, Pegasystems, Appian, Software AG, DST Systems, Opentext Corporation, Dxc Technology, Infosys, Cognizant, Mindtree, Newgen Software, Tibco Software, Bizagi, Nintex, Ayehu Software Technologies, Integrify, Helpsystems, and Innov8tif|
|Key Market Opportunities||Rapid strides made in digital transformation by businesses in various end-use industries will persist to continually expand the horizon of the market.|
|Key Market Drivers||
The valuation of the digital process automation market by 2023 would be USD 14 bn.
The digital process automation market valuation in 2017 was USD 6 bn.
The digital process automation market CAGR would be 15% during the forecast period of 2018 to 2023.
Europe has the potential to lead the digital process automation market.
The players to provide traction to the digital process automation market are Pegasystems, IBM, Oracle, DST Systems, Opentext Corporation, Appian, Software AG, Cognizant, Dxc Technology, Infosys, Newgen Software, Mindtree, Bizagi, Nintex, Tibco Software, Helpsystems, Ayehu Software Technologies, Integrify, and Innov8tif.