Automation-as-a-Service Market | Strategic Assessment, Current Trends, Segmentation
The Global Automation-as-a-Service Market revenue was estimated at 2.6 billion in 2019 and is expected to register a CAGR of 26.9% over the forecast period. The growing adoption of automation across all end-user industries, expanding the scope of cloud computing, and increasing IIoT devices are some of the major factors driving the growth of the studied market. The increasing demand for virtual workforce, business process automation, and growing advancements in cognitive computing and reducing costs of automation solutions further augment the need for automation as a service platform.
– Due to the recent COVID-19 outbreak, the market is witnessing a significant rise in self-service channels, remote workspaces, ‘as a service’ models, productized services, and comprehensive AI technology. This has further accelerated the adoption rate within a few months. The automation as a service (AaaS) is helping businesses and enterprises in transforming their service delivery and operations process, to achieve higher accuracy, cost savings, and productivity. AaaS solutions can quickly, effectively, and inexpensively automate time-consuming, highly repetitive, and accident-prone internal IT and business processes, and can help business pass resources to other business functions and segments.
– The continuous development in the new technologies of AI, machine learning, cloud computing, and the Internet of Things (IoT), and its implementation across different organizations, have paved new avenues for the significant development of AaaS.
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Key Market Trends
BFSI is Expected Hold Major Share
– BFSI is one of the significant adopters and investors in the studied market, owing to a high rate of automation adoption across business process applications. Automated teller, draft deposit, and cash deposit machines are some of the initial applications of automation solutions in the sector. AaaS is also helping in aggregating information to review loan applications, validate the credit profile, and automate the processing of loan to the customer. AaaS cam play a significant role in processes such as customer service, compliance, invoice digitization, mortgage processing, credit card approval, detection of fraud, know your customer (KYC) processing, and account closing process.
– Growing adoption of virtual assistants and bots across customer service industries, like BFSI, is further expanding the studied market growth. And the number could significantly increase due to the recent COVID-19 crisis. The recent COVID-19 gave an unexpected boost to automation adoption, which is also surging demand. According to automation Anywhere, businesses began scaling up their digital transformation efforts, and the company witnessed a surge in demand and interest from customers for a rapidly scalable infrastructure on the cloud.
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