Automation as a Service Market to Reach $12.37 Bn, Globally, by 2026 at 25.3% CAGR, Says Allied Market Research

Ease of doing business, reduction in workforce cost, and adoption of the services technologies drive the growth of the global automation as a service market

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Allied Market Research

Dec 09, 2019, 07:50 ET

PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automation as a Service Market by Component (Solution and Services), Business Function (Information Technology, Sales and Marketing, Operations, Finance, Human Resources, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, Telecom & IT, Retail, Healthcare, Manufacturing, Government & Defense, Energy & Utilities, Media & Entertainment, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global automation as a service industry was pegged at $2.09 billion in 2018 and is projected to reach $12.37 billion by 2026, growing at a CAGR of 25.3% from 2019 to 2026.

Prime determinants for market

Ease of doing business, reduction in workforce cost, and adoption of the services technologies have boosted the growth of the global automation as a service market. However, data security and privacy and constantly changing the automation technology landscape hamper the market growth. On the contrary, growing adoption among SMEs is expected to create lucrative opportunities in the near future.

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The services segment to portray the fastest growth through 2026

The services segment is expected to register the fastest CAGR of 26.8% during the forecast period, owing to rise in need for automation in an almost entire business process. However, the solution segment held the lion's share in 2018, accounting for more than two-thirds of the global automation as a service market, as automation solutions are cheaper and fastest to deploy.

The healthcare segment to register the fastest CAGR by 2026

The healthcare segment is anticipated to register the fastest CAGR of 29.0% during the forecast period, owing to high adoption of analytics, advent of industry 4.0, and rise in need for business agility in healthcare industries. However, the BFSI segment dominated the global automation as a service market in 2018, contributing to nearly one-fifth of the market. This is due to increase in adoption of technological solutions for diverse applications such as data analytics, fraud detection, and others.

North America dominated the market

The global automation as a service market across North America is expected to hold the largest share in 2018, contributing to around two-fifths of the market. This is owing to its compatible infrastructure and need to stay ahead in the global market. However, the market across the Asia-Pacific region is expected to manifest the fastest CAGR of 29.0% during the forecast period, owing to the high penetrations SME's and demand for high business agility in the region.

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Major market players

Automation Anywhere, Inc.
HCL Technologies Limited
Blue Prism Limited
International Business Machines Corporation
Hewlett Packard Enterprise Company
Microsoft Corporation
Kofax Inc.
Pegasystems Inc.
NICE Robotic Automation
UiPath

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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