Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Digital Process Automation Market By Component, By Business Function, By Organization Size, By Deployment Type, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global digital process automation market was valued at $12.37 billion in 2021, and is estimated to reach $42.7 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.
Digital process automation (DPA) is the use of technology to automate and streamline business processes. This can include tasks such as data entry, document management, and workflow management. The goal of DPA is to improve efficiency, reduce errors, and increase productivity.
DPA typically involves the use of software such as robotic process automation (RPA) tools, which mimic the actions of a human worker, and can be programmed to perform repetitive tasks. DPA can also include the use of artificial intelligence (AI) and machine learning (ML) to automate decision-making processes and analyze data. Additionally, DPA can integrate with other technologies such as cloud computing, big data and analytics, and the internet of things (IoT) to enhance automation capabilities.
Key factors driving the growth of the digital process automation market include increase in the integration of AI and machine learning in automation and surge in adoption of the low-code automation platform are driving the growth of the market.
Various automation solutions have been tailored by low-code automation platforms to automate repetitive, structured, and non-cognitive processes. In addition, automation enables businesses to focus on strategic value-added activities, customer experience, and leadership, while robots perform supporting tasks effectively and seamlessly.
This has resulted in increased operational efficiency due to better optimization of resources drives the digital process automation market growth. Furthermore, the increasing switch to digital technology is visible all around us, and it has become imperative for organizations to effectively align business Strategies, not only as a response to this change but also to pave the way for digital transformation.
The market also offers growth opportunities to the key players in the market. Surge in the proliferation of Robotic Process Automation (RPA) solutions in business practices is leading to the introduction of intelligent automation products which are continuously evolving to bring in more capabilities.
This is expected to create a growth opportunity for the market. In addition, leading RPA vendors have all started to offer hyper-automation capabilities, this included cognitive technologies and other advanced tools such as process mining tools, workforce enablement capabilities, and advanced analytics. These enhanced capabilities using evolving AI technologies empower business, IT, and citizen developers to contribute to the automation transformation in business practices to create new avenues for the expansion of the global market in the forecasting years.
Furthermore, leading RPA vendors have all started to offer digital automation capabilities. RPA serves as the starting point for adopting cognitive technologies and other advanced tools such as process mining tools, workforce enablement capabilities, and advanced analytics. Robots thus act as complements to the existing workforce and end-to-end processes can be automated more quickly instead of following a band-aid approach. These technical developments in automation solutions significantly pave numerous opportunities for market growth.
Key Benefits
- The study provides an in-depth analysis of the global digital process automation market forecast along with the current & future trends to explain the imminent investment pockets.
- information about key drivers, restraints, & opportunities and their impact analysis on global digital process automation market trends is provided in the report.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
- Solution
- Services
By Business Function
- Sales Process Automation
- Supply Chain Automation
- Claims Automation
- Marketing Automation
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
By Deployment Type
- On-Premises
- Cloud
By Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Manufacturing
Market Dynamics
Drivers
- Increase in the integration of AI and Machine learning in Automation
- Surge in adoption of the low-code automation platform
Restraints
- Data security and privacy
- Lack of technical expertise
Opportunities
- Surge in proliferation of Robotic Process Automation (RPA) solutions in business practices
Key Market Players
- Cognizant
- IBM Corporation
- Infosys Limited
- Open Text Corporation
- Oracle Corporation
- Pegasystems Inc.
- Appian
- SS&C Technologies, Inc.
- LTIMindtree Limited
- software ag
For more information about this report visit https://www.researchandmarkets.com/r/8gg0tf
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