New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Process Automation Market Research Report: By Component, Business Function, Deployment Type, Organization Size, and Industry Vertical. - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 24.63 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 10.8 % during the assessment timeframe.
Digital Process Automation Market Key Players
Prominent industry players profiled in the global digital process automation market report include
- IBM Corporation,
- Bizagi Group Limited,
- Pegasystems Inc.,
- Appian Corporation,
- Oracle Corporation,
- Software AG,
- DST Systems Inc.,
- OpenText Corporation,
- Newgen Software Technologies Ltd.,
- TIBCO Software Inc,
- Bonitasoft,
- Blue-Infinity,
- DXC,
- Infosys and others.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 24.63 Billion |
| Growth Rate | CAGR of 10.8 % from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing demand for streamlining business processes Integration of AI and Machine Learning |
| Key Market Drivers | Increasing demand for automating business processes Increasing adoption of the low-code automation platform |
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Digital Process Automation Market Drivers
Increasing Integration of ML and AI in Automation to Boost Market Growth
Due to its ability to help users save time and labor, AI is being adopted in the automation sector at a never-before-seen rate for extremely demanding and repetitive activities. The adoption of the digital process automation is being fueled by the introduction of automation, which has replaced a system established by fusing man and machine with computers and machines. Additionally, the adoption of the digital process automation has intensified the competitiveness among suppliers to provide goods that are effective and of high quality. Additionally, a rise in integration of such cutting-edge technologies offers higher capabilities at lower licensing prices. The cost of licensing is anticipated to go down as more competitors enter the market, which will further encourage IA usage, which in turn will fuel market expansion during the projection period.
Opportunities
Increasing Adoption in BFSI to offer Robust Opportunities
The banking, financial, & insurance sectors are plagued by a number of problems, such as rising expenses, a shortage of qualified workers, antiquated banking procedures, data breaches, and an overabundance of legislation. To stay on top of these issues, BFSI must utilize the tremendous benefits of digital process automation. Software-based automation known as "robotic process automation" is better than people at doing repetitive activities. The processing of enormous amounts of data can be done more rapidly, precisely, and economically thanks to digital process automation. These organizations may also track important accounts, perform security checks, automate high-volume procedures, enhance client experiences, and more with the use of digital process automation. This is then anticipated to fuel the expansion of the market for digital process automation.
Restraints and Challenges
Dearth of Technical Expertise to act as Market Restraint
The dearth of technical expertise and privacy & data security may act as market restraints over the forecast period.
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Digital Process Automation Market Segmentation
The global digital process automation market is bifurcated based on component, business function, deployment type, organization size, and industry vertical.
By component, services will lead the market over the forecast period.
By business function, supply chain automation will domineer the market over the forecast period.
By deployment type, on premises will spearhead the market over the forecast period.
By organization size, large enterprise will have the lions share in this market in the assessment period.
By industry vertical, BFSI will have the largest share in this market over the forecast period.
Digital Process Automation Market Covid-19 Analysis
COVID-19 has an effect on numerous international industries. The multiple restrictions and lockdowns have affected market activity. Many businesses have stopped operating. In many businesses, working from home too gained popularity. Digital process automation again has encountered few challenges in the market. The slowdown in the introduction of the digital process automation has had an influence on market demand. Most businesses in recent years have not embraced any innovations. An economic catastrophe has resulted from the pandemic. As a result, companies are unable to make investments in cutting-edge technology. The revenue of this sector decreases with decreasing investment. Significant revenue decreases are being seen by the digital process automation sector. The market for digital process automation, however, is anticipated to grow quickly in the next years.
Digital Process Automation Market Regional Analysis
North America to Head Digital Process Automation Market
Due to recent developments in automation employing sector-specific AI and ML, North America held the majority of the global digital process automation market in 2021 and is anticipated to maintain that position in the forecast period. North America is anticipated to significantly contribute to the market's rise because of the area's significant digital process automation vendors. The diversified packaging that boosts need for cutting-edge sensing technology, which will directly affect the expansion of automated products, is one of the primary trends driving the growth of the market in the area. Modernized global supply chains and logistics are to blame for the United States' rapid growth. Due to the development of global logistics networks, American manufacturers may now efficiently and successfully ship both raw materials and finished goods anywhere in the globe. In order to reap the perks of these opportunities, the area has seen an increase in collaborations, mergers, and acquisitions. The development of new technologies & deployment choices has been the primary impetus behind these expenditures. North America is predicted to have the largest market size over the course of the forecast period due to the region's considerable digital process automation suppliers. This region is also recognized as one of the most advanced in terms of the adoption of novel technologies and the optimization of IT infrastructure.
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APAC to Have Admirable Growth in Digital Process Automation Market
However, due to supporting government initiatives especially in the manufacturing sector, a rise in the adoption of digitalization solutions, and advancements in technology, Asia Pacific is predicted to have considerable growth during the projected period. During the projection period, the Asia-Pacific market would expand at a significant CAGR. This is mainly because of current projects, significant government initiatives, and widespread IT infrastructure optimization. Additionally, the development of international logistics networks, streamlined global supply chains, and improved technology are all contributing to the rapid expansion of the Asia-Pacific market.
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