DUBLIN--(BUSINESS WIRE)--The "Automation-as-a-Service Market by Component (Solution & Services), Type (Rule-Based & Knowledge-Based), Business Function, Deployment Model (Public Cloud, Private Cloud & Hybrid Cloud), Organization Size, Industry & Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The automation-as-a-service market is expected to grow from USD 1.80 Billion in 2017 to USD 6.23 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%.
The major growth drivers of the market include the increasing demand for automation and the increasing adoption of cloud technology.
The market is segmented by solution and services. The services segment is expected to grow at the highest CAGR during the forecast period, out of which, deployment and integration services in the professional services segment is projected to witness the highest demand, due to the growing need of automation-as-a-service solutions across organizations.
The North American region, followed by Europe, is expected to continue as the largest revenue-generating region for the automation-as-a-service vendors, for the next 5 years. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technologies.
The APAC region is expected to be the fastest-growing region in the automation-as-a-service market because of the increasing adoption of automation and cloud technologies, and various other government initiatives, such as smart cities across the APAC countries, including China and India.
The major vendors that offer automation-as-a-service software and services globally are Automation Anywhere, Inc. (US), Blue Prism Group plc (UK), International Business Machines Corporation (US), Microsoft Corporation (US), UiPath (US), HCL Technologies Limited (India), Hewlett Packard Enterprise Development LP (US), Kofax Inc. (US), NICE Ltd. (Israel), and Pegasystems Inc. (US).
These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships, collaborations, agreements, and acquisitions, to expand their offerings in the automation-as-a-service market.
- Increasing Demand for Automation Across Business Processes
- Increasing Adoption of the Cloud Technology
- Maintaining Data Security And Privacy
- Higher Adoption Among the SMEs
- The Ability to Generate a Positive RoI
- Lack of Awareness
- Lack of Skilled Workforce
- Blue Prism
- HCL Technologies
- Kryon Systems
- Nice Ltd.
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