Automation-as-a-Service is a bundle of research, education, consulting, and execution services which vendors offer to enterprises that are seeking to implement large-scale automation projects or scale automation across their organization. These services majorly include development, testing, and deployment of automated solutions, and the provision of production support services. According to McKinsey Global Institute, 40% of activities in the financial services industry can be completely automated.
The COVID-19 pandemic is expected to positively impact the global Automation-as-a-Service market. Remote working is encouraging enterprises to adopt cloud-based technologies on a large scale. Increased flexibility and accessibility related to cloud has helped companies to reduce the overall cost and improve efficiency. Demand for Automation-as-a-Service has increased during the COVID-19 period to improve productivity and to minimize the overall cost.
Increasing need to Reduce Operational Cost Driving Growth of the Automation-as-a-Service Market
The rising competition across industries has pushed enterprises to adopt automation within the workflow process. Robotic process automation and business process automation has been adopted in multiple industries such as retail, food & beverages, and BFSI. The major reason to automate the processes is to reduce the long-term operational cost. Automation-as-a-Service enables the end-user to purchase the services in bundles (pay-as-you-go or subscription basis), which does not lead to any financial burden for integrating automation within the enterprise or organization. It indirectly helps in achieving economies of scale with respect to total cost.
Lack of Transparency and Privacy in Automation-as-a-Service
The major setback for Automation-as-a-Service in the current market scenario is its dependency on the cloud. Automation-as-a-Service is highly dependent on the cloud-based service which increases the concern of enterprises with regards to data sharing and privacy. Cloud-based services are shared services, which always involves a risk of data breach that indirectly hinders the growth of the market.
North America to Dominate the Global Automation-as-a-Service Market
In terms of region, the global Automation-as-a-Service market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the Automation-as-a-Service market during the forecast period due to strong adoption of cloud-based services by small & medium enterprises. The market in Asia Pacific is estimated to expand at the highest CAGR within the forecast period as the adoption of cloud-based services within APAC is expected to surpass 80% in comparison to on-premise services.
Global Automation-as-a-Service Market: Segmentation
The global Automation-as-a-Service market can be segmented based on:
Global Automation-as-a-Service Market, by Component
Based on component, the global Automation-as-a-Service market can be divided into:
Global Automation-as-a-Service Market, by Enterprise Size
In terms of enterprise size, the global Automation-as-a-Service market can be segregated into:
Global Automation-as-a-Service Market, by Industry
In terms of industry, the global Automation-as-a-Service market can be segregated into:
Regional analysis of the global Automation-as-a-Service market includes:
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