Overview and Scope
Digital process automation is a method of using digital technology to automate one or more tasks involved in a business process. It uses low-code development tools to automate processes and eliminate human intervention in business processes. Digital process automation enhances efficiency, reduces errors, and enables organizations to respond quickly to changing business needs.
Sizing and Forecast
The digital process automation market size has grown rapidly in recent years. It will grow from $12.68 billion in 2023 to $14.42 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to legacy system modernization, cost reduction initiatives, regulatory compliance requirements, customer experience improvement, business agility and adaptability.
The digital process automation market size is expected to see rapid growth in the next few years. It will grow to $24.29 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to hyperautomation strategies, rise of low-code and no-code platforms, cloud-based dpa solutions, focus on employee experience, dynamic case management. Major trends in the forecast period include hyperautomation and intelligent process automation, low-code and no-code platforms, process mining for optimization, integration with robotic process automation (rpa), security and compliance.
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Segmentation & Regional Insights
The digital process automation market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment: On-Demand, On-Premise
3) By Organization Size: Small And Medium Sized Enterprises, Large Enterprises
4) By End User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, IT And Telecommunication, Aerospace And Defense, Healthcare, Retail And Consumer Goods, Other End Users
North America was the largest region in the digital process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the adoption of cloud-based solutions is expected to propel the growth of the digital process automation market going forward. A cloud-based solution is a concept for providing on-demand access to a shared pool of configurable applications and services that can be quickly deployed and delivered via the internet with low administration work. Digital process automation providers offer services to a broader customer base by leveraging cloud infrastructure, eliminating the need for extensive hardware or on-premises installations, and lowering the barriers to entry for businesses looking to incorporate AI into their operations, as they can easily access AI capabilities through a subscription-based model. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-%age point (pp) increase from 36% in 2020. Therefore, the increasing adoption of artificial intelligence (AI) is driving the growth of the digital process automation market.
Key Industry Players
Major companies operating in the digital process automation market report are Microsoft Corporation, Infosys Limited, Siemens AG, General Electric Company, Panasonic Holdings Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, SAP SE, ABB Ltd., Cognizant, Rockwell Automation Inc., ServiceNow Inc., Yaskawa Electric Corporation, OpenText Corporation, NICE Systems Ltd., Pegasystems Inc., Software AG, TIBCO Software Inc, UiPath, Automation Anywhere, Appian Corporation, Nintex Global Ltd., K2 Partnering Solutions, Bizagi, Laserfiche, Zapier, BP Logix Inc.
The digital process automation market report table of contents includes:
- Executive Summary
- Digital Process Automation Market Characteristics
- Digital Process Automation Market Trends And Strategies
- Digital Process Automation Market – Macro Economic Scenario
- Global Digital Process Automation Market Size and Growth
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- Global Digital Process Automation Market Competitive Dashboard
- Key Mergers And Acquisitions In The Digital Process Automation Market
- Digital Process Automation Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Digital Process Automation Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Digital Process Automation Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Digital Process Automation Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Microsoft Corporation Financial Performance
Table 76: Infosys Limited Financial Performance
Table 77: Siemens AG Financial Performance
Table 78: General Electric Company Financial Performance
Table 79: Panasonic Holdings Corporation Financial Performance
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