According to The Business Research Company’s Automation As A Service, The automation as a service market size has grown exponentially in recent years. It will grow from <b>$6.04 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. </b> The growth in the historic period can be attributed to increased demand for streamlining business processes, evolution of robotic process automation (rpa), shift towards cloud computing, focus on cost reduction and operational efficiency, desire for scalable and flexible solutions..
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The automation as a service market size is expected to see exponential growth in the next few years. It will grow to <b>$16.99 billion in 2028 at a compound annual growth rate (CAGR) of 23.2%. </b> The growth in the forecast period can be attributed to increasing adoption of cloud-based solutions, growing demand for intelligent automation, emphasis on hyperautomation strategies, industry-specific automation solutions, rise in remote workforce and digital transformation. Major trends in the forecast period include increased demand for process automation, shift towards cloud-based automation, rise of intelligent process automation (ipa), integration of ai and machine learning, automation for business continuity and efficiency..
The increasing demand for automation across business processes is driving the growth of automation as a service market. Automation in business operations is the use of technology to carry out repetitive actions and jobs rather than people. Businesses must streamline their recruiting, accounts payable, and contract management procedures to increase productivity and decrease the risk of human mistakes. Additionally, automation can increase overall business function efficiency, standardize best practices, and cost savings. For instance, in June 2022, Salesforce Inc., a US-based cloud-based software company, conducted a global survey of 600 CIOs and IT decision makers, revealing that in the past 2 years, 91% of respondents have observed an increased demand for automation from various business sectors, with research and development (39%), administrative/operations (38%), customer service (33%), and marketing (26%). Therefore, the increasing need for automation in business processes drives the automation as a service market growth.
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The automation as a service market covered in this report is segmented –
1) By Type: Rule-Based Automation, Knowledge-Based Automation
2) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Business Function: Information Technology, Finance, Human Resources, Sales And Marketing, Operations
4) By Service: Managed Services, Professional Services
5) By Industry: Banking, Financial Services, And Insurance (BFSI), Telecom And IT, Retail And Consumer goods, Healthcare And Life Sciences, Manufacturing, Government And Defense, Energy And Utilities, Media And Entertainment, Transportation And Logistics, Others IndustriesMajor companies operating in the automation as a service (AaaS) market are introducing innovative solutions, such as digital investment solutions, to gain a competitive edge in the market. Digital investment solutions use technology to offer clients easy, secure access to expertly crafted portfolios designed to help them achieve their financial goals. For instance, in August 2022, Truist Financial Corporation, a US-based bank holding company, launched two digital investment solutions, Truist Invest and Truist Invest Pro.
These solutions were designed to provide clients with easy and secure access to a purpose-built portfolio to help an investor achieve their goals and are backed by Truist’s investment expertise. Truist Invest is a robo-advisor, while Truist Invest Pro is a hybrid investing solution that combines automated investing with access to a group of financial advisors. These digital investment solutions are an example of Truist’s T3 strategy, which combines the client’s preferred level of personalized touch with innovative technology.
The automation as a service market report table of contents includes:
- Executive Summary
- Automation As A Service Market Characteristics
- Automation As A Service Market Trends And Strategies
- Automation As A Service Market – Macro Economic Scenario
- Global Automation As A Service Market Size and Growth
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- Global Automation As A Service Market Competitive Benchmarking
- Global Automation As A Service Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automation As A Service Market
- Automation As A Service Market Future Outlook and Potential Analysis
- Appendix
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