Automation-as-a-Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Automation-as-a-Service Market Analysis

The Global Automation-as-a-Service Market is expected to register a CAGR of 26.9% over the forecast period. Some key reasons propelling the growth of the studied market are the increasing acceptance of automation across all end-user sectors, expanding the reach of cloud computing, and rising IoT device numbers. The need for healthcare services is anticipated to increase in the upcoming years. Many operations, including admissions and patient histories, need to be automated as most countries' healthcare infrastructure develops to manage massive amounts of patient data.

• The considerable growth of automation as a Service (AaaS) has been facilitated by the ongoing advancement of new technologies such as artificial intelligence (AI), machine learning, cloud computing, and the Internet of Things (IoT), as well as its deployment across many enterprises. According to Morgan Stanley, the AaaS market would directly impact the AI industry's projected USD 1 trillion sales by 2050. Shortly, the use of cloud-based solutions will continue to expand significantly as businesses desire deployment alternatives that speed up value realisation. Organisations invest in a private or public cloud due to the expansion of their digital workforces, which enables them to automate difficult-to-automate, content-intensive tasks.
• Business Process Automation focuses on automating day-to-day IT processes and business functions to maximise efficiency, reduce costs, and ensure smooth operations. Various factors, such as companies planning to migrate their infrastructure to the cloud, strengthening business continuity, and improving business operations, have led to the widespread use of BPA across organisations. For instance, Generali, a major European insurance company, switched from manual, time- and money-consuming business processes to automated ones. This resulted in savings of up to 90% through repeatable processes and a 50% reduction in the time needed to underwrite complicated activities.
• The adoption of cloud solutions will expand significantly in the near future as companies demand deployment options that enable them to gain benefits more quickly. Companies are investing in a private or public cloud because they require flexible deployment and licensing choices as they increase their digital workforces to automate tasks. Consequently, the majority of market players focus primarily on cloud-based solutions. Amperity, a brand-new company founded in 2022, offers an enterprise data platform designed for transforming fragmented consumer data into revolutionary cloud experiences.
• Data security and privacy are factors that companies should focus on as there is a possibility of data loss. Data loss is a threat from new cases like AlienBot, Wannacry, Cryptojackling, Fireball, Zeus, and others if a ransom is not paid for the decryption key to restore the data. These threats include spam emails, removable drives, potentially unwanted software, and suspicious websites. Over 600 Windows processes are blocked by the most recent malware, called Clop. Therefore, many organisations now include security in their plans to save money, protect the data, and lower the risk of an attack.
• The global demand for automation was accelerated and reemphasised by the COVID-19 pandemic. Across industries, there is an increase in cloud-native bots, intelligent data capture, and process discovery bots. There has recently been a significant desire for automation to streamline tasks and cut expenses, as seen by the high rises in utilisation rates from 60 per cent to 95 per cent reported by automation software vendors.

Automation-as-a-Service Industry Segments

An enterprise can use automation-as-a-service to automate its current business processes by gathering and analysing data from its existing applications. It enables a company to switch from a manual process to dependable, accurate, and quick automation procedures across several companies.

The Automation-as-a-Service Market is segmented by Deployment Type (Cloud and On-premise), Business Function (Information Technology, Finance, Human Resources, Sales and Marketing, Operations), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), End-user Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences), and Geography

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Automation-as-a-Service Market Trends

This section covers the major market trends shaping the Automation-as-a-Service Market according to our research experts:

BFSI is Expected Hold Major Share

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