Introduction of Automation as a Service
Automation-as-a-service is largely being adopted in different industries these days as it allows firms to automate existing business operations by analyzing and recording such high-volume data. This helps them to avoid the flaws of manual processes like their slow pace, labor monotony, and human errors to a process that is more fast-paced and accurate and reduces human interventions.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the Automation-as-a-service industry.
For instance, an intelligent in-patient room automation system as a one-stop shop was introduced by Healthnet Global for all requirements called AutoMaid, which contains a contactless sensor, cloud-based patient monitoring tool, and communication pod having an AI-powered triaging system. These characteristics capture real-time body vitals and provide round-the-clock monitoring for previously monitored patients.
What are the Key Drivers Affecting the Automation-as-a-service Market?
- Rapid Adoption among the SMEs to Boost Market Growth
The adaptive abilities of SMEs offer a backbone to define the economic structures globally. Technology has become an important part of everything a business does. Therefore, SMEs can also reap huge benefits with the automation of their IT, HR, finance, operations and marketing and sales processes.
As per the EC, SMEs have more than 250 employees, with an yearly turnover of up to USD 60 million; SMEs comprise 99% of the overall companies in the European Union alone.
(Source:single-market-economy.ec.europa.eu/smes/sme-definition_en)
The automation solutions offered on a cloud can be valuable for SMEs, as they do not have enough resources to invest in manpower. Investing in these solutions has the ability to streamline business processes, thus making the business profitable. The awareness about the advantages of automation-as-a-service has helped in the increased adoption of these solutions by SMEs.
The Factors Restraining Growth of the Automation-as-a-Services Market
-
Concern for Data Security and Privacy Issues to Hinder Market Growth
Privacy and data security are the reasons that companies focus on as data loss is possible. Data loss is a threat from the new cases like Wannacry, AlienBot, Cryptojackling, Fireball, Zeus, Fireball and other ransom is not paid for the decryption key in order to restore the data. The lack of maintenance of data security and privacy, along with a lack of skilled workflow, is anticipated to restrain the market growth. Further, the alterations in operating processes and business rules impact the efficiency of the market. The repeated alteration in processes increases the chances of re-programming and reworking.
Impact Of COVID-19 on the Automation-as-a-Service Market
The Covid-19 pandemic had a positive effect on the automation-as-a-service market. It helped clients in leveraging modern tools for different applications, mainly in healthcare. The market of automation-as-a-service was greatly useful for different medical applications like decoding genomic sequences for the development of drugs, improvement of CT scans, remote patient monitoring and healthcare automated solutions. Further, the adoption of smart manufacturing processes using AI and IoT technologies has boosted market growth after the pandemic.
Competitive Landscape of Automation-As-A-Service Market
The market for automation-as-a-service is cohesive because of the presence of significant market players. Several international market participants are involved in the acquisition tactics for growing their market share and product innovations. They are progressively implementing partnership and collaboration strategies in order to increase the capabilities of their products and offer their clients novel technologies.
August 2022: A London-based natural language processing start-up for unstructured communications and documents, Re: infer was acquired by UiPath. This will help UiPath software robots to comprehend the semantics and context of emails, audio sessions, and online chats, leading to improved customer support interactions utilizing automation and AI.
(Source:ir.uipath.com/news/detail/241/uipath-acquires-re-infer-bringing-natural-language)
August 2022: A provider of warehouse automation, GreyOrange, provided robotic fulfillment systems which are utilized by H&M. H&M used it when warehouse automation technology of GreyOrange was successfully implemented at other companies and provided continuously improved performance and better efficiencies. H&M utilizes grey-orange robots in its warehouse in order to complete different tasks.
(Source:www.greyorange.com/industry-news/csa-exclusive-hm-streamlines-fulfillment-with-robotics/)
Top Companies Market Share in Automation-as-a-Service Industry: (In no particular order of Rank)
- Automation Anywhere
- Inc.
- Blue Prism Limited
- HCL Technologies Limited
- Hewlett Packard Enterprise Development LP
- Kyron Systems
- Accenture
- WorkFusion Inc.
- Siemens
- Robonomics AI
- IBM
- Microsoft
- Hexaware Technologies Limited
- AVEVA Group plc
- Micro Focus
- UiPath
- Cognizant
- Capgemini
- Makino India Pvt Ltd
- Pegasystems Inc
- KOFAX INC
- Confidential Data
- Access The Paid Version
Automation-as-a-Service Market Analysis
Global Automation-as-a-Service Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Automation-as-a-Service Industry growth. Automation-as-a-Service market has been segmented with the help of its Component, Industry Deployment, and others. Automation-as-a-Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Component, the Service Segment Dominates the Automation-as-a-Service Market
According to Cognitive Market Research, the service segment is expected to experience considerable market growth due to the automation services suite, inclusive of installation, consultation, maintenance, and support services. The service automation idea is opted over solutional packages due to its capability to connect with almost every domain and functionality tool for having a single interface for all processes. The rising acceptance of automation services for providing efficient business operations like automation of several data analysis, events and other business activities for more streamlined functioning.
The solution segment is continuously evolving, with novel technologies and landscape and shaping advancements. Businesses often opts for solutions based on their unique requirements, long-term strategic goals, and existing technology infrastructure.
- Service
- Solution
Automation-as-a-Service Market Share (%) by Component in 2019-203
By Industry, the BFSI segment Dominating the Global Automation-as-a-Service Market
According to Cognitive Market Research, the BSFI is one of the prominent investors and adopters due to the high automation adoption rate throughout the business process applications. Draft deposits, automated tellers, and cash deposit machines are a few initial applications of automation solutions in this sector. Further, the banking industry has intense competition in the industry because of many market players. Therefore, companies are trying to include cost-effective solutions in order to assist them in holding their positions at the top.
The IT & Telecommunication segment is the second fastest growing category in the industry segment of automation-as-a-service market due to advancement in technology in this sector.
- BFSI
- IT & Telecommunications
- Healthcare & Life Sciences
- Others
The hybrid cloud segment utilizes a combination or hybrid of public clouds, on-premises, and private cloud computing. This helps the segment to attain increased demand from firms because it will help them to be flexible, and business operations can be operated throughout either of the clouds and even between on-premises and cloud whenever needed and are growingly being deployed by the SMEs in their operations.
The public cloud deployment is the second fastest growing segment as it provides scalability, ease of access, and cost-effectiveness. This deployment is mostly chosen by organizations looking to rapidly scale their automation initiatives without the requirement for extensive infrastructure management.
- Public Cloud
- Private Cloud
- Hybrid Cloud
Automation-as-a-Service Enterprise Size Segment Analysis
According to Cognitive Market Research, the small and medium-scale segment is dominating the market. In the industries like information technology, finance, sales & marketing, human resources, and operations, SMEs can benefit from process automation. The cloud-based automation solutions are helpful for SMEs as they lack the funds to invest in hiring personnel. The automation services can help streamline business operations and fuelling profitability.
The market of automation-as-a-service has been gaining popularity in the large enterprise sectors because of its potential to streamline operations and enhance efficiency and scalability. Large enterprises have complex and wide operations making automation an attractive solution to optimize processes.
- Large Enterprise
- Small and Medium Sized Enterprise
Automation-as-a-Service Business Type Segment Analysis
According to Cognitive Market Research, the finance and human resources segment dominates the market as automation-as-a-service is rapidly being deployed in this segment in order to maintain the efficiency and accuracy of workflow in the same. This assists in the effective streamlining of work as repetitive tasks are then made automated, like the selection of candidates and keeping the data records.
The sales and marketing category is the second fastest-growing category. AaaS can streamline lead generation, email marketing, customer relationship management, and other tasks. This can help businesses reach and engage customers more efficiently. The AaaS in marketing and sales drives the desire to optimize customer engagement, enhance conversion rates, and offer personalized experiences.
- IT Operations
- Sales and Marketing
- Finance and Human Resources
The North America Automation-as-a-service market holds the Largest Share of Global Market
According to Cognitive Market Research, North America dominated the market in the year 2022 and accounted for the largest share of global share due to several variables. The North American region dominates the market for automation-as-a-service as it is one of the biggest contributors and investors, and with the presence of leading IT companies also, the company is witnessing an increase in equity investments in start-ups and innovations in the industry. The advancement in technology and well-established regional IT infrastructure adoption in this region is boosting the market growth.
The United States Automation-as-a-service market Expected to Grow at the Fastest Growth Rate During the Forecast Period
According to Cognitive Market Research, the US has the highest demand for automation-as-a-service. It has a firm integration of linked IoT-based devices that produces large amounts of data every second. The majority of global expenses on AI technologies are absorbed by the United States alone. The presence of leading cloud-based and IT businesses like Accenture, IBM, Microsoft Corporation, and others. The industry is hugely boosted by the growing demand for automation in different financial and technological sectors.
The Main Reasons for Automation-as-a-service Market to Witness the Fastest Growth in the Asia Pacific Region in the Coming Year
The rising demand for automation services and solutions in different industries like IT & Telecom, BSFI, and healthcare, among others. The emergence of several manufacturing firms which utilizes automation systems characterizes the growth of the regional industry. The growing utilization of cloud technologies and several other government efforts like smart cities throughout the Asia Pacific countries like India and China. Further, the growing focus on research and development and technology-based innovations increased the utilization of automated computing infrastructure.
