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Automation-as-a-service systems market to grow at 28.1% CAGR by 2023 illuminated by new report

IT Market Research

The automation-as-a-service market is also segmented by various industries, out of which, the adoption of automation-as-a-service is expected to be the largest in the BFSI vertical.

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Global automation-as-a-service market to grow from USD 1.80 billion in 2017 to USD 6.23 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%.

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The key players in the Automation-as-a-Service Systems Market include – Automation Anywhere, Inc. (US), Blue Prism Group plc (UK), International Business Machines Corporation (US), Microsoft Corporation (US), UiPath (US), HCL Technologies Limited (India), Hewlett Packard Enterprise Development LP  (US), Kofax Inc.

(US), NICE Ltd.(Israel), Pegasystems Inc. (US)

The automation-as-a-service market revenue is primarily classified into revenues from solution and services.

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Solution’s revenue is associated with stand-alone solution offerings while services’ revenue is associated with managed services and professional services. The professional services comprise deployment and integration, support and training, and consulting services.

The market is also segmented on the basis of business functions, types, organization sizes, deployment models, industries, and regions.

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global automation-as-a-service market to grow from USD 1.80 billion in 2017 to USD 6.23 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.1%. The automation-as-a-service market is growing rapidly because of increasing need to mechanize the repetitive and mundane business processes, and due to the massive surge in the automation trend across industries.

Factor such as lack of awareness about automation-as-a-service is expected to limit the market growth.

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Organizations are evolving their techniques and solutions to gain more visibility in the new complexity. With the right solution, one can automate the business processes with more efficiency.

Automation-as-a-service allows mechanizing business processes for quick task resolution, without having to waste time on repetitive tasks. It enables organizations to maintain all the transaction records and also provides the required security and privacy of the data which is otherwise a major concern for organizations.

Therefore, the finance business function is estimated to have the largest market share in 2022.

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