Artificial Intelligence
Automation As A Service Global Market Report 2023
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New York, April 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automation As A Service Global Market Report 2023” – https://www.reportlinker.com/p06319903/?utm_source=GNW
, Microsoft Corporation, NICE Systems Ltd., Pegasystems Inc., UiPath Inc., Happiest Minds, ITyX, Hexaware Technologies Limited, Calligo, AVEVA Group plc and Arista Networks.
The global automation as a service market grew from $5.11 billion in 2022 to $6.32 billion in 2023 at a compound annual growth rate (CAGR) of 23.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automation as a service market is expected to grow to $15.46 billion in 2027 at a CAGR of 25.1%.
The automation as a service market includes revenues earned by entities by providing automation services enabling an organization in automating the business processes by recording and analyzing information from the existing applications.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Automation as a service refers to a service that vendors provide to enterprises that are seeking to implement automation across their organization. Automation helps with improved speed, agility, and service delivery, reduced manual processing, reduced IT spending, improved productivity across departments, and faster troubleshooting.
North America was the largest region in the automation as a service market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automation as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of automation as a service are rule-based automation and knowledge-based automation.Rules-based processes have a high degree of automation potential.
Searching, cutting and pasting, updating the same data in multiple places, moving data around, collating, and making simple choices are some examples.The organization size is small and medium-sized enterprises (SMEs) and large enterprises.
The business functions which use automation as a service are information technology, finance, human resources, sales and marketing, and operations.The services included managed services and professional services.
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, and other industries use automation as a service solution.
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.
According to McKinsey, a US-based management consulting firm, in 2020, 66% of businesses were piloting solutions to automate at least one business process, which was 57% in 2018, and the percentage of businesses that have fully automated at least one function has grown from 29% in 2018 to 31% in 2020. Therefore, the increasing need for automation in business processes drives the growth of automation as a service market.
Technological advancements are a key trend in the automation as a service market.Companies in automation as a service market are adopting advanced technologies to strengthen their position in the market.
Visual inspection, machine learning (ML), artificial intelligence (AI), and use of cloud are advancements in the automation as a service market.The integration of these advanced technologies with automation as a service can make a significant difference to the enterprises’ business as it can provide game-changing results such as the highest quality outcomes and innovation of new practices in addition to reducing labor, improving efficiency, and minimizing costs.
For instance, in August 2020, Arista Networks, an American computer networking company launched Network Automation as a Service with CloudVision that uses AI and ML.The new service offers automation of multi-domain networks for clients that helps achieve faster time-to-value, elastic scaling, and continuous network assurance.
Moreover, it enables a unified and automated deployment, provisioning, and maintenance experience for customers.
In July 2022, WNS Holdings, an India-based business process management company, acquired Vuram for $165 million.With this acquisition, WNS will accelerate its organizational transition to human-assisted, digitally led services and solutions.
The breadth of expertise Vuram has in assisting major businesses to achieve enterprise automation, and business transformation is in line with the short- and long-term strategic goals of WNS.Vuram is an India-based company that offers enterprise automation, customized, scalable, and end-to-end business process management solutions.
Vuram has about 900 people working in different cities across India, US, Mexico, Australia, Canada, and UK.
The countries covered in the automation as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automation as a service market research report is one of a series of new reports that provides automation as a service market statistics, including automation as a service industry global market size, regional shares, competitors with a automation as a service market share, detailed automation as a service market segments, market trends and opportunities, and any further data you may need to thrive in the automation as a service industry. This automation as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319903/?utm_source=GNW
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