Market Overview
Digital process automation is a method that uses digital technology to automate the processes and optimize the workflow. This method focuses on automating the task which involves human interaction. This is one of the best evolution in the technology sector as it helps businesses to automate the process. Nowadays, businesses around the world are thinking about digitizing their operations in order to improve their business. Businesses want to meet the requirements of their customers, and digital process automation is helping them to achieve it. Due to the high demand for automation technology in the industries, the digital process automation market size is growing.
The demand for automating business is rapidly growing as it provides efficient back-end processing management. Business enterprises, such as BFSI business enterprises, manufacturing industries, e-commerce companies and focusing on establishing digital process automation solutions, and it is driving the growth of the global digital process automation market. With the advancement of technology in all sectors, the need for automation solutions is in high demand. New technologies are trending and accelerating, and with it, the need to connect the virtual world and physical world is also increasing. It is boosting the digital process automation market size.
The global digital process automation market was valued at $7.8 billion in 2020. The now the global digital process automation market is expected to grow $16.12 billion with a CAGR of 12.98% in the forecast period. Adoption to low-cost automation solutions and development with minimal coding is driving the digital process automation industry. The digital process automation solutions provide great advantages to enterprises, such as reducing losses, creating new opportunities, saving money, and increasing the efficiency of the business. These factors are the major reasons behind the growth of the digital process automation industry.
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Market segmentation
The digital process automation software market is divided on the basis of services, industry vertical, organization size, region, and deployment. The digital process automation market segment by services includes professional and managed services. The industry vertical of the digital process automation market segment includes BFSI, consumer electronics, retail, manufacturing, transportation, and healthcare. The deployment segment of the digital process automation software market industry includes on-cloud and on-premise deployment. Cloud solutions will be popular in automation solutions. The organization size segment of the market is divided into large enterprises and small Enterprises. The region segment of the market includes North America, Asia Pacific, Europe, and other regions in the world.
Regional overview
The major regions in the digital process automation industry include North America, Asia Pacific, Europe, and other regions. Among these regions, North America is contributing the most to the market. The presence of large digital process automation vendors in this region is driving the growth of digital process automation market size. Due to improved technology and demand for advanced technology North America is showing significant market growth. The Asia Pacific is the fastest-growing market, and it is expected that it will register the highest CAGR rate in the forecast years due it the demand for automated technology in this region. Europe is also showing rapid growth of the digital process automation software market to fulfill the requirements of the people. The market in these regions is expected to grow more in the forecast period.
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Industry news
While businesses around the world have been affected by the covid-19, the digital process automation market has shown positive results due to the pandemic. The covid-19 pandemic caused lockdown around the world, and this was the perfect time to use automated solutions. These automation solutions don’t require manpower to process, and it takes less time. Automation solutions were not affected by the covid-19, so businesses started adopting these solutions to meet the demand of their customers.
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