The Global Digital Process Automation Market- Trends, COVID-19 impact and Forecast (2021-2025)
The Digital Process Automation Market is segmented by Component Type (Solutions and Services); Deployment Type (Cloud, On-premises); End-users (BFSI, Manufacturing, IT and telecom, Retail, and Others); Geography (North America, Europe, APAC and ROW).
Introduction
Digital process automation can be defined as the use of digital technology to perform a process or processes in order to accomplish a workflow or function. This include the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies which is driving the market.
Being a part of the business process management (BPM), the firms are realizing the need for automating business processes for promoting end-to-end customer experience, with an aim to retaining the customers is fueling the market growth.
However, the difficultly in integrating with existing systems and tools, data security, and privacy concerns as well as lack of technical expertise are some of the factors that are hampering the growth of digital process automation market.
The COVID-19 pandemic has severely impacted importance of digital process automation in healthcare industry as it is widely used in smooth operation of front-end and back-end process. Moreover, the need for this automation is also increased in other essential end-user industries during this pandemic situation.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Growing demand for automating business process
10.2 Increasing adoption of low-code automation platform
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 IBM
15.2 Appian
15.3 DST Systems
15.4 OpenText
15.5 Pegasystems
15.6 Bizagi
15.7 Tibco
15.8 Infosys
15.9 DXC
15.10 Oracle
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global digital process automation market is expected to grow to $15.117.00 million by 2025
Growth momentum is expected to accelerate during the forecast period with a 13.72% CAGR.
Increasing industrialization, complemented with the growing penetration of industrial IoT technology, is fueling market growth.
North America is dominating due to technological advancements in enterprise automation applications.
Key Trends
Increasing adoption of digital process automation for cost-effectively managing business requirements is likely to create opportunities in near future
The need to innovation and overcoming the existing limitations with technologies, the rising focus on integrating AI and machine learning is anticipated to drive the market during the forecast period.
Key Market Players
Some of the key players in the market are IBM, Appian, SS&C Technologies, OpenText, Pegasytems, Bizagi
In recent years, the key market players are adopting various strategies initiatives such as new product launches and focus on continuous technology innovations, M&A to increase their market share. Moreover, the industry players are also focusing on enhancing their solutions with extra capabilities, including analytics, compliance, and different vendor integration, on sustaining their competitive position in the market.
Growth Drivers and Challenges
Evolving industrialization in growing economies is resulting in the prevalence rising demand for cloud-based solutions is driving the market for workforce management software.
The increasing penetration of smartphones and focus on workforce optimization is also one of the key drivers of the market.