“Global Automation-as-a-Service Market to reach a market value of USD 44 Billion by 2031 growing at a CAGR of 24.9%”
The Global Automation-as-a-Service Market size is expected to reach $44 billion by 2031, rising at a market growth of 24.9% CAGR during the forecast period.
Energy & utilities companies manage extensive infrastructure assets, including power plants, transmission lines, substations, and distribution equipment. Thus, the Energy & utilities segment acquired 6.7% revenue share in the market 2023. AaaS solutions automate asset management processes such as asset tracking, maintenance scheduling, and condition monitoring, enabling utilities to optimize asset utilization, prolong asset lifespan, and minimize unplanned downtime.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January, 2024, IBM Corporation came into partnership with SAP SE, a German multinational software company. Through this partnership, IBM Corporation would create innovative AI solutions tailored for the Consumer-Packaged Goods and Retail sectors.
Based on the Analysis presented in the KBV Cardinal matrix, Microsoft Corporation is the forerunner in the Market. In December 2023, Automation Anywhere, Inc. came into partnership with Amazon Web Services, a company that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. Through this partnership, Automation Anywhere, Inc. would create automation solutions tailored for specific industries, aiming to accelerate the success of automation deployment. Companies such as Automation Anywhere, Inc., HCL Technologies Ltd. and IBM Corporation are some of the key innovators in the Automation-as-a-Service Market.
Cloud-based AaaS solutions can be deployed more rapidly than traditional on-premises solutions. With cloud infrastructure, businesses can quickly provision and configure automation environments, reducing deployment times from weeks or months to just days or hours.
Additionally, by leveraging AI and machine learning algorithms, AaaS platforms can assist radiologists and other healthcare professionals in analyzing medical images, detecting abnormalities, and generating diagnostic reports more efficiently and accurately, leading to faster diagnosis and treatment. Therefore, the market is expanding significantly due to the increasing adoption of healthcare industry.
Reliability and performance issues, such as system downtime, service interruptions, or slow response times, can erode trust and credibility in AaaS providers. Businesses rely on AaaS solutions to automate critical processes and workflows, and any disruptions or failures can lead to losing confidence in the provider’s ability to deliver reliable and high-performing services. Thus, reliability and performance concerns can slow down the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnership and Collaboration.
On the basis of offering, the market is bifurcated into solution and services. In 2023, the solution segment held 71.3% revenue share in the market. AaaS providers prioritize user experience (UX) design to ensure that their solutions are intuitive, easy to use, and accessible to many users.
On the basis of deployment mode, the market is fragmented into knowledge-based and rule-based. The knowledge-based segment covered 34.5% revenue share in the market in 2023.
Based on organization size, the market is categorized into small & medium enterprises and large enterprises. In 2023, the large enterprises segment registered 72.4% revenue share in the market. AaaS platforms enable large enterprises to achieve enterprise-wide integration by connecting disparate systems, applications, and data sources into a unified automation ecosystem.
By business function, the market is segmented into information technology, operations, finance, sales & marketing, HR, and others. The sales & marketing segment garnered19.3% revenue share in the market in 2023.
Based on vertical, the market is classified into BFSI, government, energy & utilities, healthcare & lifesciences, manufacturing, retail & eCommerce, telecom & IT, transportation & logistics, and others. The manufacturing segment acquired 9.3% revenue share in the market in 2023.
Free Valuable Insights: Global Automation-as-a-Service Market size to reach USD 44 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region acquired 28.2% revenue share in the market. The Asia Pacific region is experiencing rapid digital transformation across industries, driven by increasing internet penetration, smartphone adoption, and e-commerce growth.
The competition within the market is fierce, characterized by dynamic shifts and rapid advancements. With an influx of vendors offering a diverse array of solutions, ranging from established tech giants to agile startups, the market is bustling with innovation. Technological progressions in artificial intelligence, machine learning, and cloud computing are fueling this innovation, pushing vendors to continually enhance their platforms with cutting-edge features.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 7.5 Billion |
| Market size forecast in 2031 | USD 44 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 24.9% from 2024 to 2031 |
| Number of Pages | 363 |
| Number of Tables | 583 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Type, Organization Size, Business Function, Vertical, Region |
| Country scope |
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| Companies Included | Automation Anywhere, Inc., Blue Prism Group PLC (SS&C Technologies, Holdings, Inc.), HCL Technologies Ltd. (HCL Enterprises), Hewlett Packard enterprise Company, IBM Corporation, NICE Ltd., Microsoft Corporation, Pegasystems Inc., UiPath, Inc., Kofax, Inc. (Thoma Bravo LLC) |
By Offering
By Type
By Organization Size
By Business Function
By Vertical
By Geography
This Market size is expected to reach $44 billion by 2031.
Growing adoption of cloud computing are driving the Market in coming years, however, SReliability and performance concerns restrictions issues restraints the growth of the Market.
Automation Anywhere, Inc., Blue Prism Group PLC (SS&C Technologies, Holdings, Inc.), HCL Technologies Ltd. (HCL Enterprises), Hewlett Packard enterprise Company, IBM Corporation, NICE Ltd., Microsoft Corporation, Pegasystems Inc., UiPath, Inc., Kofax, Inc. (Thoma Bravo LLC)
The expected CAGR of this Market is 24.9% from 2024 to 2031.
The Information Technology segment is leading the Market by Business Function in 2023; there by, achieving a market value of $15.5 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; there by, achieving a market value of $15.2 billion by 2031.
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