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Automation-as-a-service market expected to touch $7 billion by 2023: KBV Research

Automation-as-a-service market expected to touch $7 billion by 2023: KBV Research

Automation-as-a-service (AaaS) market is expected to touch $7.4 billion by 2023, growing at a CAGR of 27% during 2017 to 2023, as per a new report from KBV research.

The AaaS helps organizations by automating the business processes, and shifting from slow and manual processes to fast and reliable automated ones. The increasing demand for cloud services and automation, is driving the Automation-as-a-Service market.

  • By component

Based on component, the report segments the market into solutions and services. In 2016, solutions market dominated the global AaaS market worldwide, and is expected to do so till 2023. On the other hand, the services market is expected to show a CAGR of 31.8% during the forecast period (2017-2023).

  • By region

In 2016, North America held the largest market share in Global Operations & IT AaaS, and will continue to dominate till 2023, showing a CAGR of 24.5%.

Europe will grow at a CAGR of 25.5% during the forecast period in finance AaaS market, while APAC region is expected to witness a CAGR of 30.5% in human resource AaaS market.

  • By type

By type, the rule-based automation dominated the market in 2016, and is expected to be a dominant till 2023. While knowledge-based automation will grow at a CAGR of 31.2% during the forecast period.

  • By vertical

Banking, Financial services and Insurance (BFSI) held the largest market share in 2016, and will continue to do so till 2023, showing a CAGR of 24.9%.

Healthcare market is expected to touch $926.9 million by 2023, while retail market will grow at a CAGR of 27.9% during 2017 to 2023.

KBV Research also elaborated profiles of leading companies including IBM, Microsoft, HPE, Pegasystems, Blue Prism, Automation Anywhere, etc. It considered the key strategic developments of these companies including Mergers & Acquisitions, product launches, partnerships, etc.

Also read: 5 Cloud Computing Predictions for 2018 that will define the cloud industry for good

As per the report, Microsoft, IBM, and HPE were forerunners in automation-as-a-service market.

For full report, visit: https://kbvresearch.com/automation-as-a-service-market/

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