Digital Process Automation Market Size to Grow with CAGR of 13.40% by 2031 | SkyQuest Technology
Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Digital Process Automation Market Share will reach a value of USD 35.66 Billion by 2031, with a CAGR of 13.40% during the forecast period (2024-2031). There is a growing use of low-code automation platforms, integration of AI and machine learning, and expansion of the market due to data security and privacy concerns together with a lack of technological know-how. With its rising adoption by the corporate sector in the various processes during the forecast period, the increased use of RPA solutions is estimated to pose many opportunities for the expansion of the digital process automation industry.
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Browse in-depth TOC on the “Digital Process Automation Market”
- Pages – 197
- Tables – 119
- Figures – 72
Digital Process Automation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 13.04 Billion |
| Estimated Value by 2031 | USD 35.66 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Type, Organization Size, Service, Business Function, Industry Vertical, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Digital Process Automation Market Experiencing Rapid Growth |
| Key Market Opportunities | Remote Monitoring and Management |
| Key Market Drivers | Rise in Demand for Digital Transformation |
Solutions Segment Leads Market Growth Driven by Increased Efficiency
The solution segment was market-leading in the year 2023 based on digital process automation market forecast. This growth due to higher demand for these digital solutions is also boosting the rate of the overall segment significantly. It ensures a sizeable reduction of time during processing and checking. These solutions enhance availability, security, and governance. Thus, they are increasingly appealing to businesses working to enhance processes. Companies should witness an increase in demand for more robust solutions due to a greater emphasis on efficiency and compliance.
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SMEs Driving Rapid Growth in Digital Process Automation Driven by Cost Savings
Growth in digital process automation in the SMEs segment is rising at the fastest rate across the global digital process automation industry. Now that it becomes apparent that digital process automation will cut down costs, augment productivity, and improve customer satisfaction, the SMEs will increasingly rely on more technology. Now that cloud computing has caught up, more resourceful and cost-friendly automation options are available to the market to help SME realize its implementation. As the market is forcing SMEs at a rapid pace to be more competitive by embracing the digital process automation offered by the larger companies, due to competition for more agility and responsiveness.
North America Dominates Market Due to Advances in AI and ML
The North America market accounted for the largest digital process automation market share in the year 2023. Based on the projection of size, it is predicted that it will continue during the duration of the forecast period. There lie here advances in automation technology which integrate principles of ML and AI to specifically service certain fields behind this pre-eminent place. Developments along these lines enhance efficiency in operation and allow firms to develop systems customized for special markets. The north region will still be well placed in leadership as many organizations understand and appreciate using AI and ML to better process workflows.
Digital Market Automation Market Insights
Drivers
- Data-Driven Decision Making
- Rising Demand for Digital Transformation
- Remote Work Trends
Restraints
- Lack of Skilled Workers
- Dependence on Technology
- Complex Integration Challenges
Key Players Operating Within the Digital Process Automation Market
The following are the Top Digital Process Automation Companies
- SS&C Technologies, Inc.
- Oracle Corporation
- software ag
- LTIMindtree Limited
- Appian
- Cognizant
- Pegasystems Inc.
- Open Text Corporation
- Infosys Limited
- IBM Corporation
Key Questions Covered in the Global Digital Process Automation Market Report
- What are the factors driving the growth of the market?
- What are the leading players in the market?
- Which region accounted for the largest share in 2023?
- What are the key digital process automation market trends?
- What will be the value of the market by the end of 2031?
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This report provides the following insights:
- Analysis of key drivers (data-driven decision making, rise in demand for digital transformation), restraints (high initial investment, data security concerns) opportunities (expansion of cloud-based automation, focus on sustainability), and challenges (intense competition, balancing automation & human workforce) influencing the growth of the digital process automation market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the digital process automation market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the digital process automation market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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