The global automation as a service market size reached US$ 7.6 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 49.2 Billion by 2032, exhibiting a growth rate (CAGR) of 23.06% during 2023-2032. The growing need to enhance operational efficiency and deliver substantial cost savings, rising demand for digital tools and solutions, and integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to enhance efficiency are some of the major factors propelling the market.
With a large portion of the workforce operating remotely, there is a heightened need for tools and platforms that facilitate seamless virtual collaboration. AaaS solutions enable organizations to automate workflows and processes across distributed teams, ensuring efficient communication, task management, and project coordination. These factors are further contributing to the automation as a service market share.
For instance, in January 2024, Kyndryl launched a generative artificial intelligence (AI)-powered solution for automating and modernizing commercial processes. Kyndryl's new workflow orchestration services aim to streamline core activities, boost efficiency, and enhance the entire digital workplace experience for both employees and consumers. This is further bolstering the automation as a service market revenue.
According to the automation as a service market outlook, AaaS solution comprises a wide array of automation capabilities, including robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), and various workflow automation tools. It is designed to cater to specific business needs, enabling organizations to automate tasks and processes efficiently. It provides pre-built automation templates and customizable workflows, which makes it easier for businesses to implement automation without extensive coding or development efforts. It allows organizations to automate tasks across departments, from finance and human resources (HR) to customer service and supply chain management.
According to the automation as a service market overview, finance refers to the automation of financial processes and functions within an organization. It involves the use of AaaS solutions to streamline and optimize financial tasks, such as accounting, invoicing, budgeting, and financial reporting. AaaS solutions tailored for finance functions can handle repetitive and data-intensive financial operations with a high degree of accuracy and efficiency. By automating financial processes, businesses can significantly reduce manual effort, minimize errors, and improve compliance with financial regulations.
AaaS solutions in finance often integrate with existing accounting systems and software that makes automation smoother for finance departments. For instance, in March 2024, Microsoft introduced Microsoft Copilot for Finance, an AI-powered workplace automation tool that is part of Microsoft 365 and joins Copilot for Sales and Copilot for tool in the Microsoft Copilot portfolio. The solution is intended to simplify financial data management, automate operations, and provide customers with advice and insights.
Large enterprises typically defined as organizations with a substantial workforce and extensive operations. These organizations often have complex and diverse business processes that can greatly benefit from automation. AaaS solutions tailored for large enterprises are designed to address the scale and complexity of their operations. They offer scalability, allowing these organizations to automate a wide range of functions across various departments, such as finance, human resource (HR), supply chain, and customer service. Large enterprises leverage AaaS to enhance operational efficiency, reduce costs, and accelerate decision-making processes.
AaaS solutions tailored for BFSI offer automation capabilities that address the specific needs and challenges of financial institutions, including banks, investment firms, and insurance companies. They play a crucial role in automating critical processes, such as customer onboarding, loan origination, fraud detection, and claims processing. These solutions streamline compliance with stringent financial regulations, enhance security measures, and improve customer experiences by reducing processing times. They assist in increasing operational efficiency, reducing operational costs, and improving risk management.
According to the automation as a service market analysis, North America held the biggest market share due to the presence of major AaaS providers and technology innovators. In addition, the rising adoption of automation, particularly in industries like finance and healthcare is strengthening the growth of the market in the region. Besides this, the growing demand to streamline operations and reduce costs in a business is offering a positive market outlook. In line with this, the increasing need for data security is supporting the growth of the market in the North America region.
For instance, in June 2022, Cypress unveiled an all-in-one test automation platform with the goal of integrating and transforming automated testing into continuous testing. Celtra Creative Automation (CA) for Marketing is a production automation solution for businesses aiming to streamline the creative process and improve cooperation throughout the production cycle.
In addition, major manufacturers are working closely with clients to customize their solutions to specific business needs. They ensure seamless integration with existing systems and processes, making it easier for organizations to adopt and implement automation. Apart from this, key players are prioritizing data security and compliance with industry regulations by investing in advanced security measures to protect sensitive data.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
2. What are the key factors driving the global automation as a service market?
3. What has been the impact of COVID-19 on the global automation as a service market?
4. What is the breakup of the global automation as a service market based on the component?
5. What is the breakup of the global automation as a service market based on the enterprise size?
6. What is the breakup of the global automation as a service market based on the vertical?
7. What are the key regions in the global automation as a service market?
8. Who are the key players/companies in the global automation as a service market?
Automation as a Service Market Analysis:
- Major Market Drivers: The increasing employment of AaaS, as it allows companies to focus on higher-value activities, boost competitiveness, and achieve faster and more accurate results, is strengthening the market growth. Moreover, the emerging remote work culture across the globe is positively influencing the market.
- Key Market Trends: The increasing focus on enhanced safety to avoid cyber threats coupled with the rising number of AaaS providers around the world is propelling the market growth. In addition, the surging adoption of AaaS, as it can contribute to sustainability efforts by reducing paper usage, energy consumption, and carbon emissions through optimized processes is offering lucrative growth opportunities to industry investors.
- Competitive Landscape: Some of the prominent companies in the market include Automation Anywhere Inc., Blue Prism Limited, HCL Technologies Limited, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Kofax Inc., Microsoft Corporation, NICE, Pegasystems Inc., and UiPath., among many others.
- Geographical Trends: According to the automation as a service market dynamic, North America exhibits a clear dominance in the market. The ongoing digital transformation across industries in the region is fueling the adoption of automation solutions.
- Challenges and Opportunities: Data security and privacy concerns, and lack of skilled resources are hampering the market's growth. However, AaaS offers cost-effective solutions by reducing the need for upfront investments in infrastructure and software. Organizations can scale automation capabilities based on demand, optimizing resource allocation, and operational efficiency.
Automation as a Service Market Trends:
Emerging Remote Work Trends
The shift towards remote and hybrid work models is one of the major factors driving the industry's growth. For instance, according to an article published by Forbes, in 2023, 12.7% of full-time employees worked from home. Simultaneously, a considerable 28.2% of employees adopted a hybrid work approach. Also, by 2025, around 32.6 million Americans will be working remotely.With a large portion of the workforce operating remotely, there is a heightened need for tools and platforms that facilitate seamless virtual collaboration. AaaS solutions enable organizations to automate workflows and processes across distributed teams, ensuring efficient communication, task management, and project coordination. These factors are further contributing to the automation as a service market share.
Rising Demand for Automation
Organizations are increasingly adopting automation to streamline operations and improve efficiency. For instance, according to an article published by Kiss Flow, 73% of IT leaders admit that automation saves around 50% of their time, further improving efficiency. Similarly, 51% agree that automation can lower overall expenses by 10% to 50%. AaaS allows businesses to automate repetitive tasks, workflows, and processes across various departments, such as finance, HR, customer service, IT, etc. By reducing manual effort and minimizing errors, automation enhances overall operational efficiency. These factors are further positively influencing the automation as a service market forecast.Technological Advancements
The rapid development of new technologies, such as artificial intelligence (AI), machine learning, cloud computing, and the Internet of Things (IoT), as well as their broad use by enterprises, have contributed significantly to the growth of automation as a service (AaaS). AI and ML algorithms enable AaaS platforms to automate complex decision-making processes, predict outcomes, and optimize workflows.For instance, in January 2024, Kyndryl launched a generative artificial intelligence (AI)-powered solution for automating and modernizing commercial processes. Kyndryl's new workflow orchestration services aim to streamline core activities, boost efficiency, and enhance the entire digital workplace experience for both employees and consumers. This is further bolstering the automation as a service market revenue.
Global Automation as a Service Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, business function, enterprise size, and vertical.Breakup by Component:
- Solution
- Services
Solution accounts for the majority of the market share
According to the automation as a service market outlook, AaaS solution comprises a wide array of automation capabilities, including robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), and various workflow automation tools. It is designed to cater to specific business needs, enabling organizations to automate tasks and processes efficiently. It provides pre-built automation templates and customizable workflows, which makes it easier for businesses to implement automation without extensive coding or development efforts. It allows organizations to automate tasks across departments, from finance and human resources (HR) to customer service and supply chain management.
Breakup by Business Function:
- Information Technology
- Sales and Marketing
- Operations
- Finance
- Human Resource
- Others
Finance holds the largest share in the industry
According to the automation as a service market overview, finance refers to the automation of financial processes and functions within an organization. It involves the use of AaaS solutions to streamline and optimize financial tasks, such as accounting, invoicing, budgeting, and financial reporting. AaaS solutions tailored for finance functions can handle repetitive and data-intensive financial operations with a high degree of accuracy and efficiency. By automating financial processes, businesses can significantly reduce manual effort, minimize errors, and improve compliance with financial regulations.
AaaS solutions in finance often integrate with existing accounting systems and software that makes automation smoother for finance departments. For instance, in March 2024, Microsoft introduced Microsoft Copilot for Finance, an AI-powered workplace automation tool that is part of Microsoft 365 and joins Copilot for Sales and Copilot for tool in the Microsoft Copilot portfolio. The solution is intended to simplify financial data management, automate operations, and provide customers with advice and insights.
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises
Large enterprises represent the leading market segment
Large enterprises typically defined as organizations with a substantial workforce and extensive operations. These organizations often have complex and diverse business processes that can greatly benefit from automation. AaaS solutions tailored for large enterprises are designed to address the scale and complexity of their operations. They offer scalability, allowing these organizations to automate a wide range of functions across various departments, such as finance, human resource (HR), supply chain, and customer service. Large enterprises leverage AaaS to enhance operational efficiency, reduce costs, and accelerate decision-making processes.
Breakup by Vertical:
- BFSI
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Others
BFSI exhibits a clear dominance in the market
AaaS solutions tailored for BFSI offer automation capabilities that address the specific needs and challenges of financial institutions, including banks, investment firms, and insurance companies. They play a crucial role in automating critical processes, such as customer onboarding, loan origination, fraud detection, and claims processing. These solutions streamline compliance with stringent financial regulations, enhance security measures, and improve customer experiences by reducing processing times. They assist in increasing operational efficiency, reducing operational costs, and improving risk management.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America leads the market, accounting for the largest automation as a service market share
According to the automation as a service market analysis, North America held the biggest market share due to the presence of major AaaS providers and technology innovators. In addition, the rising adoption of automation, particularly in industries like finance and healthcare is strengthening the growth of the market in the region. Besides this, the growing demand to streamline operations and reduce costs in a business is offering a positive market outlook. In line with this, the increasing need for data security is supporting the growth of the market in the North America region.
For instance, in June 2022, Cypress unveiled an all-in-one test automation platform with the goal of integrating and transforming automated testing into continuous testing. Celtra Creative Automation (CA) for Marketing is a production automation solution for businesses aiming to streamline the creative process and improve cooperation throughout the production cycle.
Competitive Landscape:
Several players are continually innovating to develop more advanced and intelligent automation solutions. They are investing in research and development (R&D) activities to enhance their offerings, incorporating artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) capabilities to make their solutions smarter and more adaptable.In addition, major manufacturers are working closely with clients to customize their solutions to specific business needs. They ensure seamless integration with existing systems and processes, making it easier for organizations to adopt and implement automation. Apart from this, key players are prioritizing data security and compliance with industry regulations by investing in advanced security measures to protect sensitive data.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Automation Anywhere Inc.
- Blue Prism Limited
- HCL Technologies Limited
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Kofax Inc.
- Microsoft Corporation
- NICE
- Pegasystems Inc.
- UiPath
Automation as a Service Market Recent Developments:
- May 2024: CommBox, AI and automated customer communications provider, launched its new partner program, CommBox Connect.
- March 2024: Microsoft introduced Microsoft Copilot for Finance, an AI-powered workplace automation tool that is part of Microsoft 365 and joins Copilot for Sales and Copilot for tool in the Microsoft Copilot portfolio.
- January 2024: Kyndryl launched a generative artificial intelligence (AI)-powered solution for automating and modernizing commercial processes.
Key Questions Answered in This Report
1. What is the expected growth rate of the global automation as a service market during 2024-2032?2. What are the key factors driving the global automation as a service market?
3. What has been the impact of COVID-19 on the global automation as a service market?
4. What is the breakup of the global automation as a service market based on the component?
5. What is the breakup of the global automation as a service market based on the enterprise size?
6. What is the breakup of the global automation as a service market based on the vertical?
7. What are the key regions in the global automation as a service market?
8. Who are the key players/companies in the global automation as a service market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Automation as a Service Market
6 Market Breakup by Component
7 Market Breakup by Business Function
8 Market Breakup by Enterprise Size
9 Market Breakup by Vertical
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Automation Anywhere Inc.
- Blue Prism Limited
- HCL Technologies Limited
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Kofax Inc.
- Microsoft Corporation
- NICE
- Pegasystems Inc.
- UiPath
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 7.6 Billion |
| Forecasted Market Value ( USD | $ 49.2 Billion |
| Compound Annual Growth Rate | 23.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
