Digital Process Automation Market: Introduction
Businesses and Enterprises across the globe have been relying on business process management (BPM) for enhancing the processes such as customer on-boarding, customer support, retail lending, etc., and managing the back-end activities efficiently. However, with the increasing penetration of digitalization and demand for an enhanced customer experience, a corresponding demand for a digital processing automation software/solution was thus, created. Business enterprises, with an intention of improving customer engagement across digital channels, besides offering an improved business operational flow, have, thus started adopting digital process automation software/solution.
The application of digital technology for performing the process to offer an enhanced workflow and user experience is termed as digital process automation. Owing to the advantages associated with digital process automation technologies, a transition from business process management towards the adoption of digital process automation is witnessed, since its inception. The key application areas of a digital process automation tool include marketing, sales, production, supply chain, inventory control, administration, IT and management process etc.
Digital Process Automation market has witnessed significant traction in the past four years and, is furthermore, expected to witness a boom during the forecast period, owing to the increasing demand for digitalization witnessed from various business enterprises.
Digital Process Automation Market: Market Dynamics
The primary application of a digital process automation tool lies at industries requiring an efficient back-end processing management. Thus, increasing establishments of business enterprises such as e-commerce retailers, BFSI business enterprises, manufacturing industries, etc., is expected to be the primary driver for digital process automation market. In addition to this, the advantages associated with digital process automation such as efficient processing and output, reduced time delays, and enhanced security have also contributed, significantly, in terms of value, for the growth of digital process automation in the market. Increasing industrialization, complemented with the increasing penetration of industrial IoT technology, is further, expected to compliment the growth of the global digital process automation market, in terms of revenue.
One of the recent trends witnessed in the market is the transition from BPM to digital processing automation technology.
However, issues such as lack of awareness amongst various business enterprises, located at places lacking the technologies/infrastructure to implement or adopt digital process automation, and high costs associated with digital process automation are some of the major restraining factors for the global digital process automation market.
Digital Process Automation Market: Segmentation
Global Digital Process Automation market can be segmented on the basis of component, enterprise type, and region.
Segmentation for Digital Process Automation market by biometric system type:
On the basis of component, the digital process automation market can be segmented as:
In terms of value, a higher market share by the solution segment is witnessed, in 2017. However, services segment is expected to hold a higher growth rate during the forecast period.
Segmentation for Digital Process Automation market by enterprise type:
On the basis of enterprise type, the digital process automation market can be segmented as:
In 2017, of the above mentioned enterprise type, major adoption of digital process automation is in larger enterprises. However, owing to the increasing establishments of small and medium enterprises, and increasing awareness and demand about/for digital process automation, the same segment is expected to witness a higher growth rate, when compared with large enterprises, during the forecast period.
Segmentation for Digital Process Automation market by industry vertical:
On the basis of industry vertical, the digital process automation market can be segmented as:
Out of the aforementioned segments, BFSI and Retail segment is expected to witness a higher growth rate owing to the high demand for an enhanced and an efficient back-end process management tool witnessed from both the segments.
Digital Process Automation Market: Key Players
Some of the key players in the digital process automation market are IBM Corporation, Newgen Software Technologies Limited, Infosys Limited, BP Logix, Appian, TIBCO Software Inc., OpenText Corp., DST Systems, Inc., Pegasystems, Oracle, SourceCode Technology Holdings, Inc. (K2), Cognizant, and various others.
Many Tier-1 players (manufacturers and vendors offering Digital Process Automation solutions) of the market are focusing on partnering with various solution providers for enhancing its product offerings and for strengthening its position in the market. For instance, in July 2017, IBM partnered with Automation Anywhere for enhancing the end-user experience and for streamlining the operations of various business enterprises though its digital process automation software.
Digital Process Automation Market: Regional Overview
By geography, the Digital Process Automation market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, in terms of value, North America, especially the U.S., is expected to dominate the global digital process automation market during the forecast period, owing to high adoption of digital process automation solutions by various business enterprises across industry verticals, such as retail and BFSI, in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global Digital Process Automation market. China is, however, expected to exhibit highest growth rate during the forecast period owing to increasing penetration of digitalization witnessed, and establishment of small and medium sized enterprises in the country.
The report covers exhaustive analysis on:
Regional analysis for global Digital Process Automation market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.