AaaS market to reach USD 10,914.9 mln by 2023, study says

Thursday 15 November 2018 10:58 CET | News

US-based market research company P&S Intelligence has issued its Automation as a Service (AaaS) Market Overview projecting the market’s worth by 2023.

The growth in the market Automation as a Service (AaaS) can be attributed to the surging demand for virtual workforce, and growing advancements in artificial intelligence (AI) and cognitive computing. Further, the growing demand for business process automation, and declining cost of automation software and services is bolstering the demand for automation as a service platform.

According to the report, based on offering, the market is bifurcated into solution and service, where the solution category dominated the automation as a service market in 2017. Globally, North America contributed the largest share of 43.3% in solution market in 2017, owing to the existence of the largest information technology industry.

Based on industry, banking, financial services and insurance (BFSI) category witnessed the highest share in automation as a service market in 2017. North America held the highest share of over 40% in BFSI category in 2017, owing to increasing demand for automation in processes such as customer service, compliance, invoice digitization, credit card approval, mortgage processing, detection of fraud, know your customer (KYC) processing, updating ledger, report build-up, and account closing process.

APAC is forecast to emerge as the fastest growing automation as a service market in the coming years and is projected to generate USD 2,444.9 million by 2023. Developing countries such as India and China are the major contributors pushing the APAC market growth, supported by growing BFSI and manufacturing sectors in these countries. Out of five largest banks in the world, four of them are based in China, which could offer lucrative opportunities for automation as a service vendors.

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Keywords: Automation as a Service, AaaS, US, P&S Intelligence, accounts payable automation, Automation as a Service (AaaS) Market Overview, US automation market, survey, study, research, B2B payments, banking, financial services and insurance, North America
Countries: World