The digital process automation market was expected to register a CAGR of 12.98% during the forecast period. As new technologies are trending and accelerating, merging the virtual and physical worlds enables the creation of new business models. Manufacturers are introducing new business models under which they sell digital services and products, such as digital twins.
- During the forecast period, there will be an increase in the need for digital process automation. Digital process automation has the potential to save a lot of money. The incorporation of modern technology is projected to become a regular practice in many businesses. These variables will significantly raise the market value of digital process automation.
- A digital process automation tool's main application is in sectors that require effective back-end processing administration. Thus, expanding company establishments such as e-commerce merchants, BFSI business enterprises, manufacturing sectors, and so on are expected to be the key drivers of the digital process automation market.
- Furthermore, the benefits associated with digital process automation, such as efficient processing and output, decreased time delays, and increased security, have contributed considerably to the market's growth of digital process automation. Increasing industrialization and increased adoption of industrial IoT technologies will likely drive the development of the global digital process automation market.
- Integrating AI and machine learning will provide a variety of prospects for the digital process automation business. Because of the limitations of current technology, companies are eager to adopt innovative technologies. Small, medium and large-scale organizations are all adopting digital process automation to increase productivity. Digital process automation is a large sector that includes both software and services. There are several organizational solutions offered via the market's services platform. Organizations can function better when they have centralized assistance.
- The pandemic has caused economic fluctuations. As a result, companies cannot invest in new technology-the lower the investment, the lower the revenue of the digital process automation industry. The digital process automation sector is experiencing a significant revenue decrease. However, the digital process automation industry will likely rise rapidly. In the following years, demand will progressively increase.
Key Market Trends
Adoption of Business Process Management (BPM) to Drive the Market Growth
- Digital process automation (DPA) is growing as an important evolution of the traditional category of business process management or BPM. This growth in DPA is due to the rising need for different businesses to automate their processes as part of extensive digital transformation initiatives.
- Organizations across different verticals continually try to find new sectors or verticals to reduce their total operational costs. They have increased their spending on managing their business processes with digitalization, which is expected to drive the DPA market growth.
- Because the need for business process management is directly related to the need for process automation in many industries, the higher the demand for process automation throughout the world, the greater the demand for business process management solutions. These factors assist businesses and companies in focusing on joining the business process management industry since their core competency results in overall organizational growth.
- Companies are also launching various digital process automation solutions and services to compete with competitors. For instance, in August 2021, SailPoint announced the launch of its customized workflows, which automate identity security with no-code offerings to automate complex and repetitive tasks by creating a workflow from scratch or browsing available templates to fit exact needs and connect seamlessly to various other SaaS applications within a cloud environment.
- During the coronavirus (COVID-19) epidemic, exhibition companies globally stopped some in-person events in 2020 and 2021 in favor of exploring digital formats. According to research conducted in June 2021, 80 percent of global exhibition venues incorporated digital services or products to complement their existing displays. Meanwhile, 45 percent of service provider organizations questioned converting internal procedures and workflows into digital processes.
North America to Account for a Significant Market Share in the Market
- Due to the region's large digital process automation vendors, North America is expected to contribute significantly to market expansion. The major trends responsible for the growth of the digital process automation market in the region include the diverse packaging that increases demand for advanced sensing technology, which will directly impact the increase of automated products.
- The United States is significantly growing due to improved technology and streamlined global supply chains/logistics. This emergence of international logistics networks means that United States manufacturers can now efficiently and effectively deliver the finished products and raw materials anywhere around the world.
- The region has witnessed a surge of partnerships, mergers, and acquisitions to capitalize on these possibilities. The fundamental driver of these investments has been the continued growth of new technologies and deployment options.
- In August 2022, Sigma Solve, a technology consulting and software development company that guides clients' visions for digitization, sales growth, system integration, and business process automation, has formed a strategic partnership with Liferay DXP, which will provide a feature-rich platform that puts integrated digital capabilities and innovation in the hands of businesses across North America. Sigma Solve's digital transformation approach integrates perfectly with Liferay's DXP platform.
- This trend has massively increased the economic opportunities of US manufacturers and international competitors. Robotic process automation (RPA) is one key technology enabling companies to address the fast pace of change across all business areas. RPA provides virtual agents to automate tasks, processes, and workflows for complex work.
The digital process automation market is fragmented. New product launches and focuses on continuous technology innovations are some strategies adopted by the major players. Key players are IBM Corporation, Pegasystems Inc., Appian Corporation, Oracle Corporation, etc. Recent developments in the market are
- February 2022 - Nokia and Atos have joined forces to improve the digital applications of enterprises by providing comprehensive private 4/5G network services. The collaborative solution, which includes Atos and Nokia servers, brings together the two pioneers in cloud and edge computing capabilities to assist organizations in their digitization journey toward the 4.0 Industry. The collaboration uses Nokia Digital Automation Cloud (DAC), an industrial-grade private wireless connectivity and application platform, and Atos' AI computer vision platform, strengthened by Atos' recent acquisition of AI pioneer Ipsotek and its unparalleled IP and software capabilities.
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