Digital Process Automation Market: Current Analysis and Forecast (2022-2028)

Digital process automation is defined as the process of creating, automating, and optimizing business processes using advanced digital tools such as low-code development solutions. The goal of digital process automation is to eliminate human intervention in business processes, freeing up employees to focus on higher value-added tasks. Key principles of digital process automation include maintaining transparency about processes, automating customer tasks, triggering notifications and reminders, and creating an atmosphere of collaboration.

The Digital Process Automation Market is expected to grow at a strong CAGR of around 12% during the forecast period owing to the increasing demand for automation and the growing adoption of low-code automation platforms. Further on, the expanding volume and variety of business data, and the increasing need for automation across industries are the main factors driving the growth of the digital process automation market. In addition, the growing industrialization and increased adoption of the internet of things (IoT) are further contributing to the growth of the market. For instance according to the Centre for the Promotion of Imports from developing countries (CBI Europe), In 2021, there were more than 10 billion active IoT devices in the world. This number is expected to surpass 25.4 billion in 2030. By 2030, approximately 23% of the devices will be located in Europe. 26% in China and 24% in North America.

Based on component, the market is bifurcated into solutions and services. The solutions segment catered to a significant share of the market in 2020 owing to the benefits associated with digital process automation such as time-saving, cost reduction, customer satisfaction, operation stability, error prevention, easy adaption, and others. The ability of digital process automation to organize and digitize processes makes it easier to adjust and improve. This enables companies to quickly launch new solutions, scale them, and adapt them to market needs

By business function, the market is categorized into sales process automation, supply chain automation, claims automation, and marketing automation. Among these, the supply chain automation segment is expected to grow at a substantial CAGR during the forecast period. The globalization of business has led companies to adopt supply chain automation solutions to optimize their supply chain processes. Supply chain automation enables businesses to effectively capture and process orders from the earliest stages of planning, configuration, pricing, and order delivery

On the basis of deployment type, the market is bifurcated into on-premises and cloud. Among these, the on-premises segment captured a commendable share of the global digital process automation market in 2020 owing to the high preference for this type of deployment to keep confidential data in-house rather than turning it over to a cloud provider. In addition, on-premises solutions enable hands-on ownership and control of security monitoring, providing a flexible and adaptable security program

Based on organization size, the market is divided into large enterprises and SMEs. Large enterprises held a prominent share of the market. One of the key drivers is the need for large enterprises to rapidly automate processes during their digital transformation. Large enterprises are now focused on digitizing their operations to become more customer-centric and responsive, both in how they respond to changing customer demands and how they bring new products to market

By industry, the market is segmented into banking & financial services, manufacturing, information & communication technology, aerospace & defense, healthcare, and others. The banking and financial services industry is expected to grow strongly during the forecast period. This growth can be attributed to the advantages associated with digital process automation for banking and financial services, such as greater accuracy and efficiency, scalability, better investments, service flexibility, and others. Moreover, digital process automation reduces human errors and the time needed to complete various tasks to maximize cost savings, which results in better business outcomes and lower operational costs

For a better understanding of the market adoption of the digital process automation industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific digital process automation market is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the large-scale optimization of IT infrastructure, strong government initiatives, and ongoing projects. Moreover, improved technology, streamlined global supply chains, and the emergence of international logistics networks are some other factors helping the Asia-Pacific digital process automation market to grow rapidly

Some of the major players operating in the market include: IBM, Appian, Open Text Corporation, Bizagi, DXC Technology Company, Infosys Limited, Oracle, Pegasystems Inc., Cloud Software Group Inc, and Software AG.