Driving Growth with Digital Process Automation: Market Analysis and Forecast

According to the report published by Allied Market Research, the global digital process automation market was estimated at $12.4 billion in 2021 and is expected to hit $42.7 billion by 2031, registering a CAGR of 13.2% from 2022 to 2031.

The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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Digital process automation is a digital technology that is used to automate one or more tasks involved in a business process. Organizations often use software as a means of automation to optimize their workflows. The use of digital process automation industry focuses on automating processes to improve workflows. A wide variety of business processes and activities can be automated, or more often, they can be partially automated with human intervention at strategic points within workflows. Sales, marketing, production, supply chain, inventory control, administration, IT, and management process are among those benefitting from digital process automation market analysis.

Digital process automation utilizes intelligent automation technology like artificial intelligence (AI) and machine learning (ML) to automate repetitive tasks. It aims to replace human intervention in business processes. For example, purchase orders are ideal for digital process automation since they are repetitive and have the potential for significant workflow delays. Once a purchase order is submitted, digital process automation software can route the request to the appropriate stakeholder for approval and notify the requesting party when it is approved. Such factors have resulted in digital process automation market size growth.

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The global digital process automation market is analyzed across component, business function, organization size, deployment type, industry verticals, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

COVID-19 scenario -

• The market witnessed a significant upturn, as much of the world moved online, accelerating a digital transformation that has been underway for decades. Children with at-home internet access began attending class remotely; many employees started working from home, and numerous firms adopted digital business models to maintain operations and preserve some revenue flows.

• Moreover, significant transformational change requires system analysis to integrate information technology, operational technology, automation, and controls to achieve efficient and responsive synchronized production is expected to influence the market during a pandemic.

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Depending on enterprise size, the large enterprise segment garnered largest share in 2022 and is expected to continue this trend during the forecast period. This is attributed to owing to advance analytics as it helps in analyzing automation data to enhance an organization's workforce performance is expected to drive market growth. However, the small and medium-sized enterprises segment is expected to witness the highest growth in the upcoming years. the increasing use to help companies of all sizes solve their business problems. As, small business features, pricing, setup, and installation differ from businesses of other sizes, where companies provide customized solutions right small business digital process automation to fit specialized needs.

Region-wise, North America held a significant global digital process automation market share, due to the region's increasing demand for enhanced end-user services, U.S. and Canada currently dominate the regional market for North America. The main drivers of the growth of the digital process automation market in this region is increase in the integration of artificial intelligence (AI) and machine learning (ML) in automation and surge in adoption of the low-code automation platform are the primary factors that drive the growth of the digital process automation market forecast in Asia-Pacific, North America, Europe, and LAMEA.

Key players profiled in the report include Appian, Cognizant, SS&C Technologies, Inc., IBM Corporation, Infosys Limited, LTIMindtree Limited, Open Text Corporation, Oracle Corporation, Software AG, and Pegasystems Inc. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the digital process automation market. For instance, in August 2021, Software AG collaborated with Automation Anywhere, to make scalable automation achievable for more businesses. Software AG's ARIS platform bookend Automation Anywhere with process mining and process management. This improves the discovery of digital process automation opportunities and then management of automated processes. Such developments supported the growth of digital process automation market.

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