There is an increasing need among enterprises to adopt digital process automation solutions for automating their business processes and increasing agility.
The growing technology landscape and expansion of businesses across various industry verticals, such as Banking Financial Services, and Insurance (BFSI), telecom & Information Technology (IT), consumer goods & retail, media & entertainment, manufacturing, transport & logistics, and energy & utilities, are expected to be the major contributors to the digital process automation market. The digital process automation solution aims at automating and optimizing business processes; this improves efficiency, minimizes the chances of human error, and reduces security vulnerabilities by automating routine administrative tasks and compliance processes. Another factor that is expected to increase the adoption of the digital process automation solution is the growing demand for optimum resource utilization. In this report, MarketsandMarkets forecasts the global digital process automation market size to grow from USD 6.76 billion in 2018 to USD 12.61 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
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The major vendors that offer digital process automation solution and services across the globe include IBM (US), Appian (US), DST Systems (US), OpenText (Canada), K2 (US), Bizagi(England), DXC (US), Infosys (India), Oracle (US), Pegasystems (US), TIBCO (US), Software AG (Germany), Cognizant(US) , Mindtree (India), Newgen software (India), Nintex (US), Ayehu (US), Integrify (US), HelpSystems (US), Innov8tif (Malaysia), Novatio (US), Bonitasoft (France), Cortex (UK), PMG.net (US), and blue-infinity (Switzerland). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers & acquisitions, to expand their offerings and mark their presence in the digital process automation market.
IBM adopted effective inorganic growth strategies to enhance its product offerings. For instance, in December 2017, IBM collaborated with Blue Prism to integrate Blue Prism’s Robotic Process Automation (RPA) software with IBM services. This would help its customers to implement the latest automation and cognitive capabilities and accelerate transformation through innovative digital business models, enhance customer engagement, and increase productivity. Furthermore, IBM collaborated with Automation Anywhere to integrate Automation Anywhere’s robotic process automation platform with IBM’s digital process automation software. This collaboration would save employees’ time and replace manual work processes with the help of fully digitalized methods, resulting in improving customer satisfaction and faster response time for loan approval procedures, filing insurance claims, and opening new accounts.
Pegasystems is another top player in the digital process automation market. The company focuses on strengthening its expertise in targeted industry verticals in the digital process automation market. To achieve this expertise, the company has undertaken several partnerships, product developments, and enhancements. For instance, in June 2018, Pegasystems launched Pega Infinity, a next-generation digital transformation suite. Pega Infinity helps organizations to accelerate the digital transformation of the businesses while enhancing customer experience.
Digital Process Automation Market by Component, Business Function (Sales Process Automation, Supply Chain Automation, Claims Automation, and Marketing Automation), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023
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