PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automation as a Service Market by Component (Solution and Services), Business Function (Information Technology, Sales and Marketing, Operations, Finance, Human Resources, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, Telecom & IT, Retail, Healthcare, Manufacturing, Government & Defense, Energy & Utilities, Media & Entertainment, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2019?2026". According to the report, the global automation as a service industry was pegged at $2.09 billion in 2018 and is projected to reach $12.37 billion by 2026, growing at a CAGR of 25.3% from 2019 to 2026.
Prime determinants for market
Ease of doing business, reduction in workforce cost, and adoption of the services technologies have boosted the growth of the global automation as a service market. However, data security and privacy and constantly changing the automation technology landscape hamper the market growth. On the contrary, growing adoption among SMEs is expected to create lucrative opportunities in the near future.
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The services segment to portray the fastest growth through 2026
The services segment is expected to register the fastest CAGR of 26.8% during the forecast period, owing to rise in need for automation in an almost entire business process. However, the solution segment held the lion's share in 2018, accounting for more than two-thirds of the global automation as a service market, as automation solutions are cheaper and fastest to deploy.
The healthcare segment to register the fastest CAGR by 2026
The healthcare segment is anticipated to register the fastest CAGR of 29.0% during the forecast period, owing to high adoption of analytics, advent of industry 4.0, and rise in need for business agility in healthcare industries. However, the BFSI segment dominated the global automation as a service market in 2018, contributing to nearly one-fifth of the market. This is due to increase in adoption of technological solutions for diverse applications such as data analytics, fraud detection, and others.
North America dominated the market
The global automation as a service market across North America is expected to hold the largest share in 2018, contributing to around two-fifths of the market. This is owing to its compatible infrastructure and need to stay ahead in the global market. However, the market across the Asia-Pacific region is expected to manifest the fastest CAGR of 29.0% during the forecast period, owing to the high penetrations SME's and demand for high business agility in the region.
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Major market players
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SOURCE Allied Market Research
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