In 2017, the global automation as a service (AaaS) market generated $2.9 billion and is projected to reach $10.9 billion by 2023, registering a 23.9% CAGR during the forecast period (2018–2023). The market is growing due to the decreasing cost of automation software and services, surging demand for virtual workforce, and greater ease of doing business.
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AaaS is a platform which utilizes technologies including cognitive analytics, artificial intelligence (AI), machine learning, and internet of things for offering enterprises a way to automate their business processes for increasing accuracy and speed of operations. On the basis of business process, the AaaS market is divided into human resources (HR), information technology (IT), finance & accounting, sales & marketing, supply chain, operations, and customer service.
Among these, the IT division accounted for the major share of the market during the historical period (2013–2017) and is predicted to dominate the market during the forecast period as well. The sales & marketing division is projected to grow at the fastest pace during the forecast period because of the increasing need for engaging customers and managing billing processes.
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When industry is taken into consideration, the AaaS market is categorized into travel & tourism, banking, financial services, & insurance (BFSI), hospitality, telecom & IT, media & entertainment, manufacturing, transportation & logistics, energy & utilities, healthcare, retail & consumer goods, and government & defense. Out of these, the BFSI category dominated the market during the historical period and is further expected to contribute the largest revenue share to the market during the forecast period, which is ascribed to the rising requirement for automation in processes including invoice digitization, customer service, and credit card approvals.
