Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Automation Software Market By Region, By Product, By Application, By Geography and Competitive Landscape – Global Industry Analysis, Market Size, Opportunities and Forecast 2021 – 2027”
The Global Automation Software Market is anticipated to grow at a CAGR of around 16.9% during the forecast period 2020 to 2027 and to reach around US$ 46.6Bn by 2027.
Inclination towards automation among various industry verticals and high spending on product development are augmenting the global automation software market growth.
The market in North America is expected to account for major revenue share in the global automation software market due to inclination of players towards automating operations. Government is focused on strengthening the infrastructure in order to support the adoption of advanced devices. In 2021, the government of US said it will spend US$ 10.9 Bn on intelligent process automation (IPA). While, artificial intelligence (AI) and robotic process automation (RPA) services are expected to have lower spending with US$ 4 Bn anf US$ 5.4 respectively. Adoption of intelligent process automation in every industrial vertical approach towards enhancing the operational efficiency and reduction in the cost is increasing.
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With the advent of sensors and high speed internet, manufactures are focused on enhancing the plant output. Presence of large number of players operating in the country and introduction of innovative solutions is expected to support the growth of target market. Players approach towards strengthening the banking sector and enhancing the customer experience is expected to impact the growth of automation software market. In 2020, Temenos AG, launched its digital banking service software solutions in the U.S. The software will let clients launch digital-only bank accounts for 90 days, thus letting the banks to meets the growing consumer demand and stay competitive in the market. Temenos AG is a banking based technology service provider from Switzerland. This is expected to help the company to enhance the business and increase the revenue share.
The market in Asia Pacific is expected to witness faster growth in the target market due to high government spending on infrastructure. Rapid industrialization in developing countries with the advent of artificial intelligence, machine learning and robotic technology are revolutionizing the economies with automated systems. Government expenditure on development healthcare is increasing; inclination towards deployment of advanced robotics in order to facilitate the service is expected to augment the automation software market growth.
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Favorable business schemes and policies by the local government and emergence of SME enterprises with innovative solutions and increasing investment for automation in various industry verticals are major factors expected to drive the growth of global automation software market. In addition, increasing merger & acquisition and innovative product launches in order to enhance the business and increase the customer base is expected to boost the automation software market growth.
- In 2021, UiPath a leading enterprise automation software company launched first automation school in Ireland to educate the next generation of the country’s workforce on automation. This launch is expected to help the company to enhance the business and attract new customers.
- In 2021, Sopra Banking Software launched a software “Marketplace” to accelerate platformization and modernization of banking systems. This can help BSFI’s to leverage digitalization for banking, customer service, security, documentary management, data management and visualization.
- In 2020, Automation Anywhere, a leader in RPA, launched its AI-Powered Banking Bot to Expedite SBA Loan Processing from 3 Days to 3 Weeks. This product launch is expected to help the company to enhance the business and strengthen its product offerings in the BFSI sector.
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Factors such as lack of developed infrastructure in developing countries for the adoption of advanced devices and lack of skilled professionals are factors expected to hamper the growth of global automation software market. In addition, high cost associated to integration of advanced solution to present structure is expected to challenge the growth of target market. However, increasing government spending on training new professionals, high investment by major players, and new product launches are factors expected to create new opportunities for players operating in the automation software market over the forecast period. In addition, increasing partnership between regional and international players is expected to support the revenue growth of target market.
The global automation software market is segmented into product types and applications. The product type segment is bifurcated into on-premises and cloud. Among product type, the cloud segment is expected to witness faster growth in the global automation software market. The application segment is divided in to BFSI, IT and telecoms, retail and consumer goods, travel and hospitality, healthcare and life sciences, education, media and entertainment, manufacturing, and others. Players operating in the global automation software market are ClickDimensions, Act-On Software, Oracle, ActiveCampaign, Sendinblue, SAS, Acoustic, Salesforce, GetResponse, and HubSpot.
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Content Source: https://www.globenewswire.com/news-release/2021/07/26/2268778/0/en/Automation-Software-Market-Value-Projected-To-Reach-US-46-6-Billion-By-2028-Covering-Covid-19-Impact-Acumen-Research-and-Consulting.html