Digital Process Automation Market Size to Grow USD 11770 Million by 2028 at a CAGR of 8.5% | Valuates Reports
BANGALORE, India, Sept. 23, 2022 /PRNewswire/ -- The Global Digital Process Automation Market is Segmented by Type (Solution, Services), by Application (Retail & Consumer Goods, BFSI, IT & Telecom, Transport & Logistics, Energy & Utility, Media & Entertainment, Healthcare): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global Digital Process Automation market size is projected to reach USD 11770 Million by 2028, from USD 6451.8 Million in 2021, at a CAGR of 8.5% during 2022-2028.
Major Factors Driving the growth of the Digital Process Automation market are:
The digital process automation market is anticipated to increase as a result of rising automation demand and rising low code automation platform adoption.
Digital process automation solutions and services offer several benefits to enterprises. These advantages include reducing unavoidable losses, generating new possibilities, reducing expenses, and boosting the effectiveness of business operations.
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TRENDS INFLUENCING THE GROWTH OF DIGITAL PROCESS AUTOMATION MARKET:
The banking, financial, and insurance industries face many issues, including rising costs, a lack of talented people, outmoded banking practices, data breaches, and an onslaught of laws. BFSI must make use of the enormous advantages of digital process automation if it is to remain on top of these problems. Robotic process automation is a type of software-based automation that is more effective than humans at carrying out repetitive tasks. Digital process automation makes it possible to process massive amounts of data more quickly, accurately, and affordably. Additionally, these institutions can simply automate high-volume workflows, track crucial accounts, do security checks, and even improve client experiences with the help of digital process automation. This in turn is expected to drive the growth of the Digital Process Automation Market
Better Compliance with Regulations Meeting strict compliance rules is a difficult issue for firms in the banking, finance, and insurance sectors. Digital Process Automation assists in addressing some of the main requirements of regulatory compliance by automating repetitive and routine processes. Banks can handle reconciliation, fraud and risk, quality assurance processing, regulatory monitoring, and compliance reporting by utilizing the potential of digital process automation.
By optimizing workflow to support important business initiatives, digital process automation aids enterprises in changing the way they conduct business. With no new code required, the solutions and services enable enterprises to quickly create and implement novel applications or solutions. Low-code development unites business and IT to swiftly and cooperatively produce new customer-facing applications. Organizations must rely on software developers because the conventional way of developing software/applications takes a long time. The traditional approaches also impede an organization's ability to react swiftly to changes in the market and shift client expectations on an enterprise scale. Organizations can constantly enhance the customer experience, develop more quickly, and generate more income thanks to low-code automation platforms. This factor is expected to drive the growth of the Digital Process Automation Market.
The need to create more sophisticated and intuitive customer experiences is expected to drive the growth of the Digital Process Automation Market. Organizations can use digital process automation to expand on their investments in data, systems, and APIs to develop more sophisticated and user-friendly customer journeys.
Cost savings are still being experienced by many DPA users, despite the fact that this is not their primary objective. The beauty of digital process automation is that cost savings and better client experiences go hand in hand. This is expected to further drive the Digital Process Automation Market. Customers frequently enjoy speedier and more transparent experiences as a result of cost-cutting efficiency.
The anxiety and anguish of having to replace legacy technologies are one of the biggest barriers to completing the digital transformation. To improve client experiences without having to give up what they already have, digital process automation technologies can wrap legacy systems with a process-centric application layer that empowers staff and boosts agility.
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DIGITAL PROCESS AUTOMATION MARKET SHARE
Based on type, the service segment is expected to be the most lucrative. The software life cycle, which also encompasses deployment, integration, product upgrade, maintenance, training, and consulting, incorporaes services as a crucial component.
During the forecast period, the BFSI segment will hold the greatest market share. Demand for this market segment is being fueled by aspects related to the benefits of digital process automation, such as effective processing and output, decreased time delays, and improved security.
Due to the presence of significant digital process automation suppliers in the area, North America is anticipated to have the greatest market size throughout the projection period. When it comes to the adoption of new technologies and the optimization of IT infrastructure, this region is likewise regarded as one of the most advanced.
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