adoption of business process management (bpm) is driving the Digital Process Automation Market
Technavio analyzes that the Digital Process Automation Market is expected to grow at a CAGR of 15.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8045.6 million.There are various factors that contribute to the growth of the market. The Digital Process Automation (DPA) market has experienced significant growth due to the increasing adoption of Business Process Management (BPM) solutions. Companies are recognizing the benefits of automating their business processes, leading to increased efficiency, reduced errors, and improved customer experience. BPM systems enable organizations to streamline and optimize their workflows, making them more agile and responsive to changing business needs. With the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), DPA solutions are becoming more intelligent and adaptive, providing even greater value to businesses. The market is expected to continue its growth trajectory as more organizations embrace digital transformation and seek to automate their processes for competitive advantage.
In the realm of Digital Process Automation (DPA), strategic planning involves evaluating the merits of on-premises and cloud-based solutions. On-premises environments necessitate substantial investments in hardware and software, as well as a dedicated IT team for maintenance. These costs can be mitigated through cloud-based alternatives, which offer scalability and flexibility. However, on-premises solutions provide full data control and compliance for industries with stringent regulations. Consumer-centric programs, advanced analytics, technical knowledge, robotic process automation, and managed services can be effectively implemented in both environments. Ultimately, the choice between on-premises and cloud-based DPA hinges on an organization's unique requirements, resources, and risk tolerance.
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Digital Process Automation Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Digital Process Automation refers to the use of digital technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), to automate business functions and streamline workflows. This includes applications for Sales Process Automation, Supply Chain Automation, Claims Automation, Marketing Automation, and Business Process Applications. Low-code concepts enable technical expertise to be minimized, enhancing customer experience and revenue generation. On-premises and cloud-based solutions offer data security. Professional services, IT operations, and managed services provide strategic planning and SLAs. Robotic Process Automation, RPA, and cloud-based solutions are integral to the industrial internet and digital workforce. Digital Process Automation encompasses workflow automation, low-code development, and the integration of AI, ML, and RPA to optimize business processes. Cloud Computing, AI, ML, and RPA are transforming industries by automating repetitive tasks, improving service-level agreements, and generating new revenue streams.
The Digital Process Automation market falls under the broader category of the global IT systems software market. This market encompasses companies specializing in automation solutions, including workflow streamlining, sales process automation, supply chain automation, claims automation, marketing automation, and more. These firms provide on-premises and cloud-based software for application development, management, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage. The market size is determined by the consolidated revenue generated by these organizations, as calculated by Technavio.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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