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LONDON, Feb. 06, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Digital Process Automation Global Market Report 2024, the digital process automation market has witnessed substantial growth, with the digital process automation market size soaring from $12.68 billion in 2023 to $14.42 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 13.8%. This surge is attributed to various factors, including legacy system modernization, cost reduction initiatives, regulatory compliance requirements, the imperative to improve customer experience, and the pursuit of business agility and adaptability.
Anticipated Growth and Key Drivers
Foreseeing a continued upward trajectory, the digital process automation market is anticipated to experience rapid growth, reaching $24.29 billion by 2028, sustaining a CAGR of 13.9%. This digital process automation market growth is fueled by hyperautomation strategies, the ascent of low-code and no-code platforms, cloud-based DPA solutions, a heightened focus on employee experience, and the implementation of dynamic case management.
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Key Trends Shaping the Future
Major trends in the forecast period include hyperautomation and intelligent process automation, low-code and no-code platforms, process mining for optimization, integration with robotic process automation (RPA), and a paramount focus on security and compliance. The evolution of these trends is set to redefine the landscape of digital process automation, offering enhanced efficiency and innovation.
Influence of Growing Demand for Digital Services
The surge in demand for digital services is expected to be a driving force behind the growth of the digital process automation market. Digital services, encompassing online platforms, e-commerce, and social media, are optimized through DPA by automating workflows, ensuring accuracy, and improving user satisfaction. For instance, the second quarter of 2023 saw a consumer value of $277.6 billion in retail e-commerce sales in the United States, reflecting a 7.5% growth rate from the same quarter in 2022.
Industry Leaders and Technological Integration
Key players in the digital process automation market, including Microsoft Corporation, Infosys Limited, Siemens AG, and Oracle Corporation, are at the forefront of innovation. Companies are integrating efforts to launch IoT-enabled open digital business platforms, exemplified by Siemens Xcelerator, aiming to accelerate digital transformation, automate work, and enhance client experiences.
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Stakeholders across industries can leverage the insights provided in this comprehensive digital process automation market report to make informed decisions and fuel business growth. From understanding emerging trends, market dynamics, to tracking the strategies of industry leaders, the digital process automation market report equips organizations with valuable information to stay ahead in the competitive landscape of digital process automation.
Digital Process Automation Global Market Report 2024 by The Business Research Company provides insights on the digital process automation market size, digital process automation market segments, digital process automation market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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