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The digital process automation market size is expected to grow from $6.76 billion in 2018 to $12.61 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period.
Digital process automation solutions empower enterprises and enable them to plan their business processes efficiently. These solutions also help streamline business processes and improve operational efficiency, which enables companies to fully utilize their IT systems for catering to their customers' dynamic requirements. The digital process automation market is expected to gain traction as organizations are deploying adequate digital process automation solutions to utilize their IT resources and reduce operational costs effectively.
The solution segment is estimated to contribute to a larger market size in 2018. Digital process automation solutions help enterprises optimize their costs and resources, which further reduces their business risks. These solutions are widely adopted among industry verticals because of the increasing need to streamline business processes.
The cloud deployment model is rapidly adopted in the digital process automation market. Enhanced security features, interactive dashboards, ease of flexibility, and better scalability are some of the major factors that are expected to encourage enterprises across the globe to adopt the cloud deployment model.
APAC is expected to be the fastest growing region during the forecast period. Rapid economic developments, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the growth of the digital process automation market in the APAC region.
