According to the research report titled ‘Automation-as-a-Service Market to 2027 - Global Analysis and Forecasts By Component ; Deployment Model; Business Function; Industry Vertical  available with Market Study Report, global automation-as-a-service market is predicted to expand with a CAGR of 27.5% during the forecast duration, reaching USD 23.40 billion by the year 2027 from USD 2.79 billion in 2018.
 

Rising adoption of digital solutions across a plethora of industries coupled with growing demand for timely and error-free processes are major factors driving the growth of automation-as-a-service industry.
 

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Notably, automation has acquired worldwide recognition and has helped in empowering early adopters to make exact, quick, all-round, and financially sound virtual workforce. The increasing need for RPA execution has allowed for development of innovative automation solutions, which is favoring the industry outlook across the globe.
 

Increasing penetration by new startups which are focusing on regional expansion is also aiding the market expansion. However, changes in business operations and procedures may result in inefficient automation services, which in turn could hamper the industry remuneration, cites the study.
 

As per component type, the market is segmented into service and solutions. The report states that solutions segment accounts for a considerable market share. Moving on to deployment model, the industry is bifurcated into cloud and on-premise segments, in which the former is reckoned to witness remunerative growth during the forecast period.
 

The business function segment of global automation-as-a-service market is further categorized into information technology, human resource, finance & operations, and sales & marketing. The industry verticals served include manufacturing, government agencies & defense, transportation & logistics, healthcare & life sciences, retail, IT & telecom, BFSI and others.
 

Geographically, North America held the majority market share in the year 2018 and is anticipated to showcase consistent growth during the estimated timeframe. Rapid expansion of service sector, escalating investments in IT infrastructure, technological advancements, and high concentration of major companies is contributing towards the market outlook in North America.
 

On the other hand, Asia-Pacific automation-as-a-service industry is expected to register the highest CAGR through 2027, primarily driven by proliferating service industry and improving economic conditions in the region. Rapid digitalization and inclination towards using advanced technologies are also complementing the business outlook in the region.
 

The prominent companies operating in global automation-as-a-service market are UiPath, Pegasystems Inc., NICE Ltd., Microsoft Corp., IBM Corp., Hewlett Packard Enterprise Development LP, HCL Technologies, Blue Prism Group, Automation Anywhere Inc., and Accenture plc among others.