Sarasota, FL -- (SBWIRE) -- 02/19/2019 -- Zion Market Research has published a new report titled "Automation-as-a-Service Market by Deployment (Public Cloud, Private Cloud, Hybrid Cloud, and On-Premises), by Business Function (Finance, Operations, Sales & Marketing, Human Resource, and Information Technology), by Technology (Knowledge-based Automation and Rule-based Automation), by Organization Size (Small- and Medium-Sized Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (Transportation, Energy & Utilities, Manufacturing, Retail, Government Sector, BFSI, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024". According to the report, the global automation-as-a-service market accounted for USD 1.9 billion in 2017 and is expected to reach USD 9.3 billion globally by 2024, at a CAGR of around 25.3% between 2018 and 2024.

Automation is the adoption of technology and devices to operate various processes with minimal human intervention. Automating processes and functions is performed to reduce errors, costs, and wastage caused during the manufacturing of products and for timely supply of products and services to the customers.

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The automation-as-a-service market is estimated to grow significantly during the estimated time period, owing to the increasing demand for automation in the energy and utility sector. Automating various functions and processes in this industry has grown considerably over the last decade. For instance, using smart meters instead of meter readers and using drones for inspections. Furthermore, Statkraft, one of Europe's largest green energy producers, uses IT automation to accumulate and assemble information to analyze the climatic impact on renewable energy sources.

The rise in the demand for automation in retail is likely to drive the automation-as-a-service market during the forecast timeframe. Certain benefits of automation can be witnessed across supply chain and inventory management activities. Automation helps in streamlining processes via quick identification of goods, reducing delays as a result of additional paperwork, and curtails scams as well as manual errors. Various global retailers, such as eBay, Amazon, and Walmart, have opted for automated solutions for managing their inventories. In 2018, Walmart planned to expand its usage of autonomous robots for inventory management. The company is working with "Bossa Nova" to bring robots that help in detecting out-of-stock goods along with guiding staffs and customers to their products in the shops.

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The automation-as-a-service market is bifurcated on the basis of technology into knowledge-based automation and rule-based automation. Knowledge-based automation is anticipated to hold a significant market share during the estimated timeframe, due to the increasing demand for artificial intelligence in various industries. By business function, the automation-as-a-service market includes finance, operations, sales and marketing, human resource, and information technology. The Operations segment is projected to expand significantly over the forecast period, owing to the growing investments made in automating various manufacturing processes for reducing wastes and costs.

The North American automation-as-a-service market is estimated to grow significantly in the future, due to technological advancements made in the transportation sector. Several companies, such as FedEx, UPS, and DHL, use automation for streamlining their transport operations. FedEx is working with "Peloton Technology" to electronically link trucks to small caravan groups known as platoons.

Some of the key players in the automation-as-a-service market are HCL Technologies, UiPath, Nice Ltd., Kofax Inc., Blue Prism, Automation Anywhere, Inc., Microsoft Corporation, Pegasystems Inc., IBM Corporation, and Hewlett Packard Enterprise, among others.

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This report segments the global automation-as-a-service market as follows:

Global Automation-as-a-Service Market: Deployment Segment Analysis

Public Cloud
Private Cloud
Hybrid Cloud
On-Premises

Global Automation-as-a-Service Market: Business Function Segment Analysis

Finance
Operations
Sales and Marketing
Human Resources (HR)
Information Technology (IT)

Global Automation-as-a-Service Market: Technology Segment Analysis

Knowledge-Based Automation
Rule-Based Automation

Global Automation-as-a-Service Market: Organization Size Segment Analysis

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

Global Automation-as-a-Service Market: End-Use Industry Segment Analysis

Transportation
Energy & Utilities
Manufacturing
Retail
Government Sector
BFSI
Others

Global Automation-as-a-Service Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa