Automation as a Service Market to Register 23.9% CAGR during 2018–2023 These enterprises across the globe are looking to reduce workforce across the globe for making operations more efficient. In order to achieve this, businesses are making use of automation as a service (AaaS), as it allows organizations to form virtual workforce. The technology is capable of performing various tasks with efficiency and eliminate the need for human intervention. The technology further offers high scalability and decreases operational cost by 25–50%, since virtual workforce has the capability to work around the clock. Attributed to the growing need for ease in doing business, companies are increasingly adopting AaaS. As per a P&S Intelligence report, the AaaS market generated a revenue of $2.9 billion in 2017 and is predicted to attain a value of $10.9 billion by 2023, advancing at a 23.9% CAGR during the forecast period (2018–2023). Both services, professional and managed, are offered under AaaS. Between these, the demand for AaaS services is projected to increase considerably in the coming years, owing to the need for consulting services and the rising requirement for implementation and integration of AaaS solutions. Rule-based and knowledge-based are two types of AaaS and owing to the greater ability of knowledge-based automation to deal with a large amount of unstructured data, its demand is expected to rise. Different business processes make use of AaaS, namely human resources, IT, finance and accounting, finance and accounting, operations, supply chain, and customer service. Among these, the sales and marketing processes are increasingly being integrated with AaaS as there is a high requirement for manging billing processes and engaging the customers among other works. Large enterprises utilize AaaS more as they have various complex processes that need to be automated in order to save time and decrease redundancies and errors, which occur frequently while handling tasks manually. A number of industries, including travel & tourism, banking, financial services, & insurance (BFSI), hospitality, telecom and IT, media and entertainment, manufacturing, transportation and logistics, energy & utilities, healthcare, retail & consumer goods, and government and defense, are widely adopting AaaS for automating their processes. In the past, BFSI made the most use of AaaS for automating processes including invoice digitization, customer service, mortgage processing, compliance, credit card approvals, know your customer process, fraud detection, report build-up, ledger update, and account closing. Moreover, the retail and consumer goods industry is also predicted to make considerable use of AaaS for offering better service to customers and reducing lead times for products. Globally, North America made a substantial usage of AaaS in the past, which is particularly ascribed to the expanding service industry in the region. In addition to this, the presence of many major companies, increased IT spending, and technological advancements are also driving the adoption of AaaS in the region. Other than this, the Asia-Pacific region is predicted to emerge as the fastest growing AaaS market in the coming years. This is because of the growing services industry in countries such as India and China, economic development, rising digitalization, and adoption of new technologies. In conclusion, the demand for AaaS is growing for greater ease of doing business and rising adoption of virtual workforce. Read More: https://www.psmarketresearch.com/market-analysis/automation-as-a-service-market