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Level Transmitter Market Global Industry Analysis, Market Size, Share, Trends, Forecast to 2018-2023
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Digital Process Automation Market Insights
The global digital process automation market has been reviewed by Market Research Future in its newest report. Valued at USD 6 Bn in 2017, the market is on track to witness stellar growth at a CAGR of 15% during the assessment period ranging between 2018 and 2023. Growth of the market at the projected rate is expected to reach an approximate market value of USD 14 Bn by the end of 2023. Digital Process Automation Market is the process of replacing tasks performed by humans and automating it thus reducing redundancy and increasing operational efficiency.
Automation has increased in prevalence, and the various benefits of automating have made the technology vital. Automation gets things done in a rapid manner with minimal errors and improved efficiency. The rising demand for automation across various enterprises from a variety of industry verticals has been observed to be a strong driver of the market. Moreover, these enterprises are increasingly accepting the advantages of digital process automation, thus driving demand and increasing adoption. Digital process automation solutions free up the enterprise's human resources for more productive contributions which are closer to the business's core activities. Repetitive and mundane tasks are increasingly being automated to improve overall workforce efficiency. Menial day to day tasks are often handed for automation which allows for more creative, idea-intensive working from the human workforce. Digital process automation is fairly affordable, thus driving adoption. Moreover, the low cost of software platforms has made it easier for organizations to approach core business functions with improved efficiency, thus driving the digital process automation market.
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Alternatively, the market is also hindered by the lack of technical expertise in digital process automation and the widespread concern with regards to security and data privacy will likely challenge the growth of the market. However, it should be noted that the ongoing development of existing automation technologies will likely open up the market for new opportunities.
Digital Process Automation Market Key Players
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