The use of technology to automate business processes in organizations is referred to as model validation & automation. It is one of the most in-demand IT services due to its numerous benefits. Despite the global economic downturn, the model validation & automation market continued to growcoupled with increasing consumer expectations and demand.Furthermore, model validation and automation is a cutting-edge application that automates & streamlines the model validation process. Accurate model quality analysis, real-time verification of calculation results, and report generation in the form of a structured and editable document are all possible due to its user-friendly interface.Therefore, the surge in demand for model validation & automation grew significantly over the years and is expected to boost the growth of the market in the upcoming years.
The Model Validation and Automation market is segmented on the basis of Component, Application, Deployment, Type, Industry Vertical, Organization Size,and Region, Application, Deployment, Type, Industry Vertical, Organization Size,and Region. Based on Component, the market is divided into Solution and Services [Managed Services and Professional Services (Consulting Services, Deployment & Integration and Support & Training)]. In terms of application, the market is categorized into Information Technology, Sales & Marketing, Operations, Finance and Human Resources On the basis of Deployment Model, the market is divided into Public Cloud, Private Cloud and Hybrid Cloud. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Impact Analysis
The rapid spread of COVID-19 has caused a global health crisis as well as a significant financial impact. To stay afloat during this difficult period, businesses needed to maintain strong customer relationships and a steady stream of revenue.
Due to the ongoing COVID-19 pandemic, the model validation & automation industry is expected to grow. This is due to the implementation of lockdowns in a number of countries, which is expected to result in a high demand for automated field operations for gathering real-time insights.In addition, in the post-lockdown era, the high adoption rate of digital initiatives and the rapid pace of production will encourage industries to adopt automated solutions in the coming years.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growing demand for validation & automation across business processes and rise in adoption of cloud technology are driving the growth of the market. In addition, increased adoption among the small & medium sized enterprises helps propel the growth of the market. However, data security & privacy might hamper the growth of the market. On the contrary, rise in adoption of businesses in order to overcome the challenges to meet the ever-changing consumer requirementscan be perceived as an opportunity for the model validation & automation market in the forecast period.
The model validation and automationmarket trends are as follows:
Growing demand for model validation & automation:
Validation & automation entails capturing &interpreting existing repetitive and high-volume business processes to automate a series of operations. Validation & automation entails triggering responses, manipulating data, and communicating with other digital systems, all of which require a lot of time & effort. Furthermore, it refers to validation & automation that is provided as a subscription-based service and delivered via the cloud. Moreover, the model validation & automation enables businesses to transition from slow manual processes to dependable, fast automation across the board in a matter of hours or minutes. Therefore, the growing demand for model validation & automation is driving the growth of the market during the forecast period.
Rise in adoption of cloud technology:
The growth of the model validation &automation market is expected to be fueled by rising demand for automation and increased adoption of cloud technology. IT, finance, marketing & sales, operations, and human resources are all experiencing rapid growth at the moment. As a result, there is a huge market potential for model validation & automation across a wide range of industries. Furthermore, model validation & automation is especially useful in industries like banking & finance, healthcare, &telecommunications & information technology, which have well-defined, repeatable& rule-based processes. Model validation & automation eliminates errors caused by manual labor and reduces inconsistencies in the business environment, allowing for more efficient business processes. Therefore, the surge in demand for cloud technology is expected to drive the growth of the model validation & automation market during the forecast period.
Key benefits of the report:
- This study presents the depiction of themodel validation and automationmarket along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight themodel validation and automationmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis on the basis of competitive intensity and how the competition will take shape in the coming years.
Questions answered in the model validation and automationmarket research report
- Which are the leading market players active in the model validation and automation market?
- What are the detailed impacts of COVID-19 on themarket?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the model validation and automationmarket?
- What future projections would help in taking further strategic steps?
Model Validation and Automation Market Report Highlights
By Industry Vertical
By Organization Size
Key Market Players
NICE Ltd, International Business Machines (IBM) Corporation, Hewlett Packard Enterprise Development Ltd, Kofax Inc, HCL Technologies Limited, Blue Prism Limited, UiPath, Automation Anywhere Inc., Pegasystems Inc, Microsoft Corporation