PUBLISHER: The Business Research Company | PRODUCT CODE: 1435723
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435723
Business process automation refers to the application of cutting-edge technology to finish business processes with the least amount of human involvement. The business process automation is used with greater efficiency, higher productivity, increase in profits, time savings, and many more.
In the business process automation market, the primary components consist of platforms and services. Platforms represent systems that replace manual processes with automated ones, offering deployment options such as cloud-based or on-premises solutions. These solutions cater to various organizations, including large enterprises and small to medium-sized businesses (SMEs). The functionalities of these platforms encompass human resource automation, supply chain streamlining, sales and marketing automation, accounting and finance streamlining, and customer service support automation. This automation finds application across diverse industry verticals such as BFSI, manufacturing, IT, telecommunications, retail and consumer goods, and healthcare.
The business process automation market research report is one of a series of new reports from The Business Research Company that provides business process automation market statistics, including business process automation industry global market size, regional shares, competitors with a business process automation market share, detailed business process automation market segments, market trends and opportunities, and any further data you may need to thrive in the business process automation industry. This business process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The business process automation market size has grown rapidly in recent years. It will grow from $13.58 billion in 2023 to $15.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. Historical growth was driven by various factors, including efficiency measures leading to cost savings, compliance needs, the integration of legacy systems, meeting scalability demands, and leveraging data analytics capabilities.
The business process automation market size is expected to see rapid growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. Anticipated growth in the upcoming period can be attributed to the rise of hyperautomation, facilitation of remote work setups, a heightened emphasis on enhancing customer experiences, the integration of cybersecurity measures, and the demand for customization and flexibility. Major trends expected in this forecast period encompass advancements in technology, the prevalence of hyperautomation, an intensified focus on enhancing customer experiences, the utilization of low-code and no-code platforms, and the adoption of intelligent document processing methods.
The expansion of the business process automation market is anticipated to be driven by heightened customer face time and enhanced customer experience. Customer face time encompasses all interactions with customers, while customer experience denotes the overall perception of a brand throughout the buyer's journey. Business process automation software prioritizes optimizing customer experience by offering features such as data cleaning, programmable automation, and robust reporting, ensuring streamlined transactions, swift responses, and personalized attention. In April 2022, Emplifi, a Czech Republic-based AI-powered social marketing company, reported that 25% of businesses are expected to merge marketing, sales, and customer experience into a unified department by 2023. Presently, more than 90% of businesses employ customer care officers or executives with similar roles. Statistics reveal that 52% of consumers seek a business response within an hour, while 75% consider self-service customer care options crucial. However, 39% report waiting over two hours for a response. The surge in customer face time and the emphasis on customer experience are the key drivers propelling the growth of business process automation.
Business Process Automation (BPA) market growth is significantly influenced by the rising emphasis on security and privacy. Safeguarding data integrity, confidentiality, and accessibility is paramount. BPA plays a pivotal role in fortifying security measures within organizations, leveraging encryption, access controls, and monitoring to safeguard systems and data. In October 2023, a report from The Pew Research Center indicated a growing concern among U.S. consumers regarding data privacy, government data usage, and distrust towards AI-powered corporate practices, underlining the urgency for enhanced security measures.
The business process automation market is witnessing a notable trend driven by technological advancements. Key players, exemplified by Pegasystems' launch of Pega Infinity in May 2021, are actively engaged in pioneering technologies and R&D initiatives. Pega Infinity, featuring AI-driven decisioning integrated into low-code process automation software, accelerates application development. This innovation expands consumer communication channels and amplifies personalized interactions between businesses and their customers via the Pega Customer Decision Hub.
Leading companies in the business process automation market are concentrating on introducing innovative solutions to tackle the challenges hindering automation adoption. One such solution is the Business Process Automation Platform (BPAP), designed specifically to address common stumbling blocks encountered by organizations. These platforms, such as the one launched by Blue Prism in June 2023, serve as versatile software tools facilitating the automation and streamlining of diverse tasks and workflows within an organization. Blue Prism's Next Gen Platform encompasses a range of features, from RPA and BPM to IDP and UX Builder, offering businesses the flexibility to customize their automation initiatives based on their operational maturity. With capabilities such as the Process Repository for efficient deployment, hybrid deployment options, and scalability, this platform significantly enhances operational efficiency and addresses core challenges, marking a significant leap in the business process automation landscape.
In April 2021, the US-based technology giant, International Business Machines Corporation (IBM), made an undisclosed acquisition of MyInvenio, an Italy-based company specializing in sophisticated process mining solutions. This strategic move integrates MyInvenio's functionalities into IBM's automation portfolio, which includes renowned offerings such as Red Hat OpenShift and IBM Cloud Pak for Business Automation, boasting over 600 prebuilt processes. This acquisition potentially grants IBM and its partners access to MyInvenio's technology, empowering clients with enhanced operational insights. MyInvenio's advanced process mining solution, featuring elements such as simulation, decision rule mining, and multi-level process mining, aligns with IBM's goal to further strengthen its suite of automation tools and capabilities.
Major companies operating in the business process automation market report are Microsoft Corporation, Bizagi Limited, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., ServiceNow Inc., OpenText Corporation, Red Hat Inc., Pegasystems Inc., Software AG, UiPath Inc., Celonis SE, OutSystems Inc., Appian Corporation, Automation Anywhere Inc., Kofax Inc., MuleSoft LLC, Mendix a Siemens business, Blue Prism Group PLC, Signavio GmbH, Kryon Systems Ltd., Laserfiche, Nintex Inc., ProcessMaker Inc., Camunda, Thoughtonomy Ltd., WorkFusion Inc., Bonitasoft SA, AuraQuantic, Jacada Ltd.
North America was the largest region in the business process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the business process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The business process automation market consists of revenues earned by entities by providing email automation and automated order entry. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Business Process Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on business process automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for business process automation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business process automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.