What is the Historical Analysis of the Business Process Automation Market Size?
The business process automation market has seen considerable growth due to a variety of factors.
• The size of the market for business process automation has seen swift expansion in the recent past. The market, which is anticipated to rise from $14.87 billion in 2024, is predicted to increase to $16.46 billion in the following year, experiencing a compound annual growth rate (CAGR) of 10.7%.
Factors contributing to growth in the past were attributed to enhanced efficiency and cost-cutting measures, adhering to compliance norms, integration of legacy systems, scalability needs, and data analytics.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Business Process Automation Market?
The business process automation market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the business process automation market is projected to witness swift escalation. The market value will increase to $29.59 billion in 2029, with a compound annual growth rate (CAGR) of 15.8%.
The anticipated growth during the forecast period can be credited to factors like the facilitation of remote work, emphasis on customer experience, the incorporation of cybersecurity, adaptability and personalization. Key trends during this period are likely to include technological progress, hyperautomation, prioritizing customer experience, the introduction of low-code and no-code platforms, and intelligent document processing.
What Key Factors and Trends are Driving the Growth of the Business Process Automation Market?
The growth of the business process automation market is projected to be driven by the rise in customer interaction and improved customer experience. The significance of customer face time, which involves any interactive communication with clients, cannot be overstated. Customer experience is the cumulative impression that consumers form about your brand throughout their purchasing journey. Business process automation software seeks to prioritize the customer experience. Functions like data cleansing, programmable automation, and reporting ensure seamless transactions, swift responses, and personalized care. For instance, Emplifi, a Czech Republic-based company specializing in AI-boosted social marketing, stated in April 2022 that 25% of organizations plan to merge their marketing, sales, and customer experience (CX) sectors into one department by 2023. Now, more than 90% of companies employ customer care officers or individuals with similar roles. Meanwhile, 52% of customers demand a response from businesses within an hour, while 75% assert that a fully self-service customer care option from companies is vital. Nevertheless, 39% complained of waiting for more than two hours for a response. Hike in customer interaction and enhanced customer experience is steering the advancement of the business process automation market.
What Are The Key Segments Within The Global Business Process Automation Market?
The business process automation market covered in this report is segmented –
1) By Component: Platforms, Services
2) By Deployment Type: Cloud, On Premises
3) By Organization Size: Large Enterprises, SME's
4) By Function: Human Resource Automation, Supply Chain Automation, Sales And marketing Automation, Accounting And Finance Automation, Customer Service Support Automation
5) By Vertical: BFSI, Manufacturing, IT, Telecommunications, Retail And Consumer Goods, Healthcare
Subsegments:
1) By Platforms: Business Process Management (BPM) Software, Workflow Automation Tools, Robotic Process Automation (RPA) Solutions, Low-Code Or No-Code Development Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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How Are New Trends Impacting The Size Of The Business Process Automation Market?
The proliferation of technological advancements is emerging as a predominant trend in the business process automation market. Industry-leading companies in this market, such as Pegasystems with its freshly updated Pega Infinity, are making significant strides in new technology and research. For example, UiPath, a software company from the United States, launched Automation Cloud Robot in May 2022. This cloud robot for VM automation delivers a flexible windows virtual machine that embodies bespoke software and has scaling capabilities based on user requirements. Moreover, this automation cloud robot that operates without a server provides an assembly of robots that carry out automation tasks securely and promptly, thereby doing away with the need for a dedicated infrastructure.
Who Are the Key Players in the Business Process Automation Market?
Major companies operating in the business process automation market include:
• 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
• WorkFusion Inc.
• Bonitasoft SA
• AuraQuantic
• Jacada Ltd.
What are the Regional Insights into the Business Process Automation Market?
North America was the largest region in the business process automation market in 2024. 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.
