The business process automation market has witnessed significant growth, increasing from $13.58 billion in 2023 to $15.2 billion in 2024, with a notable compound annual growth rate (CAGR) of 11.9%. This historical growth is attributed to efficiency gains, cost savings, compliance requirements, integration with legacy systems, scalability demands, and the growing importance of data analytics. Looking ahead, the market is projected to continue its rapid growth, reaching $25.23 billion by 2028, with a CAGR of 13.5%. Anticipated drivers for this forecast period include the enablement of remote work, enhanced focus on customer experience, integration of cybersecurity measures, and increased emphasis on customization and flexibility. Key trends in this phase include technological advancements, the rise of hyperautomation, a focus on customer experience enhancement, the prevalence of low-code and no-code platforms, and advancements in intelligent document processing.
Major Driver In The Business Process Automation Market
An increase in customer face time and customer experience is expected to propel the growth of the business process automation market. Customer face time is an important metric that includes any time spent talking with customers. Customer experience refers to the overall perception that customers have of your brand during the entire buyer's journey. Software for business process automation puts the customer experience first. Data cleaning, programmable automation, and reporting are features that guarantee efficient transactions, prompt responses, and individualized care. For instance, in April 2022, according to Emplifi Czech Republic-based company that specialized in AI-powered social marketing, 25% of businesses anticipate combining marketing, sales, and customer experience (CX) into a single department by 2023. A customer care officer, customer care officer, or executives with similar responsibilities are now employed by over 90% of businesses. 52% of consumers want a response from a business within an hour, and 75% of consumers believe it is crucial for firms to provide them with a fully self-service customer care option. 39% said they had to wait longer than two hours for a response. An increase in customer face time and customer experience is driving the business process automation growth. The market size for business process automation is expected to reflect the increasing emphasis on customer experience, with significant growth projected in 2023, 2024, and beyond.
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Business Process Automation Market Competitive Landscape
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.
Key Business Process Automation Market Trend
Technological advancement is a key trend gaining popularity in the business process automation market. Major companies in the business process automation market are advancing in their new technologies and research and development, such as Pegasystems' newly updated Pega Infinity. For instance, in May 2021, Pegasystems, a US-based software relationship management and business process management company, launched Pega Infinity. The unique features of the new technology are Artificial Intelligence (AI) hastens application development. This element combines Pega's low-code process automation software with AI-driven decisioning, a focus area for the company. The number of channels available for consumer communication has increased thanks to Pega. The major goal of Pega Customer Decision Hub is to make interactions between businesses and their customers more personalized.
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Business Process Automation Market Segmentation
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
By Geography:The regions 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.
North America was the largest region in the business process automation market in 2023.
The Business Process Automation Global Market Report 2024 furnishes information about the global business process automation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
