The Business Process Automation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Business Process Automation Global Market Report 2024, 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%. The growth in the historic period can be attributed to efficiency and cost savings, compliance requirements, legacy system integration, scalability demands, data analytics.
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%. The growth in the forecast period can be attributed to remote work enablement, customer experience focus, cybersecurity integration, customization and flexibility. Major trends in the forecast period include technology advancements, hyperautomation, focus on customer experience, low-code and no-code platforms, intelligent document processing.
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.
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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
Major companies operating in the business process automation market are focusing on product launches, such as the business process automation platform, which aims to address the automation stumbling blocks many organizations are facing. Business process automation platforms (BPAPs) are software tools that help you automate and streamline various tasks and workflows within your organization. For instance, in June 2023, Blue Prism, a UK-based software company that develops robotic process automation (RPA) software, launched the Next Gen Platform. This offering includes composable features, incorporating foundational capabilities in RPA, BPM, IDP, UX Builder, and more, allowing businesses to tailor their automation program based on their maturity level. With features like a Process Repository for efficient deployment, hybrid deployment options, and scalability, the platform streamlines operations, drives growth, and addresses challenges, making it a significant advancement in the business process automation market.
The business process automation market report table of contents includes:
- Executive Summary
- Business Process Automation Market Characteristics
- Business Process Automation Market Trends And Strategies
- Business Process Automation Market - Macro Economic Scenario
- Global Business Process Automation Market Size and Growth
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- Global Business Process Automation Market Competitive Benchmarking
- Global Business Process Automation Market Competitive Dashboard
- Key Mergers And Acquisitions In Business Process Automation Market
- Business Process Automation Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Microsoft Corporation
- Bizagi Limited
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
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Enterprises, know more about the core aspects of your business that you can automate easily with modern business process automation strategies to get automation benefits.
Robotic process automation provides smart business solutions as everything is done on a virtual basis. RPA process not only improves the performance but also saves on time. The best part about the process is integration. As it integrates with the system and servers of the company, you can expect great efficiency.
RPA offers scalable options to business solutions. Most business functions are time consuming and redundant. RPA process helps to eliminate the redundancy in work to perform repetitive tasks at ease. Robotic process automation helps to automate all the business tasks and applications to give you the best solutions for business.
Areas Where Business Process Automation Can Improve Efficiency
Business process automation is ongoing.
This frees up your employees to concentrate on the more important decisions in running your business while minimizing human errors that often occur in mundane tasks.
It also frees up your employee time so that when they do have contact with your customers, the focus is more on customer satisfaction and less on the risk of manual data entry errors that can happen with older systems.
Automating this process saves time, can offer more robust reporting to better oversee on-boarding procedures and gives new hires the tools they need to succeed in their position.
Automation in their area improves communication between internal departments that might not always see each other physically and eliminates the errors caused by too many members of your staff having contact with a client without updated information.
And despite the idealistic buzz that most of us get when we consider an automated paradise of the future, little do we realize that the rosy picture was not intended for humans but for robots.
Think about it, how would you like to be told that you are no longer needed to come into work every day because a robot has been assigned your job, and does it better than you, with no cribbing, no demands for OT pay or for that matter, for a bonus on a job well done?
On one hand, they are asked to refine the process of business automation with unrealistic goals such as 20% savings being set and then being asked to meet up the same by refining the process.
That being said, top RPA vendors have already hired top process excellence professionals to help and refine their process automation so that they can roll out the same at the earliest.
When it comes to robotic process automation companies in India or elsewhere, the basic idea is to utilize process excellence professionals to diagnose issues, highlight important ones, and take remedial measures so that the process continues as planned with no lag time.
Most companies often insist on unrealistic goals and while some can tag this as being aggressive, these unrealistic goals can cause more harm than good as it can cause a company to often fall short, face unexpected delays as their process automation is not able to keep up with the same or deliver on these goals.
