As per the report published by Fior Markets, the global Business Process Automation market is expected to grow from USD 9.5 billion in 2020 and to reach USD 24.8 billion by 2028, growing at a CAGR of 12.8% during the forecast period 2021-2028.
The Business Process Automation market is witnessing significant growth in the past years. This growth is attributed to increasing demand for better resource utilization through automated business operations, focused attention on corporate digitalization, and the development of business process automation systems.
Business process automation is indeed the modernization of different activities performed in several industry verticals to support smooth functioning. In other words, business process automation use technology to automate everyday processes. Business process automation accelerates work by providing data to the right person at the right time, leveraging user-defined actions and rules. Business process automation (BPA) includes the usage of technology to automate ordinary, day-to-day tasks. It speeds up work by routing information to the right person at the right time, based on user-defined rules and behaviors. BPA helps businesses streamline processes such as employee onboarding, accounts payable, contract management, and so on. It helps organizations manage activities, including accounts payable, contract administration, employee onboarding, and others. Digitization is primarily concerned with the reduction of human labor and the simplification of work via the use of robots and algorithms, which are then utilized in business process automation. Business process automation must cope with enormous quantities of data since it must do numerous administrative responsibilities. Business process automation solutions may help companies secure, track, control, and manage their engineering assets. Traditionally, business process automation systems have been employed in process-intensive industries such as chemicals, energy, and mining.
The global Business Process Automation market is predicted to witness significant growth, owing to the facility of automated on-board activities, replacement of traditional paper-driven documentation and work, cost efficiency, and optimum utilization of resources. The factors restraining the market growth are the continuous increase in cyber-attacks, security concerns, and a lack of information. Implementing AI and ML technology to automate business processes will provide market growth opportunities.
Key players operating in the global Business Process Automation market include IBM, Microsoft, Oracle, Newgen Software, Pegasystems, Software AG, Appian, Kissflow, Laserfiche, Nintex, OpenText, Salesforce, Bizagi, TIBCO, Creatio, Genpact, Bonitasoft, FlowForma, AuraQuantic, AgilePoint, Automation Hero, Quickbase, DXC Technology, Cortex, and Kofax. To gain a significant market share in the global Business Process Automation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. IBM and Microsoft are some of the key manufacturers operating in the Business Process Automation market.
- In May 2021, Appian has released a new edition of its Appian Low Code Automation Platform. Among the new features in the latest edition are AI-driven Intelligent Document Processing (IDP), new design guidance and developer collaboration tools, and enhanced DevSecOps capabilities.
- In March 2020, Kissflow collaborated with Redington, a company specializing in IT distribution and supply chain management. The collaboration aims to broaden the reach of Kissflow’s main product No-Code Platform in India.
- In December 2020, IBM introduced new tools for incorporating intelligence into processes. The capabilities are intended to increase AI automation, give better precision in natural language processing, and create greater trust in the results of AI forecasts.
The large Enterprises segment dominated the market and held the largest market share of 67.4% in the year 2020
Based on organization size, the global Business Process Automation market is segmented into Large Enterprises and Small & Medium Enterprises. The large Enterprises segment dominated the market and held the largest market share of 67.4% in the year 2020. This growth is attributed to the capacity to manage significant initial up-front expenditures and the increasing need for manual involvement in the industry.
The accounting & Finance segment dominated the market and held the largest market share of 29.5% in the year 2020
Based on business function, the global Business Process Automation market is segmented into Sales & Marketing, Supply Chain Management, Human resources, and Accounting & Finance. The accounting & Finance segment dominated the market and held the largest market share of 29.5% in the year 2020. This growth is attributed to the broad range of applicability, contributing to the improvement of accounting operations and feasibility.
The on-premise segment dominated the market and held the largest market share of 62.34% in the year 2020
Based on deployment type, the global Business Process Automation market is segmented into On-Premise and Cloud. The On-Premise segment dominated the market and held the largest market share of 62.34% in the year 2020. This growth is attributed to On-Premise’s capability to support companies to ingest data into their systems and aid with data security.
BFSI segment dominated the market and held the largest market share of 19.6% in the year 2020
Based on verticals, the global Business Process Automation market is segmented into Retail & eCommerce, IT & Telecom, Healthcare, Government & Defense, BFSI, Manufacturing, Media & Entertainment, and Others. The BFSI segment dominated the market and held the largest market share of 19.6% in the year 2020. This growth is attributed to the growing demand and a greater emphasis on operational efficiency.
The platforms segment dominated the market and held the largest market share of 59.8% in the year 2020
Based on components, the global Business Process Automation market is segmented into Platforms and Services. The platforms segment dominated the market and held the largest market share of 59.8% in the year 2020. This growth is attributed to the expanding implementation by a variety of sectors and optimal resource usage.
