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:
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