Business Process Automation Market worth $19.6 billion by 2026, growing at a CAGR of 12.2%: Report by MarketsandMarkets™

Chicago, May 10, 2023 (GLOBE NEWSWIRE) -- The global Business Process Automation Market size is expected to grow from 9.8 billion in 2020 to USD 19.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period, according to a new report by MarketsandMarkets™.  BPA solutions offer customers with enhanced flexibility, reduced manual costs, and enhance business operations. The presence of many prominent BPA providers has made the market very competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.

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285 - Tables
44 - Figures
241 - Pages

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Scope of the Report

Platforms segment is expected to hold larger share during the forecast. The BPA platform automates repetitive manual processes and workflows. This enables users to automate their tasks and activities across a range of areas, including sales and marketing, HR onboarding, accounting, and customer support services, and provide integrations of different business systems for flexibility and ease of use. BPA solutions enable organizations to significantly reduce the time and cost needed to model and implement business processes, services, and applications. The rising popularity of these solutions can be attributed to the increasing need for streamlining business flows, adapting business processes, and continuously improving workflows to become more responsive toward customers’ dynamic requirements. They improve operational performance by automating and standardizing activities within enterprises. They also offer effective ways to connect heterogeneous systems within organizations, improve data quality, and reduce data entry efforts through workflow automation. Furthermore, they reduce the time required to create and modify business rules.

The maintenance and support services segment to grow with highest CAGR during the forecast period. Maintenance and support services are crucial as they directly deal with customer issues that impact customer satisfaction. Every software vendor has a dedicated support team to cater to its customers. Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the maintenance and support services. To ensure consistent customer satisfaction, service providers focus on enhancing their product knowledge base by receiving feedback through interviews and surveys. The support and maintenance services provide a single point of contact for resolving customer issues. Customer portals, customer forums, technical tips, and software updates are some of the other helping aids made available for customers.

On premises segment holds the largest market size. In the on-premises delivery model, software or platforms are installed and operated from customers’ in-house server and computing infrastructure. The cost of installing on-premises platforms is included in the Capital Expenditure (CAPEX) of companies. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data. Nowadays, every organization generates vast amounts of data due to the use of ML, IT devices, sensors, clickstreams, and many other devices. The on-premises deployment type enables organizations to ingest data into their own databases, thereby maintaining data security. In the on-premises deployment type, companies must install the required hardware as well as software. In addition, they must maintain hardware, implement cybersecurity applications, train staff, update new versions, and arrange backup for data or damaged parts. Due to huge initial upfront costs and the need for manual intervention, the on-premises deployment type can be afforded by large enterprises. SMEs, on the other hand, lack budget and skillsets. Therefore, it is not practical for them to install on-premises BPA platforms. Large enterprises deploy the on-premises BPA platforms due to privacy and security concerns related to confidential data. This is expected to contribute to the segment’s larger market size.

The adoption of BPA solutions in Small and Medium-sized Enterprises (SMEs) is gaining traction. SMEs have a low marketing budget, and often lack resources and capabilities for effective marketing orchestration. With limited budgets, the SMEs try to scale up their business through cost-effective techniques to generate maximum RoI from their spending. The intense competitive market scenario has encouraged the SMEs to invest in BPA platforms and services and grow their productivity and reduce costs. As compared to large enterprises, the SMEs face more resource crunch and require cost-effective methods to solve complexities for better cost optimization of their assets and requirements. The SMEs persistently evolve and try to adopt more innovative, customizable platforms to expand their presence and customer base.

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Manufacturing holds the largest market share. The manufacturing industry vertical relies heavily on a network of collaborators, as manufacturers need to regularly share and update information related to raw materials, processing, engineering, designing, and production with their stakeholders. There is a need for a strong and robust software system to support all these manufacturing functions. The recent advancements in cloud computing, Machine-2-Machine (M2M) communication, and IoT are expected to have led to the wide-scale adoption of the BPA platform in the manufacturing industry vertical. Many enterprises in this industry vertical are modernizing their IT infrastructure, leading to advanced control dashboards, predictive maintenance algorithms, and mobile applications, which help carry out general operations and other support functions in the industry vertical. The BPA platform has helped manufacturers reduce lead times, and automate and streamline processes

APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of BPA Business Functions. China, India, Japan, and ANZ are the leading countries in terms of the adoption of BPA Business Functions and services in the region. BPA Business Functions automate building, tracking, and analyzing marketing campaigns and provide the assignment and management of quotas that enable markets to focus on strategy building tasks, due to which many organizations in APAC are implementing BPA platforms. The wastage of resources due to the manual management of administrative tasks, lack of visibility into incentive compensations, and rise in attrition encourages organizations in this region to invest in advanced BPA Business Functions. Due to these factors, the region is projected to grow at the highest CAGR during the forecast period.

Frequently Asked Questions (FAQ)

What is the projected market value of the global Business Process Automation Market?

The global market of business process automation tools is projected to reach USD 19.6 billion.

Which are the major vendors in the Business Process Automation Market?

Despite the presence of a large number of vendors, the market is dominated mainly by vendors such as IBM, Pegasystems, Appian, Kissflow and Laserfiche.

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