Business Process Automation Market worth $19.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 15, 2021 /PRNewswire/ -- According to new market research report "Business Process Automation Market by Component, Deployment Type, Organization Size, Business Funtion (Sales and Marketing, HR, Accounting and Finance, Supply Chain, Customer Service Support) Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Business Process Automation (BPA) Market size is expected to grow from USD 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.
The Increased need for optimized resource utilization through automated business processes, rising demand of automated IT systems, growing demand for streamlining communication across varied business functions in organizations, and business agility are a few factors driving the growth of the BPA solutions.
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285 – Tables
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The market is expected to be driven by the for optimized resource utilization through automated business processes
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 on boarding, 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.
Increased scalability and flexibility is driving the adoption of cloud-based deployment
SMEs are majorly moving toward the adoption of the cloud deployment type due to its major benefits, such as lower costs, no requirement of manpower for hardware maintenance, faster and efficient results, and complete flexibility and scalability, which result in reduced Operational Expenditure (OPEX) and CAPEX. Seamless flexibility and scalability enable customers to easily store and retrieve actionable insights anytime and anywhere. The cloud-based deployment type enables users to easily access BPA platforms from a remote location in real time. Cloud-based BPA platforms provide cost-saving benefits, which improve enterprises' operational efficiency and reduce operational costs. Lower maintenance costs and less workforce are expected to drive the adoption of cloud-based BPA platforms across verticals.
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North America to dominate the global BPA Market in 2020
North America has always been technologically ahead in terms of the adoption of advanced technologies due to high awareness among enterprises regarding the benefits and presence of expertise among the workforce to develop innovative solutions across all technology segments. The BPA market is another technological segment where enterprises in North America have stayed ahead in the curve to enhance sales and marketing strategies. This growth can be attributed to organizations' shift from on-premises to cloud-based solutions and services, along with the adoption of digital business strategies. The trend is expected to continue during the forecast period. North America is an advanced market due to the presence of many players offering BPA solutions. Moreover, its strong financial position enables it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as Smartphone's and cloud platforms.
Market Players
The Business Process Automation Market includes major vendors, such as IBM (US), Pegasystems (US), Appian (US), Kissflow (India), Laserfiche (US), Nintex (US), Oracle (US), Software AG (Germany), Salesforce (US), Microsoft (US), Bizagi (UK), OpenText (Canada), TIBCO (US), Creatio (US), Genpact (US), DXC Technology (UK), Newgen Software (India), Bonitasoft (France), Kofax (US), FlowForma (Ireland), AuraQuantic (US), AgilePoint (US), Automation Hero (US), Quickbase (US), and Cortex (UK).
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