Business Process Automation
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What Is the Expected CAGR for the Business Process Automation Market Through 2025?
The market size for business process automation has seen rapid expansion in the past few years. The projection is an increase from $14.87 billion in 2024 to $16.46 billion by the year 2025, representing a compound annual growth rate (CAGR) of 10.7%. Factors contributing to the growth during the historic period include efficiency and cost savings, need for compliance, integration of legacy systems, scalability needs, and data analytics.
What’s the Projected Size of the Global Business Process Automation Market by 2029?
The market size of business process automation is predicted to experience swift expansion in the forthcoming years. Projected to reach $29.59 billion in 2029, it anticipates a compound annual growth rate (CAGR) of 15.8%. Factors attributing to its growth over the forecast period include the facilitation of remote work, focus on customer experience, integration of cybersecurity, customization, and flexibility. Some key developments to look for in the forecast period comprise technological advancement, hyperautomation, emphasis on customer experience, platforms with low or no code, and intelligent document processing.
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Top Growth Drivers in the Business Process Automation Industry: What’s Accelerating the Market?
The anticipated enhancement in customer interaction and the overall customer experience is projected to accelerate the development of the business process automation market. Both the duration spent communicating with clients, often referred to as customer “face time,” and the customer’s overall perspective of a brand throughout the buying process are critical factors. Adopting software specific to business process automation prioritizes the customer experience. Features such as data cleansing, programmable automation, and reporting ensure efficient transactions, quick feedback, and personalized service. For example, AI-powered social marketing company Emplifi, based in the Czech Republic, stated in April 2022 that by 2023, 25% of businesses expect to merge their marketing, sales, and customer experience (CX) departments into a single unit. Presently, over 90% of businesses employ customer care officers or executives with similar roles. A noteworthy 52% of consumers expect a business response within an hour, while 75% assert that it is essential for companies to provide them with fully self-serve customer care options. However, 39% elaborated that their wait time exceeded two hours for a response. Such factors underlining the importance of customer face time and overall experience are fueling the growth of the business process automation market.
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What Trends Will Shape the Business Process Automation Market Through 2029 and Beyond?
A prominent trend emerging in the business process automation market is the rise of technological innovation. Notable players in this market are making significant strides in new technology advancements and research and development. A perfect example of this is Pegasystems’ recently enhanced Pega Infinity. In May 2022, UiPath, an American software organization propelled its Automation Cloud Robot. This VM automation cloud robot offers a flexible windows virtual machine that incorporates personalized software and adapt according to the user’s necessities. Furthermore, the serverless automation cloud robot furnishes an assortment of robots that execute automation tasks securely and promptly, thereby rendering dedicated infrastructure unnecessary.
What Are the Main Segments in the Business Process Automation Market?
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
Subsegments:
1) By Platforms: Business Process Management (BPM) Software, Workflow Automation Tools, Robotic Process Automation (RPA) Solutions, Low-Code Or No-Code Development Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which Top Companies are Driving Growth in the Business Process Automation Market?
Major companies operating in the business process automation market include Microsoft Corporation, Bizagi Limited, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., ServiceNow Inc., OpenText Corporation, Red Hat Inc., Pegasystems Inc., Software AG, UiPath Inc., Celonis SE, OutSystems Inc., Appian Corporation, Automation Anywhere Inc., Kofax Inc., MuleSoft LLC, Mendix a Siemens business, Blue Prism Group plc, Signavio GmbH, Kryon Systems Ltd., Laserfiche, Nintex Inc., ProcessMaker Inc., Camunda, WorkFusion Inc., Bonitasoft SA, AuraQuantic, Jacada Ltd.
Which Regions Will Dominate the Business Process Automation Market Through 2029?
North America was the largest region in the business process automation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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