According
to new market research report "Business Process
Automation Market by
Component, Deployment Type, Organization Size, Business Funtion (Sales and
Marketing, HR, Acoounting 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.
Browse and in-depth TOC on
“Business Process Automation
Market”
285 –
Tables
44 - Figures
241 - Pages
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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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