Business Process Automation Market 2024-2033: Competitor Assessment, New Trends, Share Analysis And Global Key Players

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.

Market Overview -
Business process automation refers to the application of cutting-edge technology to finish business processes with the least amount of human involvement. The business process automation is used with greater efficiency, higher productivity, increase in profits, time savings, and many more.

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The Growing Role Of Customer Care Officers In Modern Businesses
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.

Competitive Landscape -
Major companies operating in the business process automation market report are 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, Thoughtonomy Ltd., WorkFusion Inc., Bonitasoft SA, AuraQuantic, Jacada Ltd.

Consumer Communication Channels Expand With Pega's Latest Technology
Technological advancement is a key trend gaining popularity in the business process automation market. Major companies in the business process automation market are advancing in their new technologies and research and development such as Pegasystems newly updated Pega Infinity. For instance, in May 2021, Pegasystems, a US-based software relationship management and business process management company launched Pega Infinity. The unique features of the new technology are Artificial Intelligence (AI) hastens application development. This element combines Pega's low-code process automation software with AI-driven decisioning, a focus area for the company. The number of channels available to you for consumer communication has increased thanks to Pega. The major goal of Pega Customer Decision Hub is to make interactions between businesses and their customers more personalized.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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