The global Business Process Automation Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period, to reach USD 19.6 billion by 2026 from USD 9.8 billion in 2020. 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 expected to spur the demand for BPA offerings across the globe. Moreover, the BPA vendors are offerings innovative and affordable solutions for SMEs for automating and streamlining the business processes, seamless integration, and enhancing compliance.
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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 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.
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. During the COVID 19 crisis the adoption of BPA soultions is noticibly increased amongs SMEs across the globe.
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Unique Features in Business Process Automation Market:
Unique characteristics of the business process automation (BPA) sector were changing organisational workflows and effectiveness. BPA solutions were exceptional in automating intricate procedures, minimising manual intervention, and improving accuracy across numerous departments.
In order to facilitate seamless collaboration and data interchange between software applications and systems, integration capabilities were highlighted. Task prioritisation ensured the effective handling of crucial tasks, while rules-based automation permitted customised procedures fit with particular company demands.
Automated data entry and validation decreased errors, while document management programmes sped up the generation, review, and archiving of documents. Assisting with compliance through audit trails enabled openness while real-time notifications, monitoring, and reporting offered insights for well-informed decision-making.
Scalability was a crucial component since it could accommodate process changes and growth. While maintaining a balance between human judgement and automation collaboration, certain BPA technologies also improved customer experiences by automating customer contacts and support operations.
Major Highlights of the Business Process Automation Market:
The primary highlights that were changing organisational workflows were the Business Process Automation (BPA) market’s transformational changes. The astounding capacity of BPA solutions to automate complex operations across departments, increasing operational efficiency, was one of these highlights.
The ability of BPA to integrate different software programmes, databases, and systems was a notable feature. Rules-based automation, which enables customised processes linked with particular business logic and rules, was highlighted by the market.
Prioritising jobs and assigning them effectively were stressed, ensuring that urgent activities were handled right away. Market participants acknowledged BPA’s contribution to improving data accuracy through automated entry and validation procedures.
With automated generation, approval workflows, and archiving, document management was improved, which decreased manual paperwork. Real-time notifications and alerts allowed for rapid communication and facilitated swift reactions to important occurrences.
Additionally, BPA tools improved customer experiences by automating interactions and support procedures and encouraging human-automation collaboration, providing a balance between human judgement and automated procedures.
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Top Key Companies in the Business Process Automation Market:
The BPA 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). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as IBM, Appian, Pegasystems, Kissflow, and Laserfiche have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the BPA market.
IBM has been working extensively toward becoming an exclusive cloud provider. It is one of the major vendors of BPA solutions and services. It primarily intends to improve the technology usage experience for both personal and commercial clients. The company aims at providing customers with economical and convenient solution offerings integrated with the latest technology services. It has a strong presence in the BPA market, with robust solutions and services and a strong ecosystem of strategic partners. These strategic partners include Salesforce, AWS, and Red Hat. The company focuses on developing new and efficient solutions, and increasing its service offerings in BPA. Its customer base is spread across several industry verticals, including manufacturing, IT, BFSI, and telecom. Its strong presence across the globe is one of the key factors for its high share in the BPA market. IBM has achieved growth in the global BPA market with the help of organic and inorganic growth strategies. Furthermore, according to IBM’s COVID 19 and the Future of Business report, The COVID-19 pandemic has accelerated digital transformation at 59% of surveyed organizations. The COVID-19 pandemic has accelerated digital transformation at 59% of surveyed organizations. The company continues to offer innovative solutions during the COVID 19 pandemic to enable businesses continue the operations.
Appian is an eminent player in the BPA market, as it provides strong BPA, RPA, and BPM offerings, such as solutions, products, and services. Currently, the company is focusing on catering to its customers with highly competent technology-enabled products and services in RPA, BPM, and BPA to sustain competition. With the growing demand for digital transformation and business operations, automation solutions are gaining traction and benefitting strong players such as Appian. The organization aims at delivering innovative solutions and improved business operations, thereby satisfying its customers. Key factors responsible for major shares in the market are wide geographic reach, strong distribution channels, and enhanced BPA solution offerings. Appian constantly makes efforts to be the top provider of BPA solutions and products. The company’s growth strategies comprise both organic and inorganic strategies. Since 2017, it has been adopting inorganic growth strategies such as strategic collaborations and partnerships to expand its reach in the BPA market. Recently, Appian collaborated with Accenture to offer combined solutions to the government and public sector to enhance process automation. The company focuses on strengthening its organic growth strategies, such as constant product enhancements and new product launches. These growth strategies have helped Appian hold its position in the BPA market, while they have also helped the company to contentiously offer improved BPA solutions. Moreover, the company has taken initiatives in response to COVID 19 crisis. It has created a free COVID-19 Response Management application for enterprises and government agencies. It tracks health status, location, travel history and any COVID-19 incident details. The company has also designed Workforce Safety solution, which enables compliance with corporate policies and government COVID-related regulations, while maintaining the privacy and security of employee health information.
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