The global Business Process Automation Market is predicted to grow at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period, from USD 10.2 billion in 2021 to USD 22.1 billion by 2030.
Business process automation is the mechanization of various tasks implemented in industry verticals to ensure an enterprise's smooth operation. In other words, business process automation employs technology to automate mundane daily tasks. Business process automation speeds up work by communicating information to the right person at the right time using user-defined actions and rules. It assists businesses in streamlining processes such as accounts payable, contract management, employee onboarding, and more.
Market Dynamics
Drivers:
Processes that previously required human intervention are now automated, allowing the workforce to focus on core competencies. This results in optimal resource utilization; optimized resource utilization refers to a set of processes and practices that manage a balance between available resources and the needs of enterprises to achieve desired business goals. Optimization aims to achieve the desired results within the timeframe and budget constraints while using the fewest resources possible. When demand exceeds available resources, there is a greater need for resource optimization. BPA solutions assist organizations in integrating various systems and reducing the overhead time by automating various processes. These are some of the reasons that will boost the business process automation market.
Restraints:
Organizations have amassed a large amount of data due to digital transformation. The globalization of business has made business processes and data flow critical in organizations today. Companies are concerned about sharing critical business data, and this concern is growing in the market. Malware, hacker attacks, and data theft are all serious threats to the reliable execution of business processes. Any such attack or malware can have a negative impact on a company's profit, shareholder value, or reputation. The concerns related to data security are expected to hinder the business process automation market growth.
Key players:
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Automation Anywhere
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Blue Prism
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EdgeVerve Systems Ltd.
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FPT Software
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KOFAX, Inc.
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NICE
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NTT Advanced Technology Corp.
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OnviSource, Inc.
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Pegasystems
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UiPath
Market Segmentation:
Type
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Software
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Service
Deployment
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Cloud
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On-premise
Organization
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Large Enterprises
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Small & Medium Enterprises
Application
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BFSI
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Pharma & Healthcare
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Retail & Consumer Goods
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Information Technology (IT) & Telecom
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Others
By Region
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East & Africa
Regional Analysis:
North America's global business process management market is expected to remain dominant. As business process automation software adoption grows in the United States, it positively impacts the market. Furthermore, the presence of regional market leaders contributes to the significant development of process modeling platforms.
Since most process management outsourcing services are conducted in Asia-Pacific, it is expected to exhibit significant growth during the business process management market forecast period. India is one of the region's leading providers of IT-BPM outsourcing services. China and India are significant emerging Asian economies that are expected to supplement market growth during the forecast period.
Europe is expected to grow at a significant CAGR during the forecast period due to increase in demand for Business Process Automation software and services. BPM software enables companies in the region to streamline their business processes and adapt to changing market conditions. The Europe region is expected to have numerous growth opportunities during the forecast period. Germany and the United Kingdom have emerged as undisputed business process management (BPM) leaders.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2022-2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.1% |
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YoY growth (%) |
XX% |
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Regional analysis |
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Current Market size |
USD 10.2 billion |
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Companies Covered |
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User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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