According to new market research report "Business ProcessAutomation Market byComponent, Deployment Type, Organization Size, Business Funtion (Sales andMarketing, HR, Acoounting and Finance, Supply Chain, Customer Service Support)Vertical, and Region - Global Forecast to 2026",published byMarketsandMarkets™, the global Business Process Automation (BPA) Marketsize is expected to grow from USD 9.8 billion in 2020 to USD 19.6 billion by2026, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecastperiod.
The Increased need for optimized resource utilization through automatedbusiness processes, rising demand of automated IT systems, growing demand forstreamlining 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 AutomationMarket”
285 –Tables
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The market is expected to be driven by the for optimizedresource utilization through automated business processes
The BPA platform automates repetitive manual processes andworkflows. This enables users to automate their tasks and activities across arange of areas, including sales and marketing, HR on boarding, accounting, andcustomer support services, and provide integrations of different businesssystems for flexibility and ease of use. BPA solutions enable organizations tosignificantly reduce the time and cost needed to model and implement businessprocesses, services, and applications. The rising popularity of these solutionscan be attributed to the increasing need for streamlining business flows,adapting business processes, and continuously improving workflows to becomemore responsive toward customers’ dynamic requirements. They improveoperational performance by automating and standardizing activities withinenterprises. They also offer effective ways to connect heterogeneous systemswithin organizations, improve data quality, and reduce data entry effortsthrough workflow automation. Furthermore, they reduce the time required tocreate and modify business rules.
Increased scalability and flexibility is driving the adoption ofcloud-based deployment
SMEs are majorly moving toward the adoption of the clouddeployment type due to its major benefits, such as lower costs, no requirementof manpower for hardware maintenance, faster and efficient results, andcomplete flexibility and scalability, which result in reduced OperationalExpenditure (OPEX) and CAPEX. Seamless flexibility and scalability enablecustomers to easily store and retrieve actionable insights anytime andanywhere. The cloud-based deployment type enables users to easily access BPAplatforms from a remote location in real time. Cloud-based BPA platformsprovide cost-saving benefits, which improve enterprises’ operational efficiencyand reduce operational costs. Lower maintenance costs and less workforce areexpected to drive the adoption of cloud-based BPA platforms across verticals.
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North America to dominate the global BPA Marketin2020
North America has always been technologically ahead in terms ofthe adoption of advanced technologies due to high awareness among enterprisesregarding the benefits and presence of expertise among the workforce to developinnovative solutions across all technology segments. The BPA market is anothertechnological segment where enterprises in North America have stayed ahead inthe curve to enhance sales and marketing strategies. This growth can beattributed to organizations’ shift from on-premises to cloud-based solutionsand services, along with the adoption of digital business strategies. The trendis expected to continue during the forecast period. North America is anadvanced market due to the presence of many players offering BPA solutions.Moreover, its strong financial position enables it to invest heavily in theadoption of the latest and leading tools and technologies for ensuringeffective business operations. Such advantages help organizations in thisregion gain a competitive edge. North America has the first-mover advantage inthe adoption of new technologies, such as Smartphone’s and cloud platforms.
Market Players
The Business Process Automation Market includes majorvendors, 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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