Business Process Automation Market to Be Worth $19.6 Billion by 2026
Research firm MarketsandMarkets projects the global business process automation market to grow from $9.8 billion in 2020 to $19.6 billion by 2026, at a compound annual growth rate (CAGR) of 12.2 percent.
The increased need to optimize resource utilization, streamline communication across business functions, and provide business agility are a few factors driving the growth of BPA solutions. Inclusion of cutting-egde technologies in business process management and automation is enabling vendors to offer more innovative solutions to reduce manual error and improved IT systems to meet customers' dynamic requirements, the firm noted.
BPA automates repetitive manual processes and workflows across a range of areas, including sales and marketing, customer support, human resources and, accounting, and integrates 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. 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," MarketsandMarkets analysts concluded in the report.
Cloud deployment is the more common model, driven mostly by small and mid-sized firms looking to cash in on lower costs, no requirement of manpower, faster and more efficient results, and complete flexibility and scalability, they also said.p;
<p">Among the key vendors identified in the report are IBM, Pegasystems, Appian, Kissflow, Laserfiche, Nintex, and Oracle.