Business Process Automation Market - Introduction
- Business process automation is mechanization of different tasks being implemented in industry verticals to ensure the smooth working of an enterprise.
- In other words, business process automation makes use of technology to automate repetitive, daily tasks. Business process automation accelerates the work done by communicating information at the right time to the right person through user-defined actions and rules. It helps organizations streamline processes such as accounts payable, contract management, employee onboarding, and more. Digitization is majorly focused on reducing the manual effort and simplifying the work with the help of machines and algorithms which is then implemented in business process automation.
- Business process automation deals with huge data as it has to perform various management activities. Business process automation solutions assist companies to secure, track control, and manage their engineering assets. Process intensive industries such as chemicals, and energy and mining have traditionally been involved by business process automation systems.
- Developments in the business process automation market come from implementation of SaaS solutions for digital transformation, and businesses transitioning to an entire computer-aided policy for workflows.
Higher productivity achieved by business process automation driving the market
- Business process automation decreases increases operational productivities, creates cost savings, reduces wastage, and improves cross team relationships. Real time information and data administration also drives the market as it involves taking a business approach.
- Business process automation supports organizations to improve productivity, reduces replication and downtime, thus resulting in cost reduction thus resulting in the adoption of the business process automation solution. The business process mechanization also provides back-up and archival assistance for the data.
- Moreover, swift disaster recovery is also possible, that improves business continuity and leads to market growth. Intelligent and reliable collection of information makes the process easier. These are the driving factors of the business process automation market.
Increasing adoption of Internet of Things (IOT) globally driving the business process automation market
- Internet of Things (IoT) and Big Data are flourishing at a substantial rate due to technological progress in several industry verticals. These developments are also implemented in high-end business processes and are thus positively impacting the business process automation market at a considerable rate. Analytics is used in business process automation for Natural Language Processing (NLP), Machine Learning (ML), Artificial Intelligence (AI), and face recognition. Large amount of data is captured and the data is analyzed.
- The concept of IoT connects any device with the help of the Internet, enabling the devices to interconnect with each other. The application base of business process automation is also increasing, with its use cases across various industry verticals such as healthcare, education, BFSI, IT, and Telecom.
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North America Expected to Hold Major Share of the Global Business Process Automation Market
- In terms of region, the global business process automation market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is expected to account for major share of the global business process automation market during the forecast period due to advancements in technology in this region.
- Digital awareness and high IT spending is also expected to drive the business process automation market in the region.
- Europe and Asia Pacific are expected to hold significant share of the global business process automation market during the forecast period due to increasing automation and implementation of advanced technology in these regions.
- The business process automation market in MEA is expected to expand at a significant rate during the forecast period
Global Business Process Automation Market - Competitive Landscape
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Key Players Operating in the Global Business Process Automation Market
- Tata Consultancy Services Limited
- Infosys Limited
- IBM Corporation
- SAP SE
Global Business Process Automation Market: Research Scope
Global Business Process Automation Market, by Component
Global Business Process Automation Market, by Functionality
- Accounting & Finance
- Sales & Marketing
- Human Resource Management
- Operation & Supply Chain Management
Global Business Process Automation Market, by Enterprise Size
- Small Enterprise
- Medium Enterprise
- Large Enterprise
Global Business Process Automation Market, by Industry
- Retail and E-commerce
- Transportation and Logistics
- IT and Telecom
- Public Sector
- Others (Energy & Utilities, Hospitality)
Global Business Process Automation Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.