Yahoo Finance Business Process Automation Global Market Report 2022: Ukraine-Russia War Impact
Major players in the business process automation market are IBM Corporation, Pegasystems Inc. , Nintex Inc, Oracle Corporation, Software AG, Salesforce. com Inc. , Microsoft Corporation, Appian Corporation, OpenText Corporation, AgilePoint, DXC Technology Company, Kissflow Inc, TIBCO Software Inc, Laserfiche, and OptimumHQ.
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Business Process Automation Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371383/?utm_source=GNW
The global business process automation market is expected to grow from $10.98 billion in 2021 to $12.51 billion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The business process automation market is expected to reach $20.92 billion in 2026 at a compound annual growth rate (CAGR) of 13.7%.
The business process automation consists of sales of business process automation solutions by entities (organizations, sole traders, and partnerships) that are used with greater efficiency, higher productivity, increase in profits, time savings, and many more. Business process automation refers to the application of cutting-edge technology to finish business processes with the least amount of human involvement.
The main components of the business process automation market are platforms and services.Platforms refer to a system that substitutes automatic procedures for time-consuming manual ones.
The deployment types include cloud and on-premises.The organizations include large enterprises and SMEs.
The functions include human resource automation, supply chain automation, sales, and marketing automation, accounting and finance automation, and customer service support automation. The various verticals include BFSI, manufacturing, IT, telecommunications, retail and consumer goods, and healthcare.
North America was the largest region in the business process automation market in 2021. The regions covered in business process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in customer face time and customer experience is expected to propel the growth of the business process automation market.Customer face time is an important metric that includes any time spent talking with customers.
Customer experience refers to the overall perception that customers have of your brand during the entire buyer’s journey.Software for business process automation puts the customer experience first.
Data cleaning, programmable automation, and reporting are features that guarantee efficient transactions, prompt responses, and individualized care.For instance, in April 2022, according to Emplifi Czech Republic-based company that specialized in AI-powered social marketing, 25% of businesses anticipate combining marketing, sales, and customer experience (CX) into a single department by 2023.
A customer care officer, customer care officer, or executives with similar responsibilities are now employed by over 90% of businesses. 52% of consumers want a response from a business within an hour, and 75% of consumers believe it is crucial for firms to provide them with a fully self-service customer care option. 39% said they had to wait longer than two hours for a response. An increase in customer face time and customer experience is driving the growth of business process automation.
Technological advancement is a key trend gaining popularity in the business process automation market.Major companies in the business process automation market are advancing in their new technologies and research and development such as Pegasystems newly updated Pega Infinity.
For instance, in May 2021, Pegasystems the US-based software relationship management and business process management company launched Pega Infinity.The unique features of the new technology are Artificial Intelligence (AI) hastens application development.
This element combines Pega’s low-code process automation software with AI-driven decisioning, a focus area for the company.The number of channels available to you for consumer communication has increased thanks to Pega.
The major goal of Pega Customer Decision Hub is to make interactions between businesses and their customers more personalized.
In April 2021, International Business Machines Corporation (IBM) US-based computer hardware and software, provider of information and technology company acquired MyInvenio company for an undisclosed amount.As a result of the acquisition, the features of MyInvenio would be incorporated into IBM’s automation portfolio, which includes Red Hat OpenShift, IBM Cloud Pak for Business Automation, and over 600 prebuilt processes.
IBM, business partners of IBM may potentially have access to MyInvenivo’s technology to help clients gain insights into their operations. MyInvenivo is an Italy-based company that provides a sophisticated process mining solution with elements including simulation, decision rule mining, and multi-level process mining.
The countries covered in the business process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The business process automation market research report is one of a series of new reports that provides business process automation market statistics, including business process automation industry global market size, regional shares, competitors with a business process automation market share, detailed business process automation market segments, market trends and opportunities, and any further data you may need to thrive in the business process automation industry. This business process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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