The global process automation market: statistics you need to know
Business automation – both RPA and BPA – is at an exciting stage of growth. The technology is now nearing the top of the bell curve in the technology adoption lifecycle, and about to break out into mainstream maturity.
So, the process automation market is on the cusp of a global explosion. Even more gripping, perhaps, are the money-spinning figures involved at what is still an underutilised technology.
We’ve gathered all the key statistics you need to know. With that in mind, here’s a look at the size and shape of the global process automation market.
The process automation market
Automation is a multi-billion-dollar market. And this is before it has reached full acceleration.
Though most businesses have adopted some level of automation, few have done so on a mass scale. Less still have mature, cross-company automation deployed. But this is set to tip. Automation is now ramping up and spreading its reach into more and more areas.
What we are dealing with, then, is an enormous disruptor. One set to revolutionise the business world. The process automation market is highly lucrative, and highly likely to boom.
Key market statistics
- The digital process automation (i.e. non-industrial) market is worth $6.76 billion
- By 2023, this figure is set to rise to $12.61 billion – representing a CAGR of 13.3%
- 74% of organisations say they are actively looking for new use cases for automation
- Between 2017 and 2019, companies using automation for mission-critical processes rose from 16% up to 50%
- A quarter of UK businesses are still only in the early stages of automation, and keen to change this
Internal automation demand
It is often assumed that the human workforce dreads automation. In fact, company employees drive its adoption. Today’s office workers are increasingly looking for meaning in their jobs – meaning that cannot be found in the humdrum of rote tasks.
As an employee-facing rather than customer-facing tool, internal workforces are commonly behind the sharpened demand for process automation. That is, modern employees do not relish entrapment in manual legacy procedures.
As the way we work continues to digitise, and as younger workers enter (and begin to take over) the workforce, office staff are seeking more efficient, technology-led ways of handling their workloads. This is particularly true of monotonous, low-level tasks that eat up undue time and effort.
Business automation software, then, is an ally for the busy digital worker. It provides a pathway to higher-value work, while alleviating the pressures of repetitive day-to-day administration.
Simply, employees value automation as a liberating productivity enabler. And this further fans the flames of the global process automation market.
Key demand statistics
- 90% of employees are being burdened with boring and repetitive tasks which could be easily automated
- 52% of office workers delay going to the bathroom to meet a deadline; among those, they do so an average of 5x per week
- 68% of employees have suffered from work overload in which they have too much to do on a daily basis
- 81% of workforces are anticipated to reach breaking point by 2020, if they do not tap automation to handle the volume of tasks being generated
- Overall only 38% of UK business processes are automated
Business opportunities via automation
With the process automation market booming, and with appetite mounting, the time is ripe for business owners to seize their opportunity.
Perhaps the most compelling automation gain is the efficiency boost. Implementing automation allows businesses to get more done, in less time, with less resource, and less risk of manual error. Automated companies reduce the time it takes to complete hundreds of processes, as well as the effort of completing them successfully.
In turn, these efficiency upshots free up man-hours and reduce operational expenditure. So, automation becomes an avenue to enjoy time and cost savings alike.
Then is the fact that automation relieves common pressure points. Automation software provides a vast range of admin alleviation, systems integrations and automatic updates. With these issues resolved, firms can enjoy a company-wide productivity spike.
Less tangible, bus no less important, is the impact on the office atmosphere. Automating repetitive, tedious tasks improves morale. Combined, the upshots of saving time, avoiding mistakes and alleviating resource challenges generate a happier working environment.
This is all while shaping businesses up for the future, and keeping their financial prospects in great shape to boot. Simply, business process automation is the future of the modern workplace. (Making, of course, the process automation market even more lucrative.)
Key revenue statistics
- Implementing automation in the office generates 30-200% ROI in the first year, mainly in labour savings
- Organisations are losing $140 billion each year in wasted time and resources, duplication of effort, and missed opportunities as a result of disconnected data
- 73% of businesses using automation are ‘very’ or ‘entirely’ satisfied with the returns to date
- Highly automated companies are 6x more likely to see revenue growth of 15%+
- 73% of firms expect their operating costs to improve as a result of automating business processes
A healthy outlook
The process automation market is one to watch. To get involved in the upshots of automation, book in your consultation with the ThinkAutomation team today.