The market for BPA/BPM services is set for steady growth. According to Fortune Business Insights, the BPM market is projected to grow at a 12% CAGR to $26.18 billion by 2028. Gartner® predicts that by 2025, "70% of enterprises in all industries will have engaged digital business model transformation services."
The takeaway? Those embracing BPM/BPA technologies are poised for an advantageous position in adapting to change. It's not just a tool for efficiency but a way to compete that centers on processes.
The Next Big Thing: Generative AI
In the evolving landscape of business process automation, generative AI takes the spotlight. Its public release marks a game-changer, promising to streamline, automate, and enhance workflows. Imagine automating faster, better, and simpler:
- Automates faster: Gen AI reduces technical barriers, speeding up process discovery and development with simple prompts.
- Automates better: Access and analyze data effortlessly, pulling up information promptly.
- Automates simpler: Tackle complex cases with ease, asking gen AI to generate the best workflow.
Modern Trends in Business Process Automation
Beyond generative AI, intelligent automation (IA) continues to shine. IA integrates technologies like AI, ML, RPA, BPM, and more to elevate automation possibilities. In 2024, expect increased adoption of IA, turning repetitive tasks into efficient, digital workflows.
Other Trends for Business Process Automation in 2024
Here’s a sneak peek into our 2024 BPM predictions:
- Citizen-led development: Business users improving processes through low- and no-code automation tools.
- Compliance and regulations: Tightening ESG reporting standards and data-driven compliance strategies.
- Consolidation of technologies: A single platform vendor model for end-to-end customer journey experience.
- Microservices and componentization: BPA/BPM platforms offering innovation through proactive systems.
- Customer-centric focus: Optimizing processes to improve customer experiences and service.
Beyond generative AI, intelligent automation (IA) continues to shine. IA integrates technologies like AI, ML, RPA, BPM, and more to elevate automation possibilities. In 2024, expect increased adoption of IA, turning repetitive tasks into efficient, digital workflows.
In the evolving landscape of business process automation, attention to details through data analytics is crucial for effective enhancement. The future looks promising as automation continues to reshape how businesses operate, allowing employees to focus on strategic tasks. The potential is vast, and we've only just scratched the surface!
