Summary
The global Back Office Automation Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
One of the key benefits of implementing back office automation offers organizations is the creation of seamless business processes. This results in increased efficiency and reduced training time while decreasing the need to hire additional staff. In addition to reducing the cost of operations through these functions it also reduces the cost of customer service. Many companies are able to significantly reduce customer service costs by automating functions that were once performed by people. Automation has eliminated the need for hiring additional customer service representatives that can reduce lost revenue.
Market Dynamics
Increasing funding in back office automation is expected to propel growth of the global back office automation market over the forecast period. For instance, in January 2019, ScaleFactor, an intelligent finance and automated accounting platform, announced a US$ 30 million Series B round of funding led by Bessemer Venture Partners, to Power Small Businesses, Accelerate Back Office Automation via Business OS.
Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the back office automation market. Globally, as of 5:14pm CEST, 17 June 2021, there have been 176,693,988 confirmed cases of COVID-19, including 3,830,304 deaths, reported to World Health Organization. As of 16 June 2021, a total of 2,377,780,590 vaccine doses have been administered. The pandemic has led to decline in the number of workforce and led many organizations to follow social distancing in workplaces. Such scenario is expected to increase adoption of back office automation.
The back office automation market is witness several M&A activities. For instance, in June 2021, Toast, the end-to-end cloud platform purpose-built for the restaurant community, acquired xtraCHEF, a suite of back office tools for restaurants, including accounts payable automation and inventory management.
Key Takeaways
- Increasing funding in back office automation is expected to propel growth of the global back office automation market over the forecast period
- Major players operating in the back office automation market are focused on launching new products to expand their product portfolio. For instance, in February 2019, Microdea, an enterprise software company focused on the development, sale and support of document management and business process solutions, launched new interface that makes documentation and back office process automation simpler.
- Major players operating in the back office automation market include, Pershing Limited, Integrify, CAPCO, Thoughtonomy, Codeless Platforms, TrackVia, Altitude Business Systems Ltd., and Altivon
The Back Office Automation Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Back Office Automation Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Pershing Limited
- Integrify
- CAPCO
- Thoughtonomy
- Codeless Platforms
- TrackVia
- Altitude Business Systems Ltd
- Altivon
By the Product Type, the market is primarily segmented into:
By Applications, the market is segmented into:
- split into
- Banking
- Insurance
- Others
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Back Office Automation Market Report:
- To assess the size of the market by value and volume
- Analyze the Back Office Automation Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Back Office Automation Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Back Office Automation Market
The Back Office Automation Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Back Office Automation Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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