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The Workflow Automation Market was valued at USD 4.32 billion in 2016 and is projected to reach USD 29.25 billion by 2025, growing at a CAGR of 23.68% from 2017 to 2025.
Workflow Automation is a created series of automated actions for the steps in a business process that are used to improve everyday business processes. Businesses that use workflow automation are more efficient, save time and money, and minimize the likelihood of errors. Workflow automation provides several benefits to the enterprises including - streamlines communication, creates accountability, reduces costs and error, creates more workplace efficiency, empowers employees to manage their own time, improves management, and provides real-time reports.
1. Market Drivers
1.1 Incorporation of new technologies with workflow automation
1.2 Increasing demand for workflow automation in logistics, BPO industry
1.3 Increased focus on streamlining business processes
1.4 Easy business operation with the installation of workflow automation tools
1.5 Cost effective workflow automation system
2. Market Restraints
2.1 Poor awareness related to workflow automation
2.2 Rising concerns for data security in the financial sector
2.3 Issues with integration of new and existing systems
The Workflow Automation Market is segmented on the process, organization size, component, deployment model, operation, vertical, and region.
1.1 Automated solution
1.2 Interaction solution
1.3 Decision support and Management solution
2. Organization Size:
2.1 Large Enterprises
2.2 Small and Medium Organizations
3. By Component:
4. By Deployment Mode:
5. By Operation:
5.1 Robotic Process Automation-based
6. By Vertical:
6.1 Healthcare and Pharmaceuticals
6.2 Government and Defense
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Travel and Hospitality
6.6 Retail and Consumer Goods
6.7 Manufacturing and Logistics
7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
The major players in the market are as follows:
1. Oracle Corporation
2. IBM Corporation
3. Software AG
5. Xerox Corporation
6. Ipsoft, Inc.
7. Nintex Global Limited
8. Newgen Software Technologies Limited
10. Pegasystems Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Workflow Automation Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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