Kenneth Research, in its repository of market research reports, has recently added a report on Workflow Automation Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Workflow Automation Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Workflow Automation Market products.
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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 RESEARCH:
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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