Workflow Automation Market in Global Economy: US$ 80.9 billion Budget Allocation Expected by 2030
According to the most recent analysis by Emergen Research, the size of the worldwide workflow automation market is anticipated to reach USD 80.9 billion in 2030, growing at a constant revenue CAGR of 23.5%. The ease of corporate operations following the installation of workflow automation solutions is a key driver fueling the revenue growth of the emerging workflow automation market.
The growth of strategic alliances between manufacturers of workflow automation tools and BPO and other service providers is a result of the acceptance of workflow automation in a variety of business processes. For instance, IBM (US) and HCL Technologies Limited collaborated with BluePrism (US) (India). HCL provides services to the retail banking, investment banking, insurance, and telecom industries using BluePrism’s workflow automation products. Additionally, there are proposals to adopt process automation in the banking and accounting industry, the utilities industry, and supply chain management. IBM intends to use BluePrism as part of its management toolkit and business process management portfolio, in addition to bolstering its business process outsourcing capabilities. The growth of the market is driven by the integration of workflow automation into various corporate processes and functions.
The report’s goal is to present a thorough study of the workflow automation market in terms of geography, industry, organisation size, deployment, process, and product. The important factors driving the market’s growth are thoroughly covered in the study. The research also examines market trends and provides a thorough analysis of the workflow automation market’s value chain.
Some Key Highlights From the Report :
On the basis of process, operation, deployment, organisation size, offering, industry, and region, the workflow automation market has been divided. Due to the demand for software in structured data format across various enterprises, the market for workflow automation software retained the biggest market share. The major components of workflow automation software are text, audio, video, and other file formats, as well as optical character recognition (OCR), optical mark recognition (OMR), and OCR. These formats are used to keep track of business operations so that workflow automation can recognise them readily, eliminating repetitive business procedures and minimising human involvement.
Due to the expansion of the banking, financial services, and insurance industries, which have been utilising automated solutions since 2010, the automated solution market for workflow automation held the biggest market share. The automated system has seen extensive application in commercial settings with a larger need for data processing and workflow management due to its high degree of flexibility and scalability. A key factor in the market’s expansion is the availability of automated solutions suitable for widespread use in data management systems.
Due to the rising implementation of robotic process automation, the BFSI segment is anticipated to account for a sizable revenue share in the global market over the forecast period. Robotic process automation is a tool that banks may employ to cut down on labour costs, increase compliance, lower risks, and enhance customer service. Furthermore, because no additional infrastructure is needed, low-code solutions are appropriate for banks and other financial institutions. Additionally, it aids in accelerating critical processes, which immediately boosts accuracy and productivity and decreases costs and time-to-market for a variety of offers.
Some major companies in the global market report include IBM Corporation, Oracle, Pegasystems Inc., Software AG, Xerox Corporation, Appian, Bizagi, Amelia US LLC., Newgen Software Technologies Limited, and Nintex UK Ltd.
Emergen Research has segmented the global workflow automation market based on process, organization size, industry, and region:
- Process Outlook (Revenue, USD Million; 2019–2030)
- Automated Solution
- Decision Support and Management Solution
- Interaction Solution
- Organization Size Outlook (Revenue, USD Million; 2019–2030)
- Large Enterprises
- Industry Outlook (Revenue, USD Million; 2019–2030)
- Banking, Financial Services, & Insurance
- Telecom & IT Industry
- Travel, Hospitality, & Transportation Industry
- Retail & Consumer Goods
- Manufacturing & Logistics Industry
- Healthcare & Pharmaceuticals
- Energy & Utilities
- Other Industries
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