Business workflow automation is witnessing increasing demand by businesses in order to streamline workflow and business process. Hence, leading companies are offering workflow automation solutions that are easy to implement and also helps in setting standards and tracking the performance of the employees. Software providers are also focusing on providing business workflow automation solution on basis of the industry. For instance, companies are offering services and tools that can improve the way a particular industry or sector is dealing with the documents and various business operations. With efficiency, productivity and accuracy becoming core objective of businesses, the demand for data capture automation tools is also rising. The increasing adoption of cloud systems, is also driving the use of cloud-based business workflow automation. Companies are also outsourcing workflow automation software development to effectively track and execute business processes.
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The latest report by Fact.MR expects the global business workflow automation market to witness substantial growth, registering a CAGR of 9.6% during the forecast period 2017-2026. By the end of 2026, the global business workflow automation market is estimated to reach US$ 5,247.2 million revenue. There has been an increasing adoption of the solutions and software offering business workflow automation. From data entry and processing to managing general content and records, the demand for business workflow automation is rising at a fast phase. Below are some insights on how the global business workflow automation will perform in the coming years.
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6 Forecast Highlights on Global Business Workflow Automation Market
- North America is expected to dominate the global business workflow automation market throughout the forecast period. By the end of 2026, North America is estimated to reach close to US$ 1,600 million revenue. Telecom, transportation, IT, BFSI, and hospitality industries in Canada and the U.S. are increasingly adopting business workflow automation.
- Europe and Asia Pacific Excluding Japan (APEJ) are also expected to witness significant growth. Entry of established players in the APEJ region is driving the adoption of business workflow automation.
- Technology-based solution is expected to witness the highest growth during the forecast period. Technology-based solution is estimated to exceed US$ 2,100 million revenue by the end of 2026.
- Healthcare and pharmaceuticals is anticipated to be the largest industry in the business workflow automation market. Towards the end of 2026, the healthcare and pharmaceuticals industry is estimated to generate revenue more than US$ 900 million.
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- On-premise platform is likely to witness the highest growth during the forecast period 2017-2026. On-premise platform is expected to exceed US$ 3,800 million revenue by the end of 2026.
- Small & medium enterprise are expected to adopt business workflow automation on a large scale. Small & medium enterprise segment is estimated to create an incremental opportunity of more than US$ 1,600 million during 2017-2026.
The report also offers competitive profiling of the leading players in the global market for business workflow automation, which will operate through 2026. These include companies such as Xerox Corporation, OpenText Corporation, Lexmark, HP Inc., Ricoh, Canon, Kyocera, IBM Corporation, Oracle Corporation, PegaSystems Inc., Software AG, Appian, Vision Software SA, IPSoft Inc., Newgen Software Technologies Limited, Nintex Limited, SAP SE, SAS Institute, HCL Technologies, and Tibco Software.