The latest report, titled ‘Global Workflow Automation Market,’ comprises a profound analysis of the fundamental parameters contributing to the global Workflow Automation Market scenarios. The research report provides the reader with an in-depth interpretation of the Workflow Automation Market dynamics, including the crucial drivers, opportunities, threats, and challenges.
The global workflow automation market size is expected to reach USD 80.9 Billion at a steady revenue CAGR of 23.5% in 2030, according to latest analysis by Emergen Research. Ease in business processes with installation of workflow automation tools is a major factor driving emergen workflow automation market revenue growth. Workflow automation simplifies business operations, saves time, and allows staff to concentrate on more creative aspects of their work, while the software handles more mundane but important tasks. Workflow automation not only speeds up tasks, but it also minimizes number of errors made. When work is mechanized, it eliminates possibility of human error. Another advantage of workflow automation is that one can scale their business more quickly if they save time and have fewer mistakes. Workflow automation can help a small business to compete more effectively, especially when competing against larger corporations. Workflow automation enables organizations to work more efficiently, close leads more quickly, and free up time spent on administrative tasks so they can better serve their customers.
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Some Key Highlights From the Report
- On 16 June 2022, AirSlate, which provides no-code tools for automating corporate processes, announced that it has raised USD 51.5 million in a funding round valued at over USD 1 billion, demonstrating that workflow automation is a thriving industry. AirSlate is the first portfolio firm for UiPath's newly created, previously unannounced UiPath Ventures arm, which was directed by G Squared with involvement from UiPath.
- The automated solution segment is expected to account for largest revenue share over the forecast period attributed to growth of the BFSI industry that have been using automated solutions. With different front-end and back-end processes, the banking and financial services industry offers a diverse range of services. To ensure a uniform user experience, several banking functions, such as account opening, accounts payable, closure, credit card processing, and loan processing, can be automated. One of the major users of technology and services is the banking industry and global IT investments in banking and financial services business is expected to reach USD 742 billion by 2024. According to a Gartner estimate. Advanced solutions, such as Marketing Automation (MAS), Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP), aid in increasing industry workflow.
- The large enterprises segment is expected to account for large revenue share in the global market over the forecast period owing to increasing adoption of workflow automation. A few of the 2.000 labor functions (across 800 professions) that can be automated include processing sales transactions, displaying product attributes, and responding to product enquiries. Up to 30% of workers time might be saved by automating 60% of business processes such as evaluating and approving paperwork, creating sales leads, and processing large documents. By presenting content that is exceptionally relevant, significant, or extraordinary, automation can assist professionals focus on situations that require their knowledge and intellect. Over 20% of CEOs time is spent on work that could be automated. All of these tasks, such as reviewing status reports, creating staff assignments, and analyzing operational data, can be automated.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the Workflow Automation market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the Workflow Automation market landscape.
The Workflow Automation research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Workflow Automation report are:
IBM Corporation, Oracle, Pegasystems Inc., Software AG, Xerox Corporation, Appian, Bizagi, Amelia US LLC., Newgen Software Technologies Limited, and Nintex UK Ltd.
Regional Segmentation
On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the RD sector.
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
- SMEs
- 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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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Workflow Automation market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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