Workflow Automation Market Worth 18.45 Billion USD by 2023
PUNE, India, September 21, 2017 /PRNewswire/ --
According to the new market research report "Workflow Automation Market by Process (Automated Solution, Decision Support & Management Solution, and Interaction Solution), Operations, Deployment (Cloud, and On-Premise), Organization Size, Offering, Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM) , the market is estimated to reach USD 18.45 Billion by 2023, at a CAGR of 23.56% between 2017 and 2023. Key factors such as ease in process with the installation of workflow automation tools, convergence of workflow automation with traditional business processes, focus on streamlining business processes, and cost efficiency through workflow automation are driving the workflow automation market.
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Workflow automation market in the BFSI industry to grow at the highest CAGR between 2017 and 2023
The workflow automationmarket for the BFSI industry is expected to grow at the highest CAGR between 2017 and 2023. Processes such as data entry for clearance and registration processes, updating systems and producing client information, gathering information from various systems and generating a renewal premium, processes such as order-to-cash (order management, invoicing and collections, etc.), record-to-report (fixed asset accounting), conduct compliance, legal and credit checks, and claims processing and general data entry are done by workflow automation in the insurance and banking sectors to facilitate monotonous and time-consuming processes.
Workflow automation software to hold the largest share of the workflow automation market by offering
Workflow automation software held the largest market share in 2016. The demand for workflow automation software is growing because of the structured data format in various organizations. The function of workflow automation software is mainly based on the optical character recognition (OCR); optical mark recognition (OMR); and text, audio, video, and other file formats. These formats are used to maintain the records of business processes, so that they are easily recognizable by workflow automation, thus eliminating mundane business processes and reducing human intervention.
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Rule-based workflow automation held the largest market share in 2016
The rule-based operational market for workflow automation held the largest market share in 2016. Rule-based workflow automation is used for repetitive rule-based administrative work in business operations. This feature of rule-based operations drives the growth of this segment in the workflow automation market.
North America expected to dominate the workflow automation market between 2017 and 2023
The workflow automation market in North America held the largest share among all regions in 2016, and the continuous growth is expected to dominate the workflow automation market between 2017 and 2023. The BFSI; telecom and IT; and travel, hospitality, and transportation industries in the US, Canada, and Mexico are adopting workflow automation for different functions to better manage business processes. In the US, BFSI has been leveraging workflow automation to improve business processes. Because of the high degree of flexibility and scalability of the business process solutions, as well as greater data processing and workflow management capabilities, there is a widespread deployment of workflow automation in the BFSI sector. For example, Amazon Inc. employs robotics process automation for its ecommerce application to detect online purchasing orders and transactional processes, and to recover failed transactions. The Canadian government has also taken initiatives to integrate IT for governance and security.
Workflow automation has helped the Canadian IT industry automate repetitive and predictable processes. Workflow automation is playing a key role in banks such as Bank of Montreal (Canada) by aiding in the following: mortgage lending, client on-boarding, compliance processes (know your customer (KYC) and Bank Secrecy Act (BSA)/Anti-Money Laundering (AML)) and regulations.
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The major players in the workflow automation market are IBM Corporation (US), Oracle Corporation (US), Pegasystems Inc. (US), Software AG (Germany), Xerox Corporation (US), Appian Corporation (US), Bizagi (UK), Ipsoft Inc. (US), Newgen Software Technologies Limited (India), and Nintex Global Limited (US)
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