DUBLIN--(BUSINESS WIRE)--The "Workflow Automation Market by Process (Automated Solution, Decision Support & Management Solution, and Interaction Solution), Operations, Deployment (Cloud, and On-Premise), Organization Size, Offering, Industry & Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.
The Workflow Automation Market is Expected to Reach USD 18.45 Billion By 2023, at a CAGR of 23.56% Between 2017 And 2023.
Major factors that have propelled the market growth are 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. The major restraint of the workflow automation market is data insecurity, which is hindering the implementation of workflow automation in the financial sector.
On the basis of process, the automated solution market for workflow automation is expected to grow at the highest CAGR between 2017 and 2023. Owing to the high degree of flexibility and scalability of the workflow automation solution, it has witnessed widespread deployment in business environments with a greater requirement for data processing and workflow management. The availability of automated solutions capable of large-scale deployment in data management systems is a major driver for the market.
The BFSI sector held the largest share of the workflow automation market among all industries in 2016. Automated solutions help the BFSI sector in improving the speed of data collection and also detect errors in time, thereby improving the overall effectiveness of various processes involved in the BFSI sector. There is an increasing adoption of mobile technologies in emerging markets such as India, China, and Indonesia, which has resulted in the development of low-cost elementary services in the BFSI sector using branchless banking aided by mobile payment technologies. The BFSI sector embracing technology innovation is expected to boost the workflow automation market.
The workflow automation market in Asia Pacific is expected to grow at the highest rate between 2017 and 2023. This is mainly attributed to the presence of outsourcing industries in countries such as India and China, which drives the adoption of workflow automation. Increased operational efficiency and lower cost, with reduction in full time employee (FTE), are the other benefits associated with workflow automation that drives the growth of the market in APAC.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Workflow Automation Market, By Process
8 Workflow Automation Market, By Operation
9 Workflow Automation Market, By Deployment
10 Market Analysis, By Organization Size
11 Workflow Automation Market, By Offering
12 Workflow Automation Market, By Industry
13 Geographic Analysis
14 Competitive Landscape
15 Company Profiles
- IBM Corporation
- Ipsoft, Inc.
- Newgen Software Technologies Limited
- Nintex Global Limited
- Opentext Corp.
- Oracle Corporation
- Pegasystems Inc.
- Software Ag
- Sourcecode Technology Holdings, Inc.
- Thoughtonomy Ltd.
- Tibco Software Inc.
- Uipath Srl
- Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/research/8z5ngv/workflow