The workflow automation software market is a technology used for the business process is associated to automation & controlling. It is a primary component over the modern enterprise solutions providing the information technology infrastructure that assist in automating the execution of critical business and it’s processing. Moreover, the automation & efficient way of controlling the business process enterprises are further opting the significant technologies associated to artificial intelligence and machine learning etc. driving the growth of market over the upcoming years. Moreover, the enterprise workflow automation software also simplifies the time-consuming processes for the low-code business applications. The modern workflow solution, business apps empowers the employees to build, run and future-proof their processes.
According to study, “Global Enterprise Workflow Automation Software Top Market to reach USD 35.20 Billion by 2026” the key companies operating in the global enterprise workflow automation software top market are Appian, Newgen Software Technologies Limited, Bizagi, Oracle Corporation, IBM, Software AG, Nintex UK Limited, Source Code Technology Holdings, Inc., Pegasystems Inc. and Xerox Corporation. The key players of the market are continually concentrating over the innovative with the multi-featured solutions that offers huge benefits for their business.
Based on component, enterprise workflow automation software top market is bifurcated as solutions and services. Services segment includes integration & training, consulting, and development. Consulting segment holds major share in market owing to increase in streamlining of business processes and rise in awareness of automation among business processes. Based on software, market is bifurcates as production workflow systems, web-based workflow systems, suite-based workflow systems, messaging-based workflow systems, and others. Based on deployment, market is bifurcated as cloud deployment and on-premises deployment. In addition, based on vertical insight, market is bifurcated as BFSI, IT and telecom, transportation, healthcare, retail, and others. The BFSI sector is automating repetitive tasks such as compliance regulations, data entry, and assembly and formulation that enables enhancement in improving speed and efficiency.
The enterprise workflow automation software top market is driven by significant utilization of resources, followed by improved business process with the application of enterprise autorotation software and growth in improvement in cost efficiency. However, higher implementation cost of enterprise workflow automation software may impact the market. Moreover, increase in focus on digital transformation initiatives and growth in adoption of cloud deployment models are key opportunities for market.
Based on geography, the North-American region dominates the global enterprise workflow automation software top market owing to increase in penetration of process management and automation solution across the region. Whereas, the European and Asian-Pacific regions are anticipated to exhibit substantial growth rate due to growth in BFSI sector in emerging economies such as India and China coupled with rise in demand for automation in business process over the forecast period. In upcoming years, it is projected that future of the market will be optimistic on account of increase in focus on streamlining business processes during the forecast period. It is estimated that the global market will be reached at US $35.20 billion by 2026.
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Ankur Gupta, Head Marketing & Communications