Rockville, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global business workflow automation market is expected to accelerate from US$ 7.84 billion in 2023 to US$ 12.7 billion by 2033. It is likely to exhibit a CAGR of 4.9% during the forecast period from 2023 to 2033.
Automation of workflows improves effective control all across the internet, cloud, operating system, and division interaction. It also offers a crucial layer of visualization to enhance the monitoring, configuration, and analysis of network safety, security, and flaws.
Automation removes a range of time-consuming and repetitive tasks such as manual data input and decreases human error. With labor and capital-intensive operations, organizations with outdated, manual procedures will find it difficult to spur. Businesses have improved their scalability by using automation.
Growth of new business and operational models, along with decreasing cost of devices, are driving internet of things (IoT) adoption. Broadening a business is intrinsically tied to a company's capacity to increase the effectiveness of its resources and workforce.
Increased business flexibility is made possible by the integration of internet of things technology into automation. Integrating process automation and the internet of things makes it possible to accomplish desired outcomes such as effective device connection and efficient system management.
The internet of things sensors enables organizations to monitor where and how things are happening in real-time by giving them visibility into current workflows and processes. This connectivity also enables quick deployment of business capabilities and effective job execution.
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Based on industry, the banking, financial services, and insurance (BFSI) sector is expected to account for a prominent revenue share in the global market throughout the forecast period. Robotic process automation is becoming increasingly popular as a result.
Banks can decrease risks, boost compliance, and save money on labor by using robotic process automation. Minimal code approach makes automation suitable for banks and financial institutions as no extra infrastructure is needed.
Regionally, Asia Pacific is likely to dominate the global market in terms of revenue share by 2033. This can be ascribed to factors such as rising usage of cloud-based workflow automation solutions and increasing awareness of information technology services.
Asia Pacific is a desirable geographical market for vendors aiming to take advantage of these development trends since it has a large base of service providers. They are planning to deliver end-to-end workflow automation that interfaces with other business applications.
Key Takeaways:
- Based on organization, the small and medium enterprises (SMEs) segment is projected to generate a significant share by 2033.
- By deployment, the integration-based solutions segment is projected to witness a CAGR of 7.5% between 2023 and 2033.
- Europe is expected to hold a lion’s share with rising adoption of automation in various industries.
- The USA business workflow automation market is likely to remain at the forefront across North America through 2033.
- Asia Pacific business workflow automation market is predicted to witness a staggering CAGR in the estimated time frame.
Growth Drivers:
- Ability of business workflow automation to enhance administrative control across the divisional interactivity, network, cloud, and operating systems would aid demand.
- Development of new technologies such as deep learning, computer vision, process automation, and intelligent automation is set to push sales.
Restraints:
- Incidence of cyberattacks is on the rise, and people are becoming highly conscious of security problems related to using technologies for their businesses.
- Cultural stigma and reluctance to change in various small-scale companies that are based on conventional ideas may hamper demand.
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Competitive Landscape:
Key manufacturers in the business workflow automation market are employing numerous research and development tactics that will help in the development of novel products. These companies are also collaborating with renowned social media platforms to provide different applications for workflow automation.
For instance,
- In September 2022, the innovative affiliate program from airSlate, a global platform for automating paper workflows, was made available on popular websites, including Shareasale.com, Impact.com, and Partnerstack.com. With the launch, airSlate has strategically invested in its network of partners, empowering affiliates to work together and promote the business's industry-leading eSignature and PDF editing solutions.
- In December 2021, to assist IBM X clients in accelerating their apps, data, and processes in an open hybrid cloud architecture, Software AG partnered with IBM Z and the Cloud Modernizations center.
Key Companies Profiled by Fact.MR
- Tibco Software
- IBM Corporation
- Canon
- Lexmark
- HP Inc.
- HCL Technologies
- Nintex Limited
- Xerox Corporation
- IPSoft Inc.
- SAS Institute
- Oracle Corporation
- Kyocera
- Newgen Software Technologies Limited
- SAP SE
- OpenText Corporation
- Appian Software AG
- Ricoh
- Vision Software SA
- PegaSystems Inc.
More Valuable Insights on Business Workflow Automation Market
In the latest study, Fact.MR offers a detailed study on global business workflow automation market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of business workflow automation through detailed segmentation as follows:
By Deployment:
- Feature-based Solutions
- Integration-based Solutions
- Technology-based Solutions
By Platform:
- Could-based
- On-premise
By Organization:
- Small & Medium Enterprises (SMEs)
- Large Enterprise
By Industry:
- Banking, Financial Services and Insurance (BFSI)
- Healthcare & Pharmaceuticals
- Manufacturing
- Education
- Retail & Consumer Goods
- IT & Telecommunication
- Energy & Utilities
- Travel
- Other Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East Asia
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Key Questions Covered in the Business Workflow Automation Market Report
- What is the projected value of the business workflow automation market in 2023?
- At what rate will the global business workflow automation market grow until 2033?
- Which are the factors hampering the growth in business workflow automation market?
- Which region is expected to lead in the global business workflow automation market during 2023 to 2033?
- Which are the factors driving the business workflow automation market during the forecast period?
- What is the expected market value of the business workflow automation market during the forecast period?
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