Global business workflow automation market is projected to bring in US$ 5,247.2 million revenue with technology-based business workflow automation solution surpassing US$ 2,100 million revenue by 2026.
Business workflow automation leads to the faster decision making, helps in effectively managing work, increasing production capacity, and also helps in enhancing internal communication. Businesses are adopting workflow automation solutions on a large scale.
Hence, companies providing workflow automation software and tools are also adding features that can help in optimizing various processes throughout departments.
Key players are also providing software that can integrate with third-party applications and databases.
As per the latest study by Fact.MR, the global business workflow automation market is likely to experience strong growth.
Technology-Based Solution to Emerge as the Largest Deployment Type
Compared to various solutions, the technology-based solution is likely to emerge as the largest deployment type between 2017 and 2026.
Increasing number of businesses have moved to cloud computing, hence companies are increasingly relying on technology-based solutions to strengthen business process and offer better products and services.
Healthcare & Pharmaceuticals Industry to Account for Maximum Revenue Share
The healthcare & pharmaceuticals industry is likely to witness the fastest growth in the market through 2026. Healthcare & pharmaceuticals industry is projected to account for more than US$ 900 million revenue by 2026 end.
Owing to the better control, improved efficiency, and reduced risk, the healthcare & pharmaceuticals industry are increasingly adopting workflow automation. Hence, companies are also building business workflow automation solution that specifically caters to the healthcare & pharmaceuticals industry.
On-Premise to Emerge as the Largest Platform type
On-premise is likely to witness healthy growth as compared to the cloud-based platform between 2017 and 2026. By 2026 end, on-premise platform is projected to reach close to US$ 3,900 million revenue.
An on-premise platform has low cost of ownership as compared to the cloud-based platform. Moreover, on-premise platform does not rely on internet connectivity to access the software. However, on-premise platform takes longer implementation time
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Small & Medium Enterprise to Gain Maximum Traction
Compared to the large enterprise, small & medium enterprise are likely to gain maximum traction in the global market for business workflow automation.
Small & medium enterprise are projected to bring in close to US$ 2,700 million revenue by 2026 end. In order to strengthen product development, marketing and business processes, small & medium enterprise are moving towards business workflow automation.
Also, implementation of business workflow automation in sectors such as finance and accounting, and supply chain management are underway.
The report also profiles companies that are expected to remain active in the expansion of global business workflow automation market through 2026, which include
- Tibco Software
- HCL Technologies
- SAS Institute
- SAP SE
- Nintex Limited
- Newgen Software Technologies Limited
- IPSoft Inc
- Vision Software SA
- Appian, Software AG
- PegaSystems Inc
- Oracle Corporation
- IBM Corporation
- HP Inc.
- OpenText Corporation
- Xerox Corporation.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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