Global workflow automation market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Workflow Automation Market
Over the upcoming years, the BPO industry is anticipated to control the major revenue generation in workflow automation due to integrating new technologies with workflow automation, and the rising demand for workflow automation in logistics. In addition, the Market is expected to expand in the upcoming years due to the increasing emphasis on workflow automation tools for simple business operations and process streamlining. Additionally, it is anticipated that a workflow automation system will increase market growth during the anticipated time frame. Furthermore, the growth of the workflow automation market is primarily driven by elements like the simplicity of workflow automation tool installation, the integration of workflow automation with conventional business processes, the emphasis on streamlining business processes, and workflow automation's ability to reduce costs.
Considering all of its advantages, workflow automation can greatly simplify corporate procedures. It drastically reduces paperwork, helps to source, verify and recruit candidates faster with automated approval, and ensures compliance with all processes. Workflow automation can relieve a load of manual operations in administration, finance, IT, and marketing. Revenue increases by 417% owing to process and marketing automation. For instance, Cisco Systems automated its CRM process, resulting in a monthly reduction of 75,000 customer calls, and savings of over US$270 Mn in operating costs. Businesses expect workflow automation to help them manage costs and improve time-to-market and consumer self-service. Several restrictions and difficulties may hamper the expansion of workflow automation market. The market is likely to be constrained by factors like low awareness of workflow automation, growing data security worries in the financial industry, and problems integrating new, and existing systems.
Workflow Automation Market: COVID-19 Impact
Despite the difficult business environment brought on by the COVID-19 outbreak last year, automation adoption has remained high. Over 80% of firms want to boost their investment in automation, performed following the COVID-19 outbreak. This demonstrates the enormous operational impact that the growing number of businesses focusing on the role of automation in the workforce is anticipated to have. Establishing a framework enabling enterprises to connect the digital and traditional workforce is one of the most important issues affecting how they operate in the future. As a result of the pandemic's quick rise and development, a change in how businesses carry out repetitive operations has occurred, which has greatly expanded the robotic process automation market. As businesses implement cutting-edge hybrid workforce models and technology, automation spreads throughout the organization more quickly.
Workflow Automation Market Benefits from Convergence of Automation Technologies With Existing Businesses Processes
One element contributing to the rise in the workflow automation market revenue is integrating automation technology with current business operations. The objective of business process automation (BPA) is to leverage technology to automate business processes, increase process effectiveness, and do so while saving time and money. The greater task completion that results from incorporating technology into workflows boosts corporate productivity. For instance, a new technology called as robotic process automation (RPA) has emerged in recent years. RPA automates repetitive human software tasks like responding to emails, clicking buttons, and filling out web forms. Most standard RPA is built on task registration and subsequent task emulation. Traditional best-of-breed business software installation practices have left the organization with functional islands, some of which provide business system integration, reporting, and workflow management. Businesses are applying increased pressure to IT to integrate these separate apps into a unified enterprise-level business process management (BPM) view. In addition, reducing manual interactions in each process while boosting transaction throughput is the ultimate objective. Businesses also want more visibility into process data and flexibility in modeling and workflow optimization.
Workflow Automation Market Receives Tailwinds from Rising Emphasis on Streamlining Business Processes
Putting more effort into simplifying corporate operations will propel the revenue of workflow automation market. Streamlining is a technique for increasing organizational and business process efficiency by condensing pointless work-related tasks. Applying technology modernization approaches and other workable solutions is necessary for streamlining procedures. By reducing their organization's standard procedures, one can complete many more things with less effort. Because data processing and entry are automated by streamlining software, fewer employees are needed in the office, which saves money that can be used toward other investments by the organization. Employees are more likely to be productive when processes are streamlined and they have a clear grasp of the duties given to them. When menial chores are minimized, employees can concentrate more on quality.
Workflow Automation Market Continues to be Challenged by Rising Data Secuirty Concerns
Data security issues make it difficult to apply automation technologies, which is a major factor that is anticipated to limit the revenue growth of global workflow automation market space. In today's data-driven Market, businesses use important data to increase productivity, acquire new customers, and generate revenue. However, automated solutions that manage vast amounts of customer or business data are vulnerable to hacking. Even while effective security measures may be implemented to prevent fraud, many small firms do not want to risk data theft. Automation utilized to improve customer experience is a current market trend (CX) trend. Employees can recover time spent with clients using automated procedures powered by Al that operate in the background. For instance, a CX person will be able to speak with ten customers in an hour as opposed to eight, boosting call efficiency by 20% without lowering the calibre of discussions that can only take place between people.
Workflow Automation Market Experiences Dominance of Automated Solution with Mounting Deployment Across BFSI Industry
Because the BFSI business has been employing automated solutions, it is anticipated that the automated solution category would account for the biggest revenue share in workflow automation market over the projected period. The banking and financial services sector offers a vast range of services with numerous front-end and back-end activities. A consistent user experience can be achieved by automating several banking processes, including account opening, accounts payable, closure, credit card processing, and loan processing. The banking sector is the biggest consumer of services and technology. A Gartner estimate that by 2024, global IT spending in the banking and financial services sector will total US$742 Bn. Advanced tools, such as marketing automation (MAS), customer relationship management (CRM), and enterprise resource planning (ERP), aid in increasing workflow in the industry.
Workflow Automation Market Soars High with Critical Need for Automating Decision-making Processes
It is anticipated that the decision support and management solutions segment will experience a significant revenue increase in the workflow automation market during the projection period. To assist businesses in automating the decision-making process across multiple industries, Artificial Intelligence (AI), data, and business rules are all utilized. While reducing risk and decision-making inaccuracy, automated decision-making boosts productivity. Consistent consistency is maintained throughout all decisions made when decision-making is entrusted to one person or group of people. Most of these are operational decisions that support an organization's day-to-day operations. Decision automation is often employed for routine and repetitive decisions that occur regularly in a corporation.
Workflow Automation Market Revenue Concentrated in Asia Pacific
Due to the fiercer rivalry in the Chinese workflow automation market, several sectors in the nation have improved workflow through digital transformation. For instance, Dongfeng Nissan started its digital transformation program to increase productivity and shorten the time it takes to introduce a new line of automobiles. The corporation launched its digital transformation strategy to enhance current workflows, optimize internal business processes, and advance general efficiency. To automate repetitive digital processes, the organization used UiPath robotic process automation (RPA) software as part of the initiative. In 2021, the Intelligent Network Innovation Center of China Unicom collaborated with Huawei to create and implement an AI-powered network management and operations platform based on AUTIN technology. As it rolled out 5G networks and services, the business introduced an AI-based network management and operations platform to use data to streamline and automate national network operation, planning, and management while enhancing cost-effectiveness, customer experience, and sustainability.
Japan is leading the world in AI innovation, and automation is one of the most important components of the future of work strategy. According to the Nomura Research Institute, the country's AI industry will have a significant growth spurt by 2035. Innovative automation firms like Abeja, NEC, and others increase production efficiency to boost Japan's GDP. Major nations in the rest of Asia Pacific include Australia, and Southeast Asia. Companies in Southeast Asia are adopting new technology and preparing their workforce for an AI-centered future. To do this, businesses must implement a sound upskilling strategy to close the skills gap. Digitization would aid the region in developing relationships that are globally competitive for local businesses, increase the likelihood of global workflow automation market expansion and promote a successful technology.
Global Workflow Automation Market: Competitive Landscape
In July 2021, IBM purchased myInvenio to offer its clients data-driven tools that can assist in determining the most important business operations to automate with artificial intelligence. In November 2021, The Pega platform and its intelligent automation capabilities were deployed by DKB Service GmbH (DKBS), a fully-owned subsidiary of Deutsche Kreditbank AG (DKB), in collaboration with Pegasystems INC. to standardize and automate back-office service activities.
Some of the major players in global workflow automation market players include Oracle Corporation, IBM Corporation, Software AG, Appian, Xerox Corporation, Ipsoft, Inc., Nintex Global Limited, Newgen Software Technologies Limited, Bizagi, and Pegasystems Inc.
Regional Classification of Global Workflow Automation Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Workflow Automation Market
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