Source: Shutterstock
Key insights into the future of the business workflow automation market
BUSINESS workflow automation is experiencing increasing demand from companies wishing to streamline workflow and businesses processes.
From data entry and processing to managing records, the adoption of solutions and software offering business workflow automation is quickly increasing. Leading companies are providing services and tools that can improve the business operations of businesses from a range of industries and sectors.
The latest report by Fact.MR expects the global business workflow automation market to witness substantial growth, with an estimate that by the end of 2026 the market will reach US$5.25 billion in revenues.
Below are some insights on how global business workflow automation is predicted to perform in the coming years.
5 forecast highlights on global business workflow automation market
A report by Fact.MR has made some predictions on the future of the business workflow automation market | Source: Shutterstock
Technology-based solution to emerge as the largest deployment type
The technology-based solution is set to emerge as the largest deployment type between 2017 and 2026. This solution type is projected to surpass US$2.1 billion in revenue by the end of 2026.
An ever-growing number of businesses have moved to cloud computing, thus companies are increasingly relying on technology-based solutions to strengthen business operations and to offer better products and services.
Healthcare and pharmaceuticals industry to account for maximum revenue share
Healthcare and pharmaceuticals are anticipated to become the largest industry in the business workflow automation market. By 2026, the industry is projected to account for more than US$900 million revenue. Why? By adopting workflow automation, the industry has better control, improved efficiency, and reduced risk.
Due to the quickly rising demand for workflow automation in this industry, many companies are building solutions that specifically cater to the sector.
On-premise to emerge as the largest platform type
On-premise platforms are expected to witness the highest growth during the forecast period 2017 to 2026, with a revenue estimated to reach close to US$3.9 billion by 2026 end.
Small and medium enterprise to gain maximum traction
Small and medium enterprises (SME) are expected to adopt business workflow automation on a large scale, bringing in an estimated US$2.7 billion revenue by 2026 end. SME’s are increasingly moving towards business workflow automation in efforts to strengthen product development, marketing strategies, as well as business processes.
Competition tracking
The Fact.MR report also outlines competitive profiles of the companies expected to lead the global market for business workflow automation through to 2026. Such companies 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, Kyocera, Canon, Ricoh, HP Inc., Lexmark, OpenText Corporation, and Xerox Corporation.
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