The global workflow automation and optimization software market is primarily dominated by multinational tech giants. The top five players account for well over half the share in the market and are constantly trying to outdo one another through product innovation.
Driving growth in the global market for workflow automation and optimization software is the rising take-up of third platform technologies and soaring popularity of business process automation. Workflow automation and optimization software allows businesses to improve communication, reduce human errors, enable real-time reporting, and allow integration of third-party applications for added benefits. Such advantages are egging organizations to shift toward digitization of business processes.
Cyber threats, however, are acting as a deterrent to the market for workflow automation and optimization software market. In order to tackle the menace, savvy players in the market are trying to develop more secure solutions.
A report by Transparency Market Research forecasts the global market for workflow automation and optimization software to expand at a healthy CAGR of 8.7% from 2017 to 2025 to become worth US$1.456 bn by 2025 from US$0.713 bn in 2016.
BFSI Segment Emerges Market Leader due of Customer-focused Banks
The global market for workflow automation and optimization software can be segmented depending upon end-use into education, banking, financial services, and insurance (BFSI), transportation and logistics, healthcare, manufacturing, retail, telecommunications and information technology (IT), etc. The BFSI sector, of them, held a dominant 21.8% share in the overall revenue in 2016. Expanding at a strong 8.3% CAGR between 2017 and 2025, the segment is expected to continue holding on to its dominant position.
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The primary reason behind it is banks increasingly leveraging enhanced fraud management solutions, mobile banking, smart automated teller machines (ATMs), etc. to offer better experience of their customers. In the years ahead too, the BFSI segment is predicted to retain its dominant position by holding 24.8% share in the market.
In terms of growth rate, however, the education segment is expected to emerge as a winner by clocking a solid 9.5% CAGR between 2017 and 2025.
Thrust on Automation by Different Organizations Propels North America Market
Geography-wise, Europe, North America, Asia Pacific, South America, and the Middle East and Africa (MEA) are key regions in the global workflow automation and optimization software market. Among them, North America contributes the most to revenue because of massive automation of business processes in the region and also because of the copious number of vendors of workflow automation domiciled in the region. The North America market grossed a revenue of US$279.6 mn in 2016 and rising at a CAGR of 8.6% it will likely gross US$566 mn in 2025. Europe trails North America vis-à-vis revenue.
Asia Pacific is another key region which is slated to outpace all others in terms of growth rate from 2017 to 2025. The growth in the region is expected to be brought about by the quick uptake of workflow automation and optimization software across different industry verticals. Currently, on-premise workflow automation and optimization software segment generates maximum revenue in the market in the region, but going forward, the cloud workflow automation and optimization software will likely expand at a greater pace owing to their rapid adoption by the healthcare, BFSI, and telecommunications sector.
Prominent players operating in the global market for workflow automation and optimization software are Xerox Corporation, Oracle Corporation, International Business Machines Corporation, SAS Institute, Inc., SAP SE, OnviSource, Inc., Boston Software Systems, Flexera Software LLC, JDA Software Group, Inc., and Reva Solutions.