The global market for workflow automation and optimization software market is somewhat consolidated with the five leading players accounting for well over half the share in the market. The key players are Xerox Corporation, Oracle Corporation, International Business Machines (IBM) Corporation, SAS Institute, Inc., and SAP SE.
IBM Corporation, among them, held a leading share of 14.4% in the global workflow automation and optimization software market in 2016. Its focus on developing innovative products such as the cognitive system named Watson has helped it secure a prominent position in the market. It is followed by Oracle Corporation that has managed to bolster its position by designing and developing solutions for cognitive systems, content analytics, and discovery software market.
Similarly, Xerox Corporation, which comes in at the third position in the global market for workflow automation and optimization software has managed to achieve sweeping sales by launching 15 products.
As per a report by Transparency Market Research, the global market for workflow automation and optimization is likely to expand at a healthy CAGR of 8.7% during the period between 2017 and 2025 to reach a value of US$1.456 bn by 2025 from US$0.713 bn in 2016.
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Depending upon the end-use, the global market for workflow automation and optimization can be segmented into education, banking, financial services, and insurance (BFSI), transportation and logistics, healthcare, manufacturing, retail, telecommunications and information technology (IT), etc. Among them, the BFSI segment dominated vis-à-vis revenue in 2016. This is because of banks leveraging improved fraud management solutions, mobile banking, smart automated teller machines (ATMs), etc. to enhance customer experience. In the years ahead too, the BFSI segment is predicted to retain its dominant position and hold 21.1% in the market by 2025.
Geography-wise, the key segments of the market are Europe, North America, Asia Pacific, South America, and the Middle East and Africa (MEA). Of them, North America accounts for a leading share in terms of revenue mainly on account of the high degree of business process automation and presence of numerous vendors of workflow automation. The revenue grossed in the North America workflow automation and optimization software market in 2016 was US$279.6 mn.
Popularity of Business Process Automation Drives Market Growth
Majorly fuelling growth in the global market for workflow automation and optimization software is the growing uptake of third platform technologies and rising demand for business process automation. “Workflow automation and optimization software solutions can be considered as a part of Business Process Management (BPM). It is a software solution, designed for different end-use verticals, to enable businesses to streamline their processes, and function more efficiently. 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 a major reason for a shift toward digitization of business processes by several organizations,” says the lead analyst of TMR report.
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Cyber Threats Pose Challenge to Market
Posing a roadblock to the rapid shift to workflow automation and optimization software is the risk of cyber threats mainly on account of the vulnerabilities of TCP/IP-based cloud networks. In order to overcome the challenge, vendors in the market are trying to come up with more secure solutions for their customers. Apart from that, employees’ reluctance to adopt automation in business processes is also serving to restrain the growth in the market.
