FactMR has published a new research report titled "Business Workflow Automation Market Expectations & Growth Trends Highlighted until 2026" to its online database that tries to unveil the various scenarios prevailing in the business workflow automation market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the business workflow automation market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers during 2017-2026.
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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 FactMR, the global market for business workflow automation is likely to experience strong growth. By 2026 end, the global market for business workflow automation is projected to bring in US$ 5,247.2 million revenue.
Compared to various solutions, the technology-based solution is likely to emerge as the largest deployment type between 2017 and 2026. By 2026 end, technology-based solution is projected to surpass US$ 2,100 million revenue. 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.
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.
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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.
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, Kyocera, Canon, Ricoh, HP Inc., Lexmark, OpenText Corporation, and Xerox Corporation.
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Business Workflow Automation Market Expectations & Growth Trends Highlighted until 2026
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