Workflow
Automation and Optimization Software Market Led by JDA Software Group
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.
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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. 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.
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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.
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