Dublin, Sept. 18, 2020 (GLOBE NEWSWIRE) — The “The Workflow Automation Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The workflow automation market is expected to witness a CAGR of 5.8% over the forecast period, 2020-2025.
It is a series of automation processes in a business that has replaced the repetitive and predefined human tasks to achieve workflow efficiency. Businesses that implement workflow automation in the process are more efficient, save time and money, and minimize the likelihood of errors, as it helps in streamline communication and empowers employees to manage their own time resulting in more workplace efficiency.
The growth of the market is strongly driven by the changing nature of businesses, increasing investment in business process management technology and advancements in technologies that provide quick help to industries with large volumes of data and functionalities.
- There is an increasing adoption of artificial intelligence and related new technologies, such as computer vision, cognitive automation, and machine learning to robotic process automation. This convergence of technologies produces automation capabilities that dramatically elevate business value and competitive advantages for customers.
- The rising demand of workflow software by the organizations is leading to rapid investment for the development of more sophisticated and efficient software. According to the Red Hat and Signavio-sponsored BPTrends report, over 50% of organizations were planning to increase their investment in BPM technology by up to 100% over the course of two years (2018 and 2019) and 9% of them claiming that their investment may increase by more than 100%.
- Moreover, IoT has turned the world into a cluster of billions of connected devices that has arisen the need to automate the workflows to yields productivity, agility, and efficiency. Rapid expansion of 5G availability is driving the growth of IoT in various industries. For instance, Ericsson’s 2019 report on the mobile industry has predicted that by 2024 there may be 1.9 billion 5G cellular subscriptions that may drive the growth of IoT devices. The North American market is expected to grow most with 63% of mobile subscriptions with 5G service, and 47% of cellular subscribers in East Asia may have 5G access as well. Much of this IoT growth is likely to be credited to reductions in chipset prices and the expansion of cellular technologies, such as NB-IoT and Cat-M1.
Key Market Trends
Retail industry is expected to register a significant growth
- The retail industry is being challenged with a sluggish economy, declining in-store sales and margins, and rising labor costs. It entails tools that enable organizations to manage paper documents and both structured and unstructured data more effectively, in order to remain competitive. Therefore, experiencing the adoption of technological solutions to transform its supply chains with unprecedented visibility and insights from data.
- Buy online, pick up in-store (BOPIS) trend was adopted by several large retailers to increase the footfall in their stores. Walmart, the largest US retailer, has placed many pick-up towers in stores and has leveraged technologies that link inventory and supply chain data and allow websites and in-store associates to coordinate online orders, in-store available stock, and shipping between stores.
- Workflow automation tools improve distribution and inventory management, by digitizing inventory information and using analytics and visual reporting processes. Therefore, enable retailers to automate the supply chain from the inbound carrier to manage and distribution of inventory to store-level reconciliation. It leads to lower operational costs, a simpler and faster way to reconcile invoices and improved fill rates by shrinking reorder time.
- Further, it helps to enhance the customers experience by capturing and analyzing data from many sources, identifying patterns and predicting needs, and offering on-demand services. It also provides retailer access to all business content from the core line-of-business applications to provide timely responses.
- Besides, ongoing coronavirus disease (COVID-19) pandemic across the world has disrupted the retail market. To slow the spread of the virus, many countries have entered a state of lockdown, with temporary closures to schools, bars, restaurants, and non-necessity retail stores. In most countries, food and local grocery stores have experienced shortages of supplies, as people are stockpiling goods. Customers are not purchasing non-utility product from e-commerce website, due to the fear of spread of virus through the packaging material.
North America is expected to have highest market share
North American region is experiencing an increased number of strategic partnerships between workflow automation tool vendors and various services provider. For instance, Northside, one of the leading hospitals in the United States has created a custom mobile workflow application on TrackVia platform, that automates every step-in sterilization audit process and replaced the cumbersome manual documentation process. Furthermore, the mobile application prompts and allows employees to attach photos, enter notes to tasks, captures timestamps for each task and provide instant visibility and real-time report.
The telecom industry in the United States has adopted robotic process automation to overcome low performance, high operational costs. For instance, AT&T, the largest telecom in the United States, has implemented robotic process automation to save money in operations. It provides real-time outage information, manages impacted dispatch tickets and call information for customers who are impacted by outages. The company has reduced cost of around USD 3 million per year.
The workflow automation market is competitive and consists of several major players, such as IBM Corporation, Software AG, Oracle Corporation, Pegasystems Inc., Xerox Corporation, Appian Corporation. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- In January 2020, IBM had partnership with Automation Anywhere Inc. to deliver IBM Robotic Process Automation (RPA) with Automation Anywhere. The offering combines RPA from Automation Anywhere with IBM Digital Business Automation (DBA), to provide an integrated platform of five automation capabilities that help the business to drive virtually all types of automation projects at speed and scale.
- In June 2019, Oracle completed the acquisition of Oxygen Systems, a NetSuite SuiteCloud Developer Network partner that provides localization solutions to address the complex tax and reporting requirements for companies. Oracle may deliver international and global customers, a seamless ERP localization experience in Brazil.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Market Drivers
4.3.1 Increasing adoption of IoT across industries
4.4 Market Restraints
4.4.1 Data Security Concerns
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Solution
5.3 By End-user Industry
5.3.4 Manufacturing and Logistics
5.3.5 Manufacturing and Logistics
5.3.6 Energy and Utilities
5.3.7 Other End-user Industries
5.4 By Geography
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
184.108.40.206 Latin America
220.127.116.11 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Software AG
6.1.3 Oracle Corporation
6.1.4 Pegasystems Inc.
6.1.5 Appian Corporation
6.1.7 IPsoft Inc.
6.1.8 Newgen Software Technologies Limited
6.1.9 Nintex Global Limited
6.1.10 Xerox Corporation
7 INVESTMENT ANALYSIS
8 MARKET TRENDS AND FUTURE OPPORTUNITIES
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