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.
- IBM Corporation
- Software AG
- Oracle Corporation
- Pegasystems Inc.
- Appian Corporation
- IPsoft Inc.
- Newgen Software Technologies Limited
- Nintex Global Limited
- Xerox Corporation
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.
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.
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
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET TRENDS AND FUTURE OPPORTUNITIES
For more information about this report visit https://www.researchandmarkets.com/r/wjy6ul
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