April 21, 2020
As per the report titled ‘Global Enterprise Workflow Automation Software Top Market Size study, by Component (Software and Service), by Deployment (Cloud and on premises), by Vertical (BFSI, Healthcare, Retail and others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global enterprise workflow automation software top market was valued at USD 4.8 billion in 2018 and is estimated to grow with a CAGR of 27.5% during 2019-2026.
Workflow automation software is the key component of prevailing enterprise information technology infrastructure that helps in automating the execution of critical business processing. Incorporation of advanced technologies such as artificial intelligence and machine learning for enhanced automation and effective control of business operations is fueling the growth of worldwide enterprise workflow automation software top market.
According to the Accenture and Frontier economics, integration of AI technologies across enterprises increases labor productivity by 40% and enable staff to optimize time. This factor coupled with effective utilization of resources, improved cost efficiency, and streamlined business processes through the implementation of enterprise autorotation software are expected to foster the market growth in the coming years. However, high implementation cost may restrain the product adoption over the forecast period.
Based on the regional analysis, the industry is categorized into regions such as Asia Pacific, North America, Europe, Latin America and rest of the world. North America enterprise workflow automation software top market is anticipated to grow modestly through 2026, owing to rising penetration of process management and automation solutions in the businesses across the region.
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On the other hand, enterprise workflow automation software top market in Asia Pacific is expected to witness an accelerated growth during the forecast period, owing to the expansion of BFSI sector in emerging nations such as India and China, in tandem with the escalating demand for automation of business processes.
Major players of global enterprise workflow automation software top industry are Appian, IBM, Bizagi, Newgen Software Technologies Limited, Oracle Corporation, Nintex UK Limited, Software AG, Pegasystems Inc., Xerox Corporation, and SourceCode Technology Holdings, Inc.