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(I-SoftwareNews.Com, February 15, 2022 ) Workflow Management Market is forecast to reach $42.3 billion by 2026, growing at a CAGR of 5.6% from 2021 to 2026. The Workflow Management Market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of business process automation, improving productivity, efficiency, and customer experience. Workflow Management software is a series of robotic process automation solutions in a business that has replaced repetitive and predefined human tasks to achieve workflow efficiency. Businesses adopt Workflow Management for achieving more efficiency, it helps in saving time and money and reduced the chances of errors, it also provides streamlined communication and empowers employees to manage their own time resulting in more workplace efficiency. The Workflow Management software is estimated to hold largest share in the market as it provides structured data format which helps to manage the processes of the business.
Workflow Management Market Segment Analysis - By Solution
The market is segmented by solution into software and services. The software market held the largest market share of 66.2% in 2020 owing to increase in demand for automated software in structured data format in various organizations. The function of artificial intelligence based Workflow Management software is mainly based on optical character recognition, optical mark recognition, text, audio, video, and other file formats which enable the user to access business processes. These formats are used in robotic process automation as Workflow Management provides easy recognition of data and helps to manage the time consuming processes.
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Workflow Management Market Segment Analysis - By End User Industry
The retail industry is expected to have significant growth in the market at 7.3% through 2026. The Workflow Management enhances the customer's experience by capturing and analyzing, identifying patterns, predicting and offering on-demand services, these factors result into the growth of Workflow Management in retail industry. Workflow Management enables retailers to have access to all business matters for timely responses which further attracts the adoption of Workflow Management in the industry. However, banking sector is expected to hold largest share in the market as it uses Workflow Management for data entry, registrations, gathering information from various systems and more which facilitates the user to manage time-consuming processes.
Workflow Management Market Segment Analysis – By Geography
Global Workflow Management market is dominated by North America and APAC is expected to have fastest growth in the market during forecast period at 7.2% CAGR. The countries such as US, Canada are increasing the adoption of Workflow Management in different vertical such as banking, telecom, retail and others to manage business processes. APAC is anticipated to hold largest market share due to increasing online transactions and the demand for robotic processes automation software.
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Workflow Management Market Drivers
Increasing adoption of new technology and artificial intelligence
Industries are focusing on adoption of artificial intelligence and new advanced technologies for elevating business value and providing competitive advantages for customers. These adoptions by industries are increasing the awareness of automation in the market which is expected to drive market growth. The advancements of technologies in automation provide quick help to industries with large volumes of data and functionalities, thus the growth of Workflow Management is strongly driven by adoption of advanced technology.
Automation of processes
The Workflow Management provide automation of business processes based on workflow rules where human tasks, data, or files are routed between people or systems based on pre-defined business rules. This automation enables business to attain Efficiency, Productivity, accuracy, audibility and accountability in the processes that are primarily handled manually by employees. Owing to these factors the businesses have increased the adoption of robotic process automation software and it is expected to propel the Workflow Management market.
Workflow Management Market Challenges
One of the major challenges faced by the Workflow Management market is the impact of data insecurity. The risk such as confidential data exposing, unauthorized access to the automated business processes and more are expected to hinder the market growth. For instance the automation process can have access to the credentials required for internal applications and databases and exposing these credentials can lead to security breaches and endanger confidential information. However, there are several ways to ensure security such as data encryption, timely audit trail, Password management and more. The business can ensure data security by adopting the above steps.
Workflow Management Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Workflow Management Market. The Workflow Management Market is dominated by major companies such Oracle Corporation, Appian Corporation, Software AG, IBM Corporation, Nintex Global Limited, Pegasystems Inc. and Xerox Corporation,
In January 2020, IBM had announced its partnership with Automation Anywhere Inc. the partnership aimed to deliver IBM Robotic Process Automation with Automation Anywhere.
In June 2019, Oracle announced the acquisition of Oxygen Systems, the acquisition is made for providing localization solutions to which can address the complex tax and reporting requirements for companies.
The Workflow Management Market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of business process automation.
Owing to increase in uses of Workflow Management for data entry, registrations, gathering information from various systems and more in banking sector it is anticipated to hold the largest market share. Retail industry.
Software market in Workflow Management held the largest market share owing to the demand for software in structured data formats and implementation of artificail intelligence.
APAC is expected to have fastest growth in the market owing to increase in adoption of business automation processes by different business verticals. North America is considered to hold largest share in the market.
A. Cloud Workflow Market
B. Task Management Software Market
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