A recent report published by Infinium Global Research on workflow automation and optimization software market provide an in-depth analysis of segments and sub-segments in the global as well as regional workflow automation and optimization software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional workflow automation and optimization software market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global workflow automation and optimization software market. According to the report, the global workflow automation and optimization software market is projected to grow at a CAGR of 8.6% over the forecast period of 2018-2024.
Workflow applications and optimization comprise of tools that allow tasks to be automated in the workplace. It is designed to help streamline routine business processes for optimal efficiency. Workflow system involves creating a form to hold data and setting a sequential path of tasks for the data to follow until it is fully processed. The workflow system will automatically route the data to the predetermined tasks at the proper time. Workflows govern tasks, events, documents, and data. It ensures that all of these elements are connected seamlessly and that no steps are repeated or missed. Workflow optimization focuses on improving slow and broken processes. It also aims to increase accuracy and reduce human error.
The aim of workflow or business process management (BPM) is to ensure that each business process and workflow is designed for optimal efficiency and efficacy. The workflow software helps in doing so by connecting people and systems for increased collaboration across the organization. Alongside it also accelerates the processes of creating business documents, approvals and more for increased productivity. Ultimately, this saves time and money so that the employees can focus on growing the business and worry less about managing processes manually.
Adoption of workflow software helps to increase the productivity and scalability of the organization. It also helps in reducing the errors and cost of operations; this all have basically led to the flourishing of the market. Additionally growing adoption of workflow software by BFSI sector had contributed to the increasing demand for workflow software. The growing risk of cyber-attacks on organizations and their database is also one of the reasons that have helped the expansion of the market. The data of the organizations, which incorporates workflow software, can be accessed through the software by manipulating it. Growing concerns about data security may hamper the demand for workflow software. The logistics industry is flourishing at this point of time and it requires workflow systems and automation. By tapping the logistics industry, workflow software market can achieve its further growth.
By region, North America is the largest market for workflow automation software. North America, specifically the US is having the resources and the infrastructure required for the automation of industries. Hence, most of the American companies adopt workflow automation software.
The report on global workflow automation and optimization software market covers segments such as deployment type, and end user. On the basis of deployment type, the sub-markets include cloud, on-premise, and others. On the basis of the end user, the sub-markets include transportation & logistics, banking, healthcare, education, financial services & insurance, telecommunications & IT, manufacturing, and retail.
The report provides profiles of the companies in the market such as Reva Solutions, JDA Software Group, Inc., Flexera, Boston Software Systems, OnviSource, Inc., SAS Institute Inc., SAP SE, IBM, and Xerox Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of workflow automation and optimization software market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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