Workflow automation is used in various industries such as banking, financial services & insurance; healthcare & pharmaceuticals; manufacturing & logistics; telecom & IT; retail & consumer goods; travel, hospitality & transportation; energy & utilities; and government and academics among others. The workflow automation market is estimated to reach USD 18.45 Billion by 2023, at a CAGR of 23.56% between 2017 and 2023
The key market players such as IBM Corporation (US), Oracle Corporation (US), Pegasystems Inc. (US), Software AG (Germany), Xerox Corporation (US), Appian Corporation (US), Bizagi (UK), Ipsoft Inc. (US), Newgen Software Technologies Limited (India), and Nintex Global Limited (US) among others are focusing on strategies of product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their business.
IBM has been following the policy of integration of IT framework and cloud to attain higher values and profitability from market transitions. The company regards customer care as its highest priority and diligently strives to provide its customers with offerings updated in the escalating trends of business process management, workflow automation, enterprise content management, cloud, mobile, and analytics. IBM offers Lotus Workflow tool that is part of its diverse IBM Notes and Domino product portfolio. IBM Lotus Workflow covers the workflow capabilities of IBM Domino, which helps simplify and automate repetitive tasks. IBM focuses on strengthening its relationship with existing partners, which is evident from its product launch-Box Relay.
Oracle is the world’s largest supplier of enterprise software and a leading provider of computer hardware and software products. Oracle plans to improve its productivity by investing in key areas of its business as part of its long-term expansion planning. Oracle mainly focuses on enhancing operational efficiency and maintaining a strong cash flow. It aims at strategic alliances to enhance its product offerings in the workflow automation market. The company’s prime strategy is to maintain and retain its customers by offering latest technologies. In 2016, the company has invested USD 5.39 billion in R&D to offer innovative product and service offerings to its clients. In January 2016, Oracle launched Oracle Healthcare Precision Medicine (OHPM) to enable clients to address workflow issues, data aggregation, normalization, and knowledge exchange.
Xerox Corporation is a prominent provider of document management solutions and services. In 2016, the company has invested USD 476.0 million in research & development to emphasize on new product development. The company has launched various solutions for efficient workflow automation such as DocuMate 6440, Dokmee Capture, and workflow solutions to automate the processes of various industries such as retail, manufacturing, banking, and higher education.
The other companies in the workflow automation market are UiPath SRL (US), Opentext Corp. (Canada), Tibco Software Inc. (US), Thoughtonomy Ltd. (UK), and SourceCode Technology Holdings, Inc. (US).
Workflow Automation Market by Process (Automated Solution, Decision Support & Management Solution, and Interaction Solution), Operations, Deployment (Cloud, and On-Premise), Organization Size, Offering, Industry, and Geography - Global Forecast to 2023
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