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The workflow automation market was valued at $4.26 billion in 2016 and is expected to reach $18.45 billion by 2023, at a CAGR of 23.56% between 2017 and 2023. Key factors such as ease in process with the installation of workflow automation tools, convergence of workflow automation with traditional business processes, focus on streamlining business processes, and cost efficiency through workflow automation are driving the workflow automation market.
The workflow automation market has been segmented on the basis of process, operation, deployment, organization size, offering, industry, and region. The market for workflow automation software market held the largest market share owing to the demand for software in structured data format in various organizations. The function of workflow automation software is mainly based on the optical character recognition (OCR); optical mark recognition (OMR); and text, audio, video, and other file formats. These formats are used to maintain the records of business processes so that they are easily recognizable by workflow automation, thus eliminating mundane business processes and reducing human intervention.
The automated solution market for workflow automation held the largest market share owing to the growth of banking, financial services, and insurance industries that have been using automated solution since 2010. Owing to the high degree of flexibility and scalability of the automated solution, it has witnessed widespread deployment in business environments with a greater requirement for data processing and workflow management. The availability of automated solutions capable of large-scale deployment in data management systems is a major driver for the market growth.
The workflow automation in the BFSI industry held the largest market share among all industries. In the BFSI industry, processes such as data entry for clearance and registration processes, updating systems and producing client information, gathering information from various systems and generating a renewal premium, processes such as order-to-cash (order management, invoicing and collections, etc.), record-to-report (fixed asset accounting), conduct compliance, legal and credit checks, and claims processing and general data entry are done by workflow automation in the insurance and banking sectors to facilitate the monotonous and time-consuming processes.