• The workflow automation market is currently worth $6.41 billion, and is expected to grow at a CAGR of 22% for years 2017 – 2023. When it comes to changes in the market, small and medium enterprises (known as SMEs) are likely to gain maximum traction in the global market for business workflow automation. SMEs are projected to cash in approximately to $2.7 billion in revenue by 2026. According to automation experts, it is expected that the transition into the Statement of Work space will come naturally for workflow automation companies due to the fact that workflow automation reduces the possibility of human errors and is significantly contributing to the easiness and speed of the overall process of creating Statements of Work.

MARKET SIZE AND GROWTH

• The workflow automation market is currently worth $6.41 billion. 
• The workflow automation market is expected to reach $17.3 billion by 2023, increasing at a CAGR of 22% for years 2017 – 2023.

KEY PLAYERS

• The companies that are included as the key players in market reports and are considered to be the companies that are expected to remain active in the expansion of global business workflow automation market through 2026, include the following: Tibco Software, HCL Technologies, SAS Institute, SAP SE, Nintex Limited, Newgen Software Technologies Limited, IPSoft Inc., Vision Software SA, Appian, Software AG, PegaSystems Inc., Oracle Corporation, IBM Corporation, Kyocera, Canon, Ricoh, HP Inc., Lexmark, OpenText Corporation, and Xerox Corporation.

CHANGES IN THE MARKET

• When it comes to changes in the market, small and medium enterprises (known as SMEs) are likely to gain maximum traction in the global market for business workflow automation. SMEs are projected to cash in approximately to $2.7 billion in revenue by 2026.
•  SMEs are shifting towards business workflow automation specifically in the finance and accounting sector, as well as supply chain management.
• On-premise workflow automation is the most likely to witness the healthiest growth until 2026. On-premise platforms are projected to reach close to $3.9 billion in revenue.
•  The reason why on-premise platforms are expected to do the best over time is the fact that they have low cost of ownership when compared to cloud-based platforms. Additionally, on-premise platforms do not rely on internet connectivity to access the software unlike cloud-based platforms.
• The healthcare and pharmaceuticals industry is expected to see the fastest growth in the workflow automation market through 2026, accounting for more than $900 million in revenue by 2026 end.
•  Healthcare and pharmaceuticals industry is expected to thrive due to the better control, increased efficiency, and reduced risk, which are all factors that are expected to lead to increased adoption of workflow automation. This is leading to some companies are building business workflow automation solutions that will specifically cater to the healthcare & pharmaceuticals industry.

ENTERING THE STATEMENT OF WORK SPACE

• According to automation experts, it is expected that the transition into the Statement of Work space will come naturally for workflow automation companies due to the fact that workflow automation reduces the possibility of human errors and is significantly contributing to the easiness and speed of the overall process of creating Statements of Work.
• The main barriers to entering the Statement of Work space for workflow automation companies are the fact that there are already specialized companies providing those specific services such as Expedience Software, and large players in the overall software market which offer such products, including CorsPro and Salesforce.

Research methodology