Global Enterprise Workflow Automation Software Market: Introduction
Enterprise workflow automation software enables the design, execution, and automation of processes based on workflow rules where human tasks, data, or files between people or systems are based on a pre-defined organization code. This improves productivity, efficiency, and customer experience.
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Global Enterprise Workflow Automation Software Market – Dynamics
Increasing Need to Reduce Operational Cost
Organizations are increasingly striving to reduce the operational cost to survive in this competitive environment. Financial institutions, retail enterprises, and many other industries are eliminating manual operational work and shifting the workflow on to software. Enterprise workflow automation software eliminates manual work and reduces the labor cost. Labor cost is one of major costs incurred by organizations to maintain, manage, and validate the files.
Cloud Security and Network Transmission Issues
Enterprise workflow automation software models rely heavily on cloud services and are susceptible to service impairment or control loss, data leakage, service loss including service interruption, or in worse cases, monetary loss. User experience may also be impacted by unstable network transmission at some places and this is expected to limit the reach of cloud-based services including cloud-based and hybrid services/solutions in the affected regions.
North America to Dominate the Global Enterprise Workflow Automation Software Market
In terms of region, the global enterprise workflow automation software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the enterprise workflow automation software market during the forecast period due to strong adoption of digitization technology as well as increasing investment on automated technologies by small & medium enterprises.
COVID-19 Impact on the Global Enterprise Workflow Automation Software Market
The COVID-19 pandemic is expected to moderately impact the global enterprise workflow automation software market for a short-term period. It is natural that in the current situation, organizations are highly skeptical about new investment. Companies are primarily focusing on risk management rather than investing in new technologies.
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Global Enterprise Workflow Automation Software Market – Competition Landscape
- In August 2019, Camunda and Wipro Technologies signed a partnership to offer a workflow automation platform. The partnership will enable Wipro to integrate Camunda’s products and enterprise platform with its offerings.
Incorporated in 2008, Camunda is specialized in providing solutions related to Business Process Management (BPM). The company provides an open source workflow automation and decision platform. The company’s customer base includes 24 Hour Fitness, AT&T, Lufthansa Technik, and Zalando.
Global Enterprise Workflow Automation Software Market: Segmentation
The global enterprise workflow automation software market can be segmented based on:
- Enterprise Size
Global Enterprise Workflow Automation Software Market, by Enterprise Size
Based on enterprise size, the global enterprise workflow automation software market can be divided into:
- Small & Medium Enterprise
- Large Enterprise
Global Enterprise Workflow Automation Software Market, by Industry
In terms of industry, the global enterprise workflow automation software market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
Regional analysis of the global enterprise workflow automation software market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.