According to a recent report by Reports and Data, the global Workflow Automation Tools Market size was USD 19.28 Billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 17.9% over the forecast period. The increasing demand for digital transformation to improve business results, the use of Workflow Automation Tools for streamlining digital payment activities, and the rising demand for high volume transformation and processing by Big Data workflows are the primary factors driving market revenue growth. Workflow Automation Tools simplifies and streamlines common and repetitive activities to ensure accurate and faster software deployment, and uses automated jobs to complete bigger operations or workflows automatically.
The adoption of process orchestration is being accelerated by technological advancements in faster internet support. The introduction of 5G technology has enhanced the possibilities of commercial applications. Organizational digital transformation is pushing for the adoption of more complex Workflow Automation Tools with the support of internet penetration. Many businesses are implementing Workflow Automation Tools in functional areas such as supply chain, manufacturing, finance, and distribution to improve operational efficiency, business outcomes, and productivity.
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Cloud orchestration is becoming increasingly popular in the fields of connection management and workload automation on private and public clouds, and the cloud orchestration segment is expected to account for a higher revenue share in 2021. The North American market is expected to account for a greater revenue proportion in 2021, driven by the rapid use of Workflow Automation Tools in IT, process automation, network and telecommunications. Many prominent e-commerce firms are utilizing Workflow Automation Tools in the Direct-To-Consumer (DTC) supply chain to improve omnichannel strategy.
Driving factors of Workflow Automation Tools Market
- Increasing demand for digital transformation to improve business results with strategic decisions.
- Rapid use of Workflow Automation Tools for streamlining digital payment activities.
- Rising demand for high volume transformation and processing by Big Data workflows.
- Simplifying and streamlining common and repeated activities to ensure accurate and faster software deployment.
- Technological advancements in faster internet support, such as the introduction of 5G technology, enhancing the possibilities of commercial applications.
- Organizational digital transformation pushing for the adoption of more complex Workflow Automation Tools with the support of internet penetration.
- Implementation of Workflow Automation Tools in functional areas such as supply chain, manufacturing, finance, and distribution to improve operational efficiency, business outcomes, and productivity.
- Increasing popularity of cloud orchestration in the fields of connection management and workload automation on private and public clouds.
- Rapid use of Workflow Automation Tools in IT, process automation, network and telecommunications propelling growth in the North American market.
- Utilizing Workflow Automation Tools in the Direct-To-Consumer (DTC) supply chain to improve omnichannel strategy.
Some of the notable innovations in the Workflow Automation Tools Market
One notable innovation in the Workflow Automation Tools Market is the introduction of a new workflow security orchestration solution by Synopsys, Inc., a U.S.-based electrical design and automation firm. This solution, launched on May 4, 2021, is designed to aid in security testing by utilizing cutting-edge technologies. These solutions can be implemented in a DevOps context and are intended to solve and minimize DevSecOps bottlenecks. Other notable innovations in the Workflow Automation Tools Market include the increasing use of artificial intelligence and machine learning algorithms to automate and optimize workflows, and the development of cloud-based orchestration platforms that allow for more flexible and scalable workflow management.
Major players in the market include
International Business Machines Corporation, Amazon Web Services, Inc., Microsoft Corporation, Salesforce, Inc., Synopsys, Inc., Alphabet Inc., Oracle Corporation, Securiti, Nuance Communications, Inc., Cisco Systems, Inc., Kofax Inc., and Software AG, among others.
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