New York, July 31, 2023 (GLOBE NEWSWIRE) -- The global plasma fractionation market size is predicted to expand at ~26.5% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 268.8 billion by the end of 2035, up from a revenue of ~USD 15.9 billion in the year 2022. Growth is driven by improvements in customer experience, reduction of errors, and increase in employee satisfaction, as well as growth in data entry errors. There are approximately 24000 hours of needless rework associated with human data entry errors, which accounts for USD 877,000 of needless rework in financial processes each year.
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Automation of financial processes eliminates manual data entry and reduces errors caused by human intervention. It also streamlines and standardizes the approval process, resulting in faster and more accurate financial reporting. Additionally, automation in work improves customer experience by providing faster, more accurate services and reducing errors in data entry.
Global Workflow Automation Market: Key Takeaways
- Asia Pacific to propel the highest growth
- Banking segment to garner the highest growth
- North America to grow at the highest rate
Business Productivity Increased Through Automation to Boost Market Growth
Automation can help streamline manual processes, provide a consistent output, and reduce errors. This can lead to increased efficiency, improved decision-making, and increased accuracy in data entry. Additionally, automation can help free up employees from mundane tasks, allowing them to focus on more complex and creative tasks. This leads to increased efficiency and productivity, which in turn leads to improved customer service, increased revenue, and overall cost savings. It is estimated that 95% of small and medium-sized businesses are involved in repetitive, time-consuming tasks. 90% of knowledge workers' jobs have been improved by automation, and 66% have been more productive through automation.
Global Workflow Automation Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Penetration Of Connected Devices In Conjunction With A Surge In Digitalization To Drive The Growth In The Asia Pacific Region
In the Asian Pacific region, workflow automation is expected to generate the largest revenue by 2035 because many countries are investing heavily in digitalization and automation technologies, such as the Internet of Things. Over 20% of enterprises in APAC expect their IoT deployments to reach more than 500,000 devices that can be wirelessly connected to a network and transmit data by 2023. A forecasted 39 billion IoT devices will be in use by 2030 as a result of emerging adoption of the IoT in the region, particularly from India, Pakistan, Bangladesh, Indonesia, and Thailand. IoT enables devices to be connected to the internet, which allows them to communicate with each other and exchange data. This data can be used to automate processes and make them more efficient, which increases the demand for workflow automation.
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Presence Of Large Enterprises And Advanced Start-Ups In Region To Drive The Growth In North America
The workflow automation market in the North America region is estimated to garner the largest revenue by the end of 2035 due to the presence of many large enterprises, the increasing need to reduce operational costs, and the growing focus on improving customer experience. The number of companies employing between 100 and 499 people in the United States is estimated to reach over 126200 by 2026. Automation allows large companies to scale their operations quickly and easily, allowing them to stay competitive in today's fast-paced market. Additionally, companies in the region are turning to technologies such as cloud services, ERP, and CRM to improve their efficiency and reduce costs. Furthermore, the prevalence of technology start-ups provides an opportunity for businesses to access cutting-edge automation solutions.
Global Workflow Automation Market, Segmentation by End User
- Banking
- Telecom
- Retail
- Manufacturing & Logistics
- Healthcare & Pharmaceuticals
- Energy & Utilities
The banking segment is anticipated to hold the largest revenue by the end of 2035. By 2024, banking will be one of the two industries investing the most in artificial intelligence solutions. It is estimated that 80% of finance leaders have implemented or plan to implement Robotic Process Automation (RPA). Automation of banking processes allows for more efficient customer service, as customers can access their accounts with fewer manual steps. This leads to better customer engagement, as customers can be serviced quicker and more efficiently. Additionally, automation of banking processes reduces the need for manual labor, leading to cost savings. All of these factors contribute to the growth of the banking segment market.
Global Workflow Automation Market, Segmentation by Deployment
- Cloud
- On-Premise
The cloud segment in the market is anticipated to hold the largest revenue by the end of 2035 Because cloud-based workflow automation systems provide cost-effective solutions for businesses, such as scalability, rapid deployment, and accessibility from anywhere. With the pandemic, there has been a dramatic increase in the number of people working from home, which has led to an increased demand for cloud-based workflow automation tools. It is predicted that 40% of enterprise workloads will be launched on the cloud by 2023. These tools allow employees to stay connected easily, share files, and complete tasks quickly and efficiently. Companies are taking advantage of these tools to create more agile and efficient workflows, as well as to reduce costs associated with on-premise infrastructure.
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Global Workflow Automation Market, Segmentation by Solution
- Software
- Services
A few of the well-known market leaders in the global market that are profiled by Research Nester are Appian Corporation, Bizagi Group Limited, IBM Corporation, Oracle Corporation, Pegasystems Inc., Software AG, Xerox Corporation, Amelia US LLC, Newgen Software Technologies Limited, Nintex Global Limited, and other key market players.
Recent Development in the Global Workflow Automation Market
- October 19, 2022: As part of the company's ongoing commitment to providing organizations with improved service effectiveness and customer service, Oracle Corporation has announced the release of a new asset-based service solution for Oracle Fusion Cloud Apps Suite. The new asset-based service solution is designed to enable organizations to quickly respond to customer inquiries, reduce service downtime, and increase service visibility.
- September 02, 2021: Automation Anywhere and Software AG collaborate to enable scalable automation for more companies. This collaboration is intended to help companies automate more processes quickly and easily. Automation Anywhere's RPA technology automates manual tasks, while Software AG's ARIS platform helps companies identify, monitor, and manage their business processes.
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