Due to new applications and business models emerging as well as lower device costs, IoT usage is growing across industries. As a result, there are more connected devices than ever before, including cars, wearable technology, monitors, and consumer goods. According to Ericsson, there will be 1.5 billion IoT devices with cellular connections by 2022, up from 400 million in 2016. Workflow automation's modernisation and process optimisation now heavily rely on robotic process automation (RPA). Businesses all over the world are undergoing a digital transformation because to these two technologies working together.
The market for Workflow Automation was estimated to be worth USD 18,890 million in 2022, and from that year to 2030, it is predicted to increase at a CAGR of 16.6%.
Top Companies in the Workflow Automation Industry:
1. Xerox Corporation: Established in 1906. United States headquarters. Original equipment manufacturer and software provider Xerox Holdings Corp. Xerox only engages in one business activity: designing, developing, and selling printing technology and related solutions. The United States accounts for 60% of its revenue, while international markets account for 40%. The business specialises in the major enterprise markets as an OEM of multifunction printers, also known as MFPs (printers that can print, copy, and scan). The most recent acquisitions are Powerland (February 2022), Go Inspire (July 2022), and Advanced UK (Jan 2023).
2. IBM Corporation: Established in 1911. Headquarters in the United States. IBM aims to support all facet of an organization's IT requirements. The company's main product lines include hardware, software, consulting, and IT services. With operations in 175 nations, IBM has around 350,000 employees. To support its 5,200 clients, which include 95% of the Fortune 500, the company has a sizable network of 80,000 business partners. Despite being a B2B corporation, IBM has a substantial external influence. For instance, IBM is in charge of 50% of all wireless connections worldwide and 90% of all credit card transactions worldwide. Apptio, a software business, and IBM are negotiating a $5 billion deal.
3. Nintex Global Limited: Established in 2006. Headquarters in the United States. Creator of integrated workflow automation software aimed at the life sciences, energy, and financial services sectors. Clients may reduce expenses through process automation and improve their business processes thanks to the company's platform, which includes features including workflow automation, process mapping, automated document creation, and integrated analytics. Nintex hires Kryon, the RPA's leader.
4. Software AG: Established in 1969. German headquarters are in Darmstadt. For the end markets of banking, communication and media, local and federal government, energy, insurance, transportation, retail, and manufacturing, Software AG, based in Germany, provides software solutions. Business process management, portfolio management, risk and compliance management, operational intelligence, and streaming analytics are just a few of the services it offers, many of which are provided through web-based software programmes. The company conducts business in Germany, the USA, and other nations. To support long-term growth, Software AG signs an investment agreement with Silver Lake.
5. Newgen Software Technologies Limited: Established in 1992. Headquarters in India. A software company is Newgen Software Technologies Ltd. In addition to creating and delivering end-to-end software solutions spanning the whole range of software services, from workflow automation to document management to imaging, it is involved in the development of software products. It provides services to a variety of sectors, including banking and finance, insurance, healthcare, government, shared services, and legal. Number Theory Software acquisition is approved by the board of Newgen Software Technologies.
6. Oracle Corporation: Enterprises all across the world can purchase enterprise resource planning, or ERP, software from Oracle. As the first commercial SQL-based relational database management system, Oracle was founded in 1977. Oracle currently serves 430,000 clients across 175 nations through its base of 136,000 workers. Adi Insights (May 2022), Cerner (Dec 2021), and GloriaFood (Jun 2021) are the most recent acquisitions.
7. IPsoft Inc. (Amelia LLC): Created in 2017. Headquarters in the United States. Creator of a computer programme intended to promote mindfulness and better mental health practises. By offering employees individualised options for mental wellness through yoga, meditation, and breathing exercises, the company's platform application enables corporate users to drive visible change while keeping a live track of health and happiness. BuildGroup and Monroe Capital have announced a $175 million strategic investment in Amelia.
*Definition: Workflow automation is the process of automating and optimizing business processes to streamline operations. This means eliminating tasks that are time-consuming or repetitive. It also allows businesses to cut down on human errors, which helps save money.
