The Global Workflow Automation Market accounted for US$ 12,161 Mn in 2021 and is estimated to reach US$ 78,811 Mn by 2030, with a significant CAGR of 23.4% from 2022 to 2030.
Workflow automation is thepractice of automating a collection of manual processes or tasks based on a set of pre-defined criteria or conditions. Workflow automation aids organizations in conserving resources and time, as well as reducing the risk of human error. As a result, a company's overall efficiency, visibility, and accountability improve.Workflow automation can improve the efficiency and effectiveness of practically any process.Workflow automation aligns the steps of a process in a defined task pathway, standardizing them. Once that path is established, it serves as a guide for everyone involved in the project.Internal communication is one of the most significant advantages of process automation. Employee turnover is reduced because one of the most common reasons employees leave a company is a lack of communication with management.
Market Growth Drivers:
· Increasing emphasis to streamline business processes
· Growing trend of organizations to convert their traditional business to workflow automation
· Rising cost efficiency through workflow automation
· Integration of new technologies with workflow automation
· Increasing demand from the retail industry
· Growing focus on digital transformation initiatives
|Market||Workflow Automation Market|
|Market Size 2021||US$ 12,161 Mn|
|Market Forecast 2030||US$ 78,811Mn|
|CAGR||23.4% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Offering, By Process, By Deployment Model, By Organization Size, By Operation, By Industry Vertical And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Appian Corporation, Bizagi, IBM Corporation, Oracle Corporation, Pegasystems Inc., Software AG, Xerox Corporation, Ipsoft Inc., Newgen Software Technologies Limited, and Nintex Global Limited.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The increasing inclination of organizations to transform their business into automation is the leading aspect that drives the growth of the global workflow automation market. According to research, business automation can save 60% of employees 30% of their time. By automating workflow, an organization can effectively create a single person who is in charge of every aspect of the process. One person is assigned to each phase of the process to carry out a specified task. By doing so, the business will be establishing a system of responsibility in which everyone knows what responsibilities they're in charge of. This also displays which jobs take the longest to perform and where the process appears to be stalled the most.
Rising cost efficiency through workflow automation can be witnessed across many businesses, which eventually creates awareness among traditional businesses to shift their focus towards workflow automation. In addition to that, automating a company’s workflow can increase productivity and reduce the risk of error. No matter how large the team, every company has a limited number of employee hours available. Because workflow automation removes redundant tasks from team members' to-do lists, they are free to devote those hours to higher-level work. Workflow automation reduces errors by preventing important tasks from going unnoticed. Workflow automation also saves businesses money by avoiding costly employee errors and can reduce administrative costs. However, factors such as rising concerns about data security in the financial sector, lack of awareness about workflow automation, and integration issues with new and existing systems are likely to act as market restraints. Moreover, for elevating the corporate value and delivering competitive advantages for customers, industries are focusing on the implementation of artificial intelligence and other advanced technologies. This factor is anticipated to open new growth prospects for the workflow automation industry.
The global workflow automation market is segmented based onoffering, process, deployment model, organization size, operation, industrial vertical, and geography.
Market by Offering
Based on our analysis, the software segment occupied the largest market share in 2021. The market for software is growing due to theincrease in demand for automated software in structured data format in various organizations.Workflow automation software functions primarily through optical mark recognition (OMR), optical character recognition (OCR), and audio, text, video, and other file formats.These formats are used in robotic process automation because workflow automation allows for easy data recognition and helps to manage time-consuming processes.
Market by Process
Out of these, automated solution segment accumulated the principal market share in 2021 due to the rising adoption of these solutions in BFSI and insurance industries. With the greater requirement for workflow management and data processing the automated solution has witnessed widespread deployment in business environments. Furthermore, the automated solutions are capable of large-scale deployment in data a management system, which is expected to surge the market demand in the coming years.
Market by Deployment Model
On the basis of deployment model, the on-premise segment achieved the maximum market share. Meanwhile, the cloud-based segment is likely to attain the fastest growth rate during the forecast period 2022 – 2030. The cloud-based deployment methodology provides all of the features of a cutting-edge workflow automation platform without the need to install and maintain software.Additionally, cloud-based software has no setup fees and offers low-cost subscription-based pricing, allowing a business to manage an unlimited number of processes from any location, at any time.
Market by Organization Size
The large enterprise segment dominated the organization size segment with the major market share in 2021. Large organizations are concerned about the security of their critical corporate data and prefer on-premise deployment. On the other hand, the SMEs are expected to witness the fastest GAGR throughout the forecast period 2022 – 2030due to the increasing number of SMEs deploying workflow automation.
Market by Operation
Among them, the robotic process automation-based segment is likely to register a significant growth rate in the coming years. Robotic process automation, or RPA, is a type of software that automates robotic processes and allows robots to do tasks in the same way that humans do. Bots are frequently used in conjunction with IT (as well as other sectors) to help administrative procedures.Using RPA, businesses can utilize trained bots to automate common processes rapidly and cost-effectively without the use of code, all using a simple drag-and-drop interface.
Market by Industry Vertical
Among all of them, the BFSI segment conquered the market with utmost shares in 2021. This can be attributed to growth in critical baking processes such as data entry for clearance and registration processes, the production of client information updating systems, the gathering of information from various systems, and the generation of a renewal premium, which allows the user to manage time-consuming processes. However, the retail segment is anticipated to attain a noteworthy growth rate. Workflow automation improves the customer experience by capturing and analyzing data, identifying patterns, predicting and providing on-demand services; these factors contribute to the growth of workflow automation in the retail industry.
Workflow Automation Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
The Middle East & Africa
· South Africa
· Rest of the Middle East & Africa
The increasing adoption of cloud-based workflow automationsystems in the North Americaregion, fuels the regional market growth
The regional analysis suggests that North America is the leading region in the global workflow automation market. The rising focus on digital transformation initiatives, growing adoption of cloud technology, and increasing penetration of process management & automation solutions in this region are the primary factors that are boosting the market growth. Meanwhile, the Asia-Pacific region is expected to witness the fastest growth rate during the projected years 2022 – 2030, owing to the increasing online transactions and a surge in the demand for automation of business processes in countries like China, India, and Japan.
Some of the top vendors offered in the professional report include Appian Corporation, Bizagi, IBM Corporation, Oracle Corporation, Pegasystems Inc., Software AG, Xerox Corporation, Ipsoft Inc., Newgen Software Technologies Limited, and Nintex Global Limited.
The estimated value of global workflow automation market in 2021 was accounted to be US$12,161 Mn.
The projected CAGR of workflow automation market during the analysis period of 2022 to 2030is 23.4%.
The prominent players of the global workflow automation market involve IBM Corporation, Oracle Corporation, Pegasystems Inc., Software AG, Xerox Corporation, Appian Corporation, Bizagi, Ipsoft Inc., Newgen Software Technologies Limited, and Nintex Global Limited.
North America held the dominating share for workflow automation during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for workflow automation during the analysis period of 2022 to 2030.
Increasing emphasis to streamline business process, rising cost efficiency through workflow automation, and integration of new technologies with workflow automation drives the growth of global workflow automation market.
Based on offering, software segment held the maximum share for workflow automation market in 2021.