July 13, 2024
Workflow Automation Market
Ict

Growing Demand for Paperless Business Processes is anticipated to open up the new avenue for Workflow Automation Market

Workflow automation refers to the automation of business process workflows through software. It involves the linking together of different tasks, systems, and processes that are involved in a business process. This enables organizations to streamline repetitive tasks, improve collaboration, enforce compliance policies, manage exceptions and errors, and enhance visibility into business processes. Key products in the workflow automation market include software platforms and tools to design, execute, and monitor business processes digitally without human intervention. Popular use cases include accounts payable and receivable workflows, order fulfillment processes, employee on-boarding workflows, and customer service processes.

The Workflow Automation Market is estimated to be valued at US$ 22025.74 Mn or Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The major drivers fueling growth of the workflow automation market are increasing productivity and efficiency gains. Automating repetitive tasks and standardized workflows through digital tools frees up employee time to focus on more strategic and value-adding activities. This boosts overall organizational productivity. Workflow automation also enhances process consistency, accuracy and compliance by removing human errors from the process. Regular audits and exception handling mechanisms ensure adherence to compliance policies. Furthermore, rising digital transformation initiatives across industries is also driving increased adoption of workflow automation software to streamline business processes. Digitizing workflows integrates different enterprise systems seamlessly for a connected workflow experience. However, high implementation and maintenance costs of workflow automation solutions remains a key challenge, especially for small and medium enterprises.

Segment Analysis:

The global Workflow Automation Market is dominated by software segment. Software accounted for more than 60% market share in 2023 owing to increasing adoption of workflow automation software by enterprises across industries to streamline business processes and enhance operational efficiency. The software segment is further bifurcated into production workflow software and support workflow software. Within these, production workflow software dominated the software segment in 2023 due rising need amongst enterprises to automate the routine production workflow activities.

PEST Analysis:

  • Political: Growth of the workflow automation market is positively impacted by support from governments worldwide for adoption of advanced technologies to drive digital transformation of enterprises.
  • Economic: Developed economies like US and Western European countries are major revenue contributors. However, developing economies in APAC and Middle Eastern countries are expected to provide high growth opportunities owing to rapid industrialization and growing economy.
  • Social: Younger workforce worldwide are more technology-savvy and prefer working with automated and streamlined processes. This has increased demand for workflow automation solutions across industries.
  • Technological: Continuous innovation in AI, ML and RPA technologies has enabled development of sophisticated workflow automation software. Integration of these technologies has further augmented the functional capabilities of workflow automation solutions.

Key Takeaways:

The Global Workflow Automation Market Size is expected to witness high growth at a CAGR of 16% over the forecast period of 2023 to 2030 due to growing need amongst enterprises to enhance operational efficiency and productivity.

Regionally, North America dominated the market with over 30% share in 2023 owing to large presence of workflow automation vendors and early technological adoption by businesses in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period supported by growing digital transformation initiatives across industries in major economies like China and India.

Key players operating in the workflow automation market are Xerox Corporation, IBM Corporation, Nintex Global Limited, Software AG, Newgen Software Technologies Limited, Oracle Corporation, IPsoft Inc. (Amelia LLC), Pegasystems Inc., Bizagi, and Appian Corporation. Major players are focusing on developing advanced workflow automation solutions integrated with new-age technologies like AI, analytics and cloud to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it