CHICAGO, June 14, 2022 (GLOBE NEWSWIRE) -- The global workflow automation market size is estimated to grow a CAGR above 23% over the forecast timeframe and reach a market value of more than US$ 78 billion by 2030.
In the coming years, organizations will move toward broader workflow automation across business operations and IT activities. A survey found that 95% of IT and engineering leaders believe their companies prioritize workflow automation. They claim that it helps to speed up operations and improve communication. Workflow automation enhances processes by automating manual tasks with software that automates all or part of a process. Workflow automation enhances administrative control across the network, cloud, operating system, and divisional interactivity. It also adds an important layer of visualization to better monitor, configure, and analyze network health, safety, and deficiencies. In addition, automation reduces human errors and eliminates numerous time-consuming and repetitive processes, such as manual data entry. Organizations with antiquated, manual processes will struggle to scale with labor- and capital-intensive operations. By incorporating automation, businesses have increased their scalability.
Organizational demand for workflow software is driving massive investment in the creation of more sophisticated and efficient software. Artificial intelligence and related emerging technologies are gaining popularity, ranging from computer vision, intelligent automation, and deep learning to robotic process automation. This technological convergence produces automated processes that substantially increase customer value creation and competitive advantages.
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Report Coverage:
| Market | Workflow Automation Market |
| Market Size 2021 | US$ 12 Bn |
| Market Forecast 2030 | Above US$ 78 Bn |
| CAGR (2022 - 2030) | Over 23% |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Offering, By Process, By Deployment Model, By Organization Size, By Operation, By Industry Vertical, By Region |
| 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. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope | 10 hrs of free customization and expert consultation |
Global Workflow Automation Market Growth Aspects
Some of the primary factors responsible for the growth of the workflow automation market include greater resource utilization, enhanced business processes, and cost-efficiency. The growing size of businesses, changes in businesses, and advancements in technology that provide faster assistance to sectors with large amounts of data and functionality are expected to fuel the growth of the workflow automation industry. Additionally, the solutions optimize automation, productivity, and processes, reducing the need for manual labor and rework. Workload reduction, increased ROI, and improved efficacy are expected to drive market growth over the forecast period.
Workflow automation is used to improve efficiency and quality in industries such as finance, manufacturing, and travel. The healthcare and pharmaceuticals business is predicted to grow at the fastest rate in the market during the next several years. Workflow automation in the health care system has been shown to minimize errors, improve patient care, ensure better resource utilization, and alleviate clinician stress by reducing manual effort. In the age of information technology, using manual processes and paperwork makes little sense when there are technical solutions that can remove the bother from healthcare processes, minimize excessive repetition of jobs, and significantly simplify workflows while removing the chance for error. As a result, enterprises are developing healthcare and pharmaceutical-specific business workflow automation solutions.
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IoT Adoption Increasing Across Industries
IoT adoption is being driven by emerging business and operational models, as well as falling device costs. The ability of a company to improve the efficiency of its resources and people is inextricably linked to its ability to grow. The incorporation of IoT technologies into automation allows for more flexibility in business. Furthermore, combining workflow automation and IoT helps achieve desired results, such as efficiently managing IoT systems and enabling effective device connectivity. IoT sensors help businesses gain visibility into existing workflows and processes, allowing them to see where and how things are happening in real-time. This integration also allows for more efficient task execution and faster deployment of business functionalities. As a result, the adoption of workflow automation across global organizations has become an unstoppable feat.
Market Segmentation
The global workflow automation market has been segmented by Acumen Research and Consulting based on offering, process, operation, organization size, deployment model, and industry vertical. Based on the offering, the market is divided into software, and services. Based on the process, the market split into decision support and management solution, automated solution, and interaction solution. Based on operation, the market is classified into rule-based, knowledge-based, and robotic process automation-based. Based on organization size, the market is categorized into large enterprises and SMEs. Based on deployment model, the market is classified into cloud and on-premise. Furthermore, based on industry vertical, the market is segmented into BFSI, travel, hospitality, & transportation, telecom & IT, retail & consumer goods, healthcare & pharmaceuticals, manufacturing & logistics, energy & utilities, and others.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global workflow automation market. The Asia-Pacific workflow automation market is expected to grow at the fastest rate, owing to increased IoT device penetration and increased demand for business process automation. As a result of the rising demand for business process automation and greater digitalization, the financial services sector is gaining traction in India and China. Additionally, due to rapid industrialization and the increasing adoption of information technology across a wide range of industry sectors, India and China are expected to have high product demand for solutions. As a result of these factors, there is an increasing demand for the market in the region. Furthermore, increased Chinese investment in technology firms is paving the way for the region's market to expand.
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Major Players
Some key players covered global in the workflow automation industry are Appian Corporation, Bizagi, IBM Corporation, Oracle Corporation, Pegasystems Inc., Software AG, Xerox Corporation, Ipsoft Inc., Newgen Software Technologies Limited, and Nintex Global Limited.
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