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Workflow Automation Market to be Worth $77.8 Billion by 2030

 

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Workflow Automation Market by Offering, Type (Business Process Automation, Robotic Process Automation), Deployment, Organization, Application (Finance, Procurement), Sector (BFSI, Healthcare, Transportation & Logistics), and Geography - Global Forecast to 2030.’

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According to this latest publication from Meticulous Research^®, the global workflow automation market is projected to reach $77.8 billion by 2030, at a CAGR of 21.3% from 2023 to 2030.  The growth of this market is attributed to the rising demand for real-time automation solutions, the increasing adoption of business process automation across various industries, and the growing need for enhanced communication and collaboration within organizations. Additionally, the increasing applications of cloud and IoT technologies in automation processes and the rising adoption of robotic process automation (RPA) are anticipated to create significant market growth opportunities.

However, concerns related to data privacy and security restrain the market's growth. Additionally, issues related to the integration and compatibility of legacy systems pose significant challenges for the players operating in this market. Furthermore, the emergence of automation-as-a-service (AaaS) and the utilization of artificial intelligence and chatbots are prominent trends in the workflow automation market.

The global workflow automation market is segmented by offering, type, deployment mode, organization size, application, and sector. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the global workflow automation market is broadly segmented into software and services. In 2023, the software segment is expected to account for the larger share of the global workflow automation market. The large market share of this segment is attributed to the increasing demand for IT automation software, the rising need for more efficient and streamlined business processes, the increasing focus on solution-centric automation capabilities, and the growing demand for quick data processing and decision-making.

However, the services segment is projected to register a higher CAGR during the forecast period. This growth is driven by the growing intricacies and customizations in workflow automation projects, rising demand for maintenance and training services, and an increased need for professional services among end users.

Based on type, the global workflow automation market is broadly segmented into business process automation and robotic process automation. In 2023, the business process automation segment is expected to account for the larger share of the global workflow automation market. The large market share of this segment is attributed to factors such as the rising need to automate repetitive tasks, the need to enhance accountability and transparency and ensure precise data recording, and the surge in digital transformation efforts among enterprises.

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However, the robotic process automation segment is projected to register a higher CAGR during the forecast period. This growth can be attributed to the increasing need to minimize human errors, enhance work efficiency, reduce overhead expenses, improve the accuracy and reliability of business processes, and reduce operational costs, the increasing adoption of advanced technologies, including Artificial Intelligence (AI), in business processes, and the rising demand for robotic process automation in the BFSI, healthcare, and transportation & logistics sectors to meet their operational demands.

Based on deployment mode, the global workflow automation market is broadly segmented into on-premise deployments and cloud-based deployments. In 2023, the on-premise deployments segment is expected to account for the larger share of the global workflow automation market. The large market share of this segment can be attributed to factors such as the growing demand for systems that can automate and execute repetitive tasks and the rising need for lower latency and improved data sovereignty.

However, the cloud-based deployments segment is projected to register a higher CAGR during the forecast period. This growth is driven by the increasing utilization of cloud-based workflow automation, the enhanced flexibility provided by cloud-based deployments, the growing adoption of cloud-based solutions by small and medium-sized enterprises, and the rising demand for cost-effective subscription models and automated threat detection solutions.

Based on organization size, the global workflow automation market is broadly segmented into SMEs and large enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global workflow automation market. The large market share of this segment can be attributed to the growing demand for consistency across various operations within large enterprises, the increasing focus on digital transformation initiatives, and the rising adoption of robotic process automation to streamline repetitive tasks

However, the SMEs segment is projected to register a higher CAGR during the forecast period due to the increasing significance of digital solutions, including CRM and ERP platforms, for enhancing productivity and the growing awareness among SMEs regarding the benefits of automating business processes.

Based on application, the global workflow automation market is broadly segmented into human resources, finance, procurement, IT service requests, sales, marketing, and other applications. In 2023, the finance segment is expected to account for the largest share of the global workflow automation market. The large market share of this segment can be attributed to the rising need to improve financial services and document management, an increasing focus on enhancing customer experiences, the growing implementation of RPA to reduce labor costs and improve operational efficiency, and the widespread use of digital banking solutions for real-time transaction processing and data accuracy in financial operations. Moreover, the finance segment is projected to register the highest CAGR during the forecast period.

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Based on sector, the global workflow automation market is broadly segmented into IT & telecommunications, automotive, transportation & logistics, healthcare, energy & utilities, manufacturing, retail, BFSI, government & defense, and other sectors. In 2023, the manufacturing segment is expected to account for the largest share of the global workflow automation market. The large market share of this segment is attributed to the rising demand for computer-integrated manufacturing automation, a growing emphasis on boosting manufacturing production efficiency and supply chain optimization through automation, the rising adoption of Industry 4.0 and smart manufacturing technologies, and the increasing deployment of robotic process automation (RPA) for executing a wide range of manual tasks such as stacking, painting, welding, polishing, labeling, and assembly.

However, the BFSI segment is projected to register the highest CAGR during the forecast period due to the increasing need for seamless communication with customers to enhance workflow agility and customer experience, the rising demand for fraud detection solutions in the BFSI sector, the implementation of RPA to improve efficiency and work speed, the increasing adoption of online financial services, and the growing need to automate numerous time-consuming, repetitive processes like account opening, the KYC process, customer services, and more.

Based on geography, the global workflow automation market is segmented into Asia-Pacific, Europe, North America, the Middle East & Africa, and Latin America. In 2023, Asia-Pacific is expected to account for the largest share of the global workflow automation market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share can be attributed to various factors, such as the increasing emphasis on Industry 4.0 initiatives and digital transformation, the widespread adoption of robotic process automation and other advanced technologies, such as AI, robotics, IoT, and cloud computing, across various sectors, the rising number of government initiatives aimed at digitization, and the rising demand for cost-effective and efficient automation solutions to manage repetitive tasks. Moreover, Asia-Pacific is also projected to register the highest CAGR during the forecast period.

Key Players:

The key players operating in the workflow automation market include International Business Machines Corporation (U.S.), Software AG (Germany), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Appian Corporation (U.S.), Bizagi Group Limited (U.S.), Newgen Software Technologies Limited (India), Zapier, Inc. (U.S.), Formstack, LLC. (U.S.), Microsoft Corporation (U.S.), Nintex Global Ltd. (U.S.), ServiceNow, Inc. (U.S.), IPsoft Inc. (Amelia LLC) (U.S.), Xerox Holdings Corporation (U.S.), Open Text Corporation (Canada), monday.com Ltd. (Israel), SysAid Technologies Ltd. (Israel), Jotform Inc. (U.S.), Kissflow Inc. (U.S.), Next Matter GmbH (Germany), DocuWare GmbH (Germany), Camunda Services GmbH (Germany), Adobe (U.S.), HeightHQ, Inc. (U.S.), ClickUp (U.S.), Integrify, Inc. (U.S.), Flokzu (Uruguay), Wrike, Inc. (U.S.), SAP SE (Germany), and Really Simple Systems Ltd. (U.K.).

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Key questions answered in the report-

·  What are the high-growth market segments in terms of offering, type, deployment mode, organization size, application, sector, and geography?

·  What was the historical market size of the workflow automation market?

·  What are the market forecasts and estimates for 2023–2030?

·  What are the major drivers, restraints, opportunities, challenges, and trends in the workflow automation market?

·  Who are the major players in the workflow automation market, and what shares do they hold?

·  What is the competitive landscape like in the workflow automation market?

·  What are the recent developments in the workflow automation market?

·  What are the growth strategies adopted by major players in the workflow automation market?

·  What are the key geographic trends, and which are the high-growth countries?

·  Who are the local emerging players in the workflow automation market, and how do they compete with the other players?

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