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Workflow Automation Market Size, Share Global Analysis Report, 2024 – 2032
Workflow Automation Market Size, Share, Growth Analysis Report By Industrial Verticals (Manufacturing, Retail, Travel & Hospitality, IT & Telecom, Government & Defense, Healthcare & Pharmaceuticals, BFSI, And Others), By Operations (Business Process Automation, Intelligent Process Automation, And Robotic Process Automation), By Deployment Modes (On-Premises And Cloud-Based Models), By Processes (Decision Support & Management Solutions Interaction Solutions, And Automated Solutions), And By Region - Global Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032
Industry Insights
[209+ Pages Report] According to Facts & Factors, the global workflow automation market size was valued at USD 23.97 billion in 2023 and is predicted to surpass USD 61.07 billion by the end of 2032. The workflow automation industry is expected to grow by a CAGR of 9.80% between 2024 and 2032.
Market Overview
Workflow automation is a set of design, execution, and automation processes that can streamline business processes, improve efficiency, and eliminate manual efforts by automating the required tasks. Automated workflow functions on predefined rules, and therefore, they help eliminate the chances of human error and ensure compliance with the regulations.
The workflow automation solutions can easily be integrated into the legacy infrastructure with different versions of HR systems, ERPs, and CRMs. Workflow automation offers real-time tracking of processes and tasks that can help organizations identify and monitor progress and generate reports that could also help in forming informed decision-making capabilities. Automated workplaces also offer scalability capabilities and let them accommodate the requirements of organizations of all sizes.
Key Insights
- As per the analysis shared by our research analyst, the global workflow automation market size is estimated to grow annually at a CAGR of around 9.80% over the forecast period (2024-2032).
- In terms of revenue, the global workflow automation market size was valued at around USD 23.97 billion in 2023 and is projected to reach USD 61.07 billion by 2032.
- Growth in key industries is driving the growth of the global workflow automation market.
- Based on the industry verticals, the BFSI segment is growing at a high rate and is projected to dominate the global market.
- Based on operations, the business process automation segment is anticipated to grow with the highest CAGR in the global market.
- Based on the deployment modes, the cloud-based models segment is projected to swipe the largest market share.
- Based on processes, the automated solution segment is expected to dominate the global market.
- Based on region, North America is expected to dominate the global market during the forecast period.
Growth Drivers
- Growth in key industries is driving the growth of the global market.
Growth in major working industries like manufacturing, IT & telecom, healthcare, and BFSI is a major contributor to the growth of the global workflow automation market. These sectors involve the management of complex and large data volumes, transactions, and many other processes that pose huge requirements for workflow automation.
Fast-growing and expanding IT infrastructure, particularly in emerging markets, is further expected to support the growth of the industry. Development in IT infrastructure is also leading to better connectivity and use of technologies, which in turn is further expected to foster growth opportunities in the industry. Businesses are also working on improving customer experience, which can easily be achieved through workflow automation solutions and tools.
Additionally, the emergence of remote work is further expected to revolutionize the marketplace. There is a huge demand for workflow automation tools to manage and access the system remotely. All these factors are contributing to the growth of the industry. For instance, Esker unveiled its innovation and technology partner Teknion as an Accounts Payable automation solution in 2023. These are likely to improve the operational efficiency. Teknion is also expected to streamline the ERP workflows and its system.
Restraints
- High investment is likely to hamper the growth of the global market.
Workflow automation solutions are quite expensive, and they require a high upfront investment in infrastructure and technology, which is a big barrier, particularly for organizations with limited financial resources. Moreover, integration with the existing system is more complex and time-consuming. Therefore, these challenges are likely to slow down the growth of the workflow automation industry during the forecast period.
Opportunities
- Increasing investment in advanced technologies is expected to foster growth opportunities in the global market.
Many companies are investing in advanced technologies like robotic process automation, workflow automation, and many others to achieve higher efficiency and productivity. Therefore, it is a primary factor positively impacting the growth of the global workflow automation market.
Additionally, there is growing pressure on companies to lower their cost, which in turn is further directing businesses to adopt workflow automation solutions to automate labor-intensive tasks and optimize resources, thereby leading to lowering the overall cost. For instance, Bandwidth unveiled workflow automation for many API solutions to automate management for the customers to buy and configure phone numbers across 60 countries. The firm has some built APIs for number porting and ordering.
Challenges
- Resistance to change is a big challenge in the global market.
Many organizations are reluctant to change their traditional working processes, which is a major challenge in the workflow automation industry. Also, many working employees are hesitant to adopt new technologies, which in turn is also expected to negatively impact the growth trajectory of the industry.
Segmentation Analysis
The global workflow automation market can be segmented into industrial verticals, operations, deployment modes, processes, and regions.
On the basis of industrial verticals, the market can be segmented into manufacturing, retail, travel & hospitality, IT & telecom, government & defense, healthcare & pharmaceuticals, BFSI, and others. The BFSI segment accounts for the largest share of the workflow automation industry during the forecast period. The BFSI sector deals with large amounts of complex transactions and processes every day.
Workflow automation tools offer services like ensuring compliance with regulatory standards, customer service operations, loan approval, account management, and many others, which need streamlined workflow automation solutions in order to improve efficiency and eliminate errors. Sectors are under high compliance requirements, and therefore, there is a high need to maintain accurate records and audit trails.
The BFSI sector is actively engaging with advanced technologies like ML, AI, and RPA, which is another crucial factor leading to the growth of the segment. These sophisticated technologies, along with advanced workflow automation solutions, are expected to improve decision-making capabilities, risk management processes, and fraud detection in organizations.
On the basis of operations, the market can be segmented into business process, automation, intelligent process automation, and robotic process automation. The business process automation segment is likely to dominate the global workflow automation market during the forecast period. Business process automation is in demand because it can be applied in a wide range of applications, from HR to finance, and it helps businesses optimize their functions.
BPA emphasizes automating repetitive tasks with rule-based solutions to speed up the business process and offer high operational efficiency at lower cost. BPA solutions are scalable in nature and can help businesses expand their workings without needing to add more resources. BPA solutions also help businesses adhere to rules and regulations, which is of high importance in different end-user sectors like healthcare and BFSI. These solutions also improve customer experience by responding quickly to customer requests and inquiries.
On the basis of deployment modes, the market can be segmented into on-premises and cloud-based models. Cloud-based models are the fastest-growing segment in the workflow automation industry. Cloud-based workflow automation solutions offer scalability capability, thereby helping businesses flourish when the requirements grow. This flexibility is required during the fluctuations in workload. Cloud-based models usually work on a subscription basis, and therefore, they also eliminate the requirement of any high upfront investment in infrastructure.
Therefore, it is highly appealing to small and medium business enterprises that have limited budgets. These models can be accessed easily from any part of the world with a proper internet connection, thereby making it ideal for distributed teams or remote workforce. Additionally, the emergence of remote work is significantly revolutionizing the marketplace.
On the basis of processes, the market can be segmented into decision support & management solutions, interaction solutions, and automated solutions. The automated solution segment is anticipated to witness significant growth in the global workflow automation market in the coming years.
Automated solutions help businesses streamline their processes while eliminating the need for manual interventions. This solution not only helps speed up the workflows but will also lower the chances of mistakes, thereby fostering accuracy and efficiency during operations.
Additionally, there is soaring demand for automation to handle repetitive tasks and complex activities across different sectors. Automating processes can eliminate the overall cost and help in overall cost saving, thereby making it an attractive option. Automated solutions help enhance the customer experience, particularly in customer satisfaction and loyalty.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 23.97 Billion |
Projected Market Size in 2032 |
USD 61.07 Billion |
CAGR Growth Rate |
9.80% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Xerox Corporation, Nintex Global Limited, Newgen Software Technologies Limited, IPsoft Inc., Bizagi, Appian Corporation, Pegasystems Inc., Oracle Corporation, Software AG, IBM Corporation, and Others. |
Key Segment |
By Industrial Verticals, By Operations, By Deployment Modes, By Processes, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Regional Analysis
- North America to dominate the global market.
North America will account for a large share of the global workflow automation market during the forecast period. Businesses across Canada and the United States are the early adopters of workflow automation tools, and therefore, it is the fastest-growing region in the market.
However, the presence of many giant companies operating in the region is also a crucial factor positively impacting the growth of the market. Organizations across North America are highly investing in digital transformation to improve productivity, streamline business processes, and eliminate manual tasks.
There are many leading industries, such as healthcare, BFSI, IT & telecom, and manufacturing, that are major contributors to the industry. These sectors foster the requirement for advanced automated processes to check for regulatory requirements and manage complex data actions.
Asia Pacific is another major region expected to experience high growth in the workflow automation industry. The high economic growth of the countries in APAC is the primary reason for the high growth rate of the regional market. Businesses and industrialists are realizing the requirement for workflow automation solutions to improve efficiency.
Also, many organizations in the Asia Pacific are emphasizing digital transformation to streamline their work processes, which in turn is also expected to positively impact the growth of the regional market. However, government initiatives also support the growth of the industry. Governments in China and India are promoting digital technologies to improve the industrial and economic growth of the regional market.
Additionally, the fast expansion of small & medium enterprises in the region is also expected to contribute towards the high growth rate of the regional market. For instance, CrowdStrike Falcon Fusion integrated its platform with the SOAR framework for our valued customers at no cost. The company is a cloud-based security orchestration, automation, and response (SOAR) framework.
Competitive Analysis
The key players in the global workflow automation market include:
- Xerox Corporation
- Nintex Global Limited
- Newgen Software Technologies Limited
- IPsoft Inc.
- Bizagi
- Appian Corporation
- Pegasystems Inc.
- Oracle Corporation
- Software AG
- IBM Corporation
For instance, Salesforce came up with some impactful advancements to its Slack platform in 2023. These include many enhancements to its automation platform. Also, Slack came up with Slack AI, which is expected to make needed additions to its workflow automation, such as approvals, organized tasks, and information.
The global workflow automation market is segmented as follows:
By Industrial Verticals Segment Analysis
- Manufacturing
- Retail
- Travel & Hospitality
- IT & Telecom
- Government & Defense
- Healthcare & Pharmaceuticals
- BFSI
- Others
By Operations Segment Analysis
- Business Process Automation
- Intelligent Process Automation
- Robotic Process Automation
By Deployment Modes Segment Analysis
- On-Premises
- Cloud-Based Models
By Processes Segment Analysis
- Decision Support & Management Solutions
- Interaction Solutions
- Automated Solutions
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Industry Major Market Players
- Xerox Corporation
- Nintex Global Limited
- Newgen Software Technologies Limited
- IPsoft Inc.
- Bizagi
- Appian Corporation
- Pegasystems Inc.
- Oracle Corporation
- Software AG
- IBM Corporation
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