Global Workflow Automation Market to expand at a CAGR of 9.71% by 2030

Introduction

Workflow automation is a strategy that enables the autonomous execution of tasks, documents, and data across all work-related activities following established business standards. Workflow automation entails the creation of a collection of automated operations for the steps of a business process. It is applied to improve everyday business operations. Businesses with automated workflows are more efficient, use fewer resources, and commit fewer errors.

Workflow automation has many benefits for businesses, including better management, streamlined communication, increased accountability, decreased costs and error rates, increased workplace productivity, and the freedom for people to manage their own time. Before automating the workflow, an organization must identify the tasks that make up a job. The logic and rules that specify how those tasks should be completed are then developed. The predefined business logic and rules are then used to program the software. In the coming years, businesses will increasingly automate their business and IT processes.

Market Dynamics

Implementation of IoT Services Across Organizations Drive the Global Workflow Automation Market

The proliferation of new applications and business models and the steadily falling prices of related devices are significant factors in adopting the Internet of Things (IoT). Consequently, there is an increase in connected devices (connected cars, machines, meters, wearable, and consumer electronics). A new generation of process automation was produced due to the wide adoption of Industry 4.0 standards in the manufacturing sector. Process automation is currently taking the place of conventional SOPs. Almost everything in the world is now connected to networks due to the growing acceptance of mobility and BYOD policies, including industrial sensors and machinery, cars, and kitchen appliances.

System-level data analysis combined with IoT connectivity is beginning to give buildings a new level of intelligence. Businesses that provide energy services, as well as fault detection and diagnostics, frequently use it. The more complex problems that many sophisticated systems in more significant organizational buildings have can also be handled by AI algorithms that can access building data. A leading no-code platform for business process automation, Flowfinity Wireless Inc., introduced the Flowfinity M1 industrial IoT controller in 2021. It is already set up to communicate with the business's mobile data collection and workflow automation platform, Flowfinity Actions. Such significant advancements are anticipated to be driven by the industry's increased emphasis on creating a connected ecosystem and the standardization of 3GPP cellular IoT technologies.

Advent of New Technologies Create Lucrative Opportunities Workflow Automation

Robotic process automation increasingly utilizes artificial intelligence and emerging technologies like computer vision, cognitive automation, and machine learning. The automation capabilities produced by this technology fusion significantly raise the corporate value and give businesses a competitive advantage. Workflow software is becoming increasingly important to companies, driving quick investments in its development and presenting lucrative opportunities.

Ericsson's Mobility report anticipated 580 million 5G subscriptions by 2021. There could be 3.5 billion 5G subscriptions by 2026, fueling the development of Internet of Things devices. North America is expected to have 84% of all 5G subscriptions in 2026, making it the region with the highest percentage. A significant portion of this IoT boom will probably be attributed to the proliferation of cellular technologies like NB-IoT and Cat-M1 and the decline in chipset costs. With such an expansion in the industry, workflow automation would become more prevalent.

Regional Insights

Asia-Pacific will command the leading market position, expanding at a CAGR of 10.92% over the forecast period. China is one of the most technologically advanced countries in the region. The intense competition in the market has led to the digital transformation of many Chinese industries, improving workflow. For instance, Dongfeng Nissan launched its digital transformation project to increase productivity and speed up the introduction new auto lines. To promote better data utilization, the organization launched its digital transformation strategy to enhance current workflows, streamline internal business processes, and promote overall efficiency. To automate routine digital techniques, the company used the robotic process automation (RPA) tool UiPath.

Automation is one of the critical components of the strategy for the future of work, and Japan is at the forefront of AI innovation globally. According to the Nomura Research Institute, the nation's AI industry will advance significantly by 2035. Automation has had a significant impact on India's economic growth. The country's sectors are changing due to technology and innovation. The National Strategy for Artificial Intelligence (NSAI) predicts that by 2035, AI will boost India's annual growth rate by 1.3%. Businesses in Southeast Asia are embracing new technology and preparing their staff for a future dominated by AI. A successful technology and knowledge transfer would be facilitated by digitization and help local businesses partner with international competitors.

North America will likely grow at a CAGR of 9.2%, accounting for USD 10 billion by 2030. The North American region is expected to play a significant role in the market because the United States continues to have a dominant position in the area. Due to the high availability of suitable infrastructure, effective international financial institutions, and the growing acceptance of the cloud platform, the North American market segment is anticipated to grow. The expansion of digital services and technological advancements, as well as early industry adoption of the newest technology, are additional factors expected to contribute to the region's tremendous growth. Process automation is receiving more focus from the BFSI in the region. For instance, Bank of America used automated robotic process technologies to serve its customers better and secure the bank. The region's energy & utility sector is another source of demand for workflow automation.

Key Highlights

• The global workflow automation market had a revenue holding of USD 16.41 billion in 2021. It is expected to reach USD 34.4 billion by 2030, growing at a CAGR of 9.71% during the forecast period (2022–2030).
• By deployment, the global workflow automation market includes On-premise and Cloud. The Cloud section is projected to advance at a CAGR of 10.5% and hold the largest market share over the forecast period.
• By solution, the global workflow automation market includes Software and Service. The Service section is projected to advance at a CAGR of 10.88% and hold the largest market share over the forecast period.
• By end-user, the global workflow automation market includes Banking, Telecom, Retail, Manufacturing & Logistics, Energy & Utilities, and Others. The Telecom section is projected to advance at a CAGR of 9.92% and hold the largest market share over the forecast period.
• By region, the global workflow automation market comprises North America, Europe, Asia-Pacific, and LAMEA. APAC acquires maximum market share.

Competitive Players

1. IBM Corporation
2. Software AG
3. Oracle Corporation
4. Pegasystems Inc.
5. Appian Corporation
6. Bizagi
7. IPsoft Inc. (Amelia LLC)
8. Newgen Software Technologies Limited
9. Nintex Global Limited
10. Xerox Corporation

Recent Developments

• June 2024 - Leading provider of process intelligence and automation, Nintex, unveiled new AI-driven enhancements to the Nintex Process Platform that drastically cut down on the time needed for business process management, automation, and documentation. The Nintex Process Platform's expanding spectrum of AI capabilities is enhanced by the additional features.
• March 2024 - The platform for automating document workflows using artificial intelligence (AI), Nanonets, raised USD 29 million in a fundraising round headed by Accel. Some of the company's previous investors, including Y Combinator and Elevation Capital, participated.

Segmentation

1. By Deployment
   1. On-premise
   2. Cloud
2. By Solution
   1. Software
   2. Service
3. By End-user
   1. Banking
   2. Telecom
   3. Retail
   4. Manufacturing & Logistics
   5. Energy & Utilities
   6. Others