The Global Workflow Automation Market accounted for US$ 12,161 Mn in 2021 and is estimated to reach US$ 78,811 Mn by 2030, with a significant CAGR of 23.4% from 2022 to 2030.

Workflow automation is thepractice of automating a collection of manual processes or tasks based on a set of pre-defined criteria or conditions. Workflow automation aids organizations in conserving resources and time, as well as reducing the risk of human error. As a result, a company's overall efficiency, visibility, and accountability improve.Workflow automation can improve the efficiency and effectiveness of practically any process.Workflow automation aligns the steps of a process in a defined task pathway, standardizing them. Once that path is established, it serves as a guide for everyone involved in the project.Internal communication is one of the most significant advantages of process automation. Employee turnover is reduced because one of the most common reasons employees leave a company is a lack of communication with management.

Market Growth Drivers:

·         Increasing emphasis to streamline business processes

·         Growing trend of organizations to convert their traditional business to workflow automation

·         Rising cost efficiency through workflow automation

·         Integration of new technologies with workflow automation

Market Restraints:

• The huge cost of implementation
• Lack of awareness regarding workflow automation

Market Opportunities:

·         Increasing demand from the retail industry

·         Growing focus on digital transformation initiatives

Report Coverage

Market Dynamics

The increasing inclination of organizations to transform their business into automation is the leading aspect that drives the growth of the global workflow automation market. According to research, business automation can save 60% of employees 30% of their time. By automating workflow, an organization can effectively create a single person who is in charge of every aspect of the process. One person is assigned to each phase of the process to carry out a specified task. By doing so, the business will be establishing a system of responsibility in which everyone knows what responsibilities they're in charge of. This also displays which jobs take the longest to perform and where the process appears to be stalled the most.

Rising cost efficiency through workflow automation can be witnessed across many businesses, which eventually creates awareness among traditional businesses to shift their focus towards workflow automation. In addition to that, automating a company’s workflow can increase productivity and reduce the risk of error. No matter how large the team, every company has a limited number of employee hours available. Because workflow automation removes redundant tasks from team members' to-do lists, they are free to devote those hours to higher-level work. Workflow automation reduces errors by preventing important tasks from going unnoticed. Workflow automation also saves businesses money by avoiding costly employee errors and can reduce administrative costs. However, factors such as rising concerns about data security in the financial sector, lack of awareness about workflow automation, and integration issues with new and existing systems are likely to act as market restraints. Moreover, for elevating the corporate value and delivering competitive advantages for customers, industries are focusing on the implementation of artificial intelligence and other advanced technologies. This factor is anticipated to open new growth prospects for the workflow automation industry.

Market Segmentation

The global workflow automation market is segmented based onoffering, process, deployment model, organization size, operation, industrial vertical, and geography.

Market by Offering

·         Software

·         Services

Based on our analysis, the software segment occupied the largest market share in 2021. The market for software is growing due to theincrease in demand for automated software in structured data format in various organizations.Workflow automation software functions primarily through optical mark recognition (OMR), optical character recognition (OCR), and audio, text, video, and other file formats.These formats are used in robotic process automation because workflow automation allows for easy data recognition and helps to manage time-consuming processes.

Market by Process

• Decision Support and Management Solution
• Automated Solution
• Interaction Solution

Out of these, automated solution segment accumulated the principal market share in 2021 due to the rising adoption of these solutions in BFSI and insurance industries. With the greater requirement for workflow management and data processing the automated solution has witnessed widespread deployment in business environments. Furthermore, the automated solutions are capable of large-scale deployment in data a management system, which is expected to surge the market demand in the coming years.

Market by Deployment Model

• On-Premise
• Cloud

On the basis of deployment model, the on-premise segment achieved the maximum market share. Meanwhile, the cloud-based segment is likely to attain the fastest growth rate during the forecast period 2022 – 2030. The cloud-based deployment methodology provides all of the features of a cutting-edge workflow automation platform without the need to install and maintain software.Additionally, cloud-based software has no setup fees and offers low-cost subscription-based pricing, allowing a business to manage an unlimited number of processes from any location, at any time.

Market by Organization Size

• Large Enterprises
• SMEs

The large enterprise segment dominated the organization size segment with the major market share in 2021. Large organizations are concerned about the security of their critical corporate data and prefer on-premise deployment. On the other hand, the SMEs are expected to witness the fastest GAGR throughout the forecast period 2022 – 2030due to the increasing number of SMEs deploying workflow automation.

Market by Operation

• Rule-Based
• Knowledge-Based
• Robotic Process Automation-Based

Among them, the robotic process automation-based segment is likely to register a significant growth rate in the coming years. Robotic process automation, or RPA, is a type of software that automates robotic processes and allows robots to do tasks in the same way that humans do. Bots are frequently used in conjunction with IT (as well as other sectors) to help administrative procedures.Using RPA, businesses can utilize trained bots to automate common processes rapidly and cost-effectively without the use of code, all using a simple drag-and-drop interface.

Market by Industry Vertical

• IT& Telecom
• Retail & Consumer Goods
• BFSI
• Energy & Utilities
• Healthcare & Pharmaceuticals
• Manufacturing & Logistics
• Travel, Hospitality, & Transportation
• Others

Among all of them, the BFSI segment conquered the market with utmost shares in 2021. This can be attributed to growth in critical baking processes such as data entry for clearance and registration processes, the production of client information updating systems, the gathering of information from various systems, and the generation of a renewal premium, which allows the user to manage time-consuming processes. However, the retail segment is anticipated to attain a noteworthy growth rate. Workflow automation improves the customer experience by capturing and analyzing data, identifying patterns, predicting and providing on-demand services; these factors contribute to the growth of workflow automation in the retail industry.

Workflow Automation Market Regional Overview