Workflow Automation Market: Current Analysis and Forecast (2021-2027)

Workflow Automation Market: Current Analysis and Forecast (2021-2027)

Workflow Automation enables the replacement of paper-based and manual processes using digital tools, typically using a single work platform that integrates with existing business systems and controls. The tactical aim is to ensure that the right workers are working on the right tasks at the right time and have everything they need to complete work tasks available to them when they need it.

The driving factors for the workflow automation market are centered around the need for increased efficiency, improved productivity, and compliance with industry regulations. Technological advancements such as cloud computing, artificial intelligence, and the Internet of Things are enabling companies to automate various business processes and reduce costs. The increasing demand for digital transformation and the need to remain competitive in a rapidly changing business landscape is driving the adoption of workflow automation solutions. Additionally, the growing pressure to comply with industry regulations, such as data privacy laws, is leading organizations to adopt automation tools to ensure compliance. Overall, the growing need for improved efficiency, enhanced productivity, and regulatory compliance is driving the growth of the workflow automation market. Moreover, companies across various industry verticals are investing considerably to make the technology more reliable, for instance, In 2019, AI startups received a record USD$28.5B in Investments across over 2,300 deals a 20% rise in funding to the sector (For comparison, in 2018 there were about 1,900 agreements for a total of USD 22.1 billion, and in 2017 - about 1,700 deals for $16.8 billion)

• Based on offering the market is bifurcated into software and services. The software segment held the majority market share in 2020 and is expected to maintain the same throughout the forecast period. owing to the increase in the demand for automated software in the structured data format in various organizations. Furthermore, workflow automation tools have various benefits such as on-time purchase, less maintenance cost, and ease of implementation and customizations. Moreover, organizations around the world are investing heavily in the innovation and research and development of workflow automation software.
• Based on process the market is segmented into automation solutions, decision support and management solution, and interaction solution. During the forecast period, the automation solutions segment is expected to achieve a significant CAGR, owing to the high degree of flexibility and scalability of the automated solutions. Furthermore, the growing demand for real-time data analysis across geographies and increasing adoption of the latest technology across various end-use industries to improve performance are expected to drive the workflow automation market.
• Based on deployment the market is segmented into on-premises and cloud. During the forecast period, the cloud-based segment is expected to achieve considerable CAGR, owing to the ease of implementation of the cloud-based solution. Moreover, moving to the cloud saves the upfront cost of purchasing, managing, and upgrading.
• End-user industry is segmented into manufacturing, logistics, healthcare and pharmaceuticals, retail, telecom, banking, and others. The retail industry is expected to rise significantly during the forecast period. Workflow automation enhances the customer experience by capturing and analyzing patterns, identifying, predicting, and providing on-demand services. These factors are driving the growth of workflow automation in the retail industry. Workflow automation gives retailers access to all their business matters for a timely response, further driving their adoption in the workflow automation industry.
• For a better understanding of the market adoption of the workflow automation industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the largest workflow automation market during the forecast period, the countries such as the US, and Canada are increasing the adoption of workflow automation in different verticals such as banking, telecom, retail, and others to manage business processes. Furthermore, the rising focus on digital transformation initiatives, growing adoption of cloud technology, and increasing penetration of process management & automation solutions in this region are the primary factors that are boosting the market growth. Furthermore, the growing complexities relating to the workforce are also expected to drive the market in the region.
• The Major companies in the market are IBM ,Nintex UK Ltd, Open Text Corporation, Oracle, Pegasystems Inc Software AG, Blue Prism Limited, Cloud Software Group, Inc, UiPath, and Xerox Corporation.