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Workflow Automation Market - Forecast(2024 - 2030)
Workflow Automation Market Overview
Workflow Automation Market is forecast to reach $42.3 billion by 2026, growing at a CAGR of 5.6% from 2021 to 2026. The Workflow Automation Market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of business process automation, improving productivity, efficiency, and customer experience.
Workflow Automation software is a series of robotic process automation solutions in a business that has replaced repetitive and predefined human tasks to achieve workflow efficiency. Businesses adopt workflow automation for achieving more efficiency, it helps in saving time and money and reduced the chances of errors, it also provides streamlined communication and empowers employees to manage their own time resulting in more workplace efficiency. The workflow automation software is estimated to hold largest share in the market as it provides structured data format which helps to manage the processes of the business
Report Coverage
The report: “Workflow Automation Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Workflow Automation Market.
By Solution – Software and Service
By Deployment – On-premise and Cloud
By Installation – Fixed Structure and Floating Structure
By Process – Automated solution, Interaction solution, Decision support and Management solution
By Enduser Industry – Manufacturing & Logistics, Healthcare & Pharmaceuticals, Retail, Banking, Telecom & IT and other industries.
By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC(China, Japan India, SK, Australia, Indonesia and Others), South America(Brazil, Argentina, Chile, Colombia and others), and RoW (Middle East and Africa).
Key Takeaways
- The Workflow Automation Market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of business process automation.
- Owing to increase in uses of workflow automation for data entry, registrations, gathering information from various systems and more in banking sector it is anticipated to hold the largest market share. Retail industry.
- Software market in workflow automation held the largest market share owing to the demand for software in structured data formats and implementation of artificail intelligence.
- APAC is expected to have fastest growth in the market owing to increase in adoption of business automation processes by different business verticals. North America is considered to hold largest share in the market.
Workflow Automation Market, By Solution 2020 (%)
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Workflow Automation Market Segment Analysis - By Solution
The market is segmented by solution into software and services. The software market held the largest market share of 66.2% in 2020 owing to increase in demand for automated software in structured data format in various organizations. The function of artificial intelligence based workflow automation software is mainly based on optical character recognition, optical mark recognition, text, audio, video, and other file formats which enable the user to access business processes. These formats are used in robotic process automation as workflow automation provides easy recognition of data and helps to manage the time consuming processes.
Workflow Automation Market Segment Analysis - By End User Industry
The retail industry is expected to have significant growth in the market at 7.3% through 2026. The workflow automation enhances the customer's experience by capturing and analyzing, identifying patterns, predicting and offering on-demand services, these factors result into the growth of workflow automation in retail industry. Workflow automation enables retailers to have access to all business matters for timely responses which further attracts the adoption of workflow automation in the industry. However, banking sector is expected to hold largest share in the market as it uses workflow automation for data entry, registrations, gathering information from various systems and more which facilitates the user to manage time-consuming processes.
Workflow Automation Market Segment Analysis – By Geography
Global workflow automation market is dominated by North America and APAC is expected to have fastest growth in the market during forecast period at 7.2% CAGR. The countries such as US, Canada are increasing the adoption of workflow automation in different vertical such as banking, telecom, retail and others to manage business processes. APAC is anticipated to hold largest market share due to increasing online transactions and the demand for robotic processes automation software.
Workflow Automation Market Drivers
Increasing adoption of new technology and artificial intelligence
Industries are focusing on adoption of artificial intelligence and new advanced technologies for elevating business value and providing competitive advantages for customers. These adoptions by industries are increasing the awareness of automation in the market which is expected to drive market growth. The advancements of technologies in automation provide quick help to industries with large volumes of data and functionalities, thus the growth of workflow automation is strongly driven by adoption of advanced technology.
Automation of processes
The workflow automation provide automation of business processes based on workflow rules where human tasks, data, or files are routed between people or systems based on pre-defined business rules. This automation enables business to attain Efficiency, Productivity, accuracy, audibility and accountability in the processes that are primarily handled manually by employees. Owing to these factors the businesses have increased the adoption of robotic process automation software and it is expected to propel the workflow automation market.
Workflow Automation Market Challenges
Data insecurity
One of the major challenges faced by the workflow automation market is the impact of data insecurity. The risk such as confidential data exposing, unauthorized access to the automated business processes and more are expected to hinder the market growth. For instance the automation process can have access to the credentials required for internal applications and databases and exposing these credentials can lead to security breaches and endanger confidential information. However, there are several ways to ensure security such as data encryption, timely audit trail, Password management and more. The business can ensure data security by adopting the above steps.
Workflow Automation Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Workflow Automation Market. The Workflow Automation Market is dominated by major companies such Oracle Corporation, Appian Corporation, Software AG, IBM Corporation, Nintex Global Limited, Pegasystems Inc. and Xerox Corporation,
Acquisitions/Technology Launches/Partnerships
- In January 2020, IBM had announced its partnership with Automation Anywhere Inc. the partnership aimed to deliver IBM Robotic Process Automation with Automation Anywhere.
- In June 2019, Oracle announced the acquisition of Oxygen Systems, the acquisition is made for providing localization solutions to which can address the complex tax and reporting requirements for companies.
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1. Workflow Automation Overview
1.1 Definitions and Scope
2. Workflow Automation - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key trends By End Use Industry
2.3 Key trends segmented by Geography
3. Workflow Automation – Market Landscape
3.1 Comparative Analysis
3.1.1 Product/Company Benchmarking-Top 5 Companies
3.1.2 Top 5 Financial Analysis
3.1.3 Market Value Split by Top 5 Companies
3.1.4 Patent Analysis
3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Workflow Automation – Industry Market Entry Scenario Premium (Premium)
4.1 Regulatory Scenario
4.2 Ease of Doing Business Index
4.3 Case Studies
4.4 Customer Analysis
5. Workflow Automation – Startup Company Scenario (Premium)
5.1 Venture Capital and Funding Scenario
5.2 Startup Company Analysis
6. Workflow Automation - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Workflow Automation – By Strategic Analysis (Market Size -$Million/Billion)
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Product Life Cycle/Market Life Cycle Analysis
8. Workflow Automation – By Deployment Type (Market Size -$Million/Billion)
8.1 Cloud
8.2 On Premises
9. Workflow Automation – By Solution (Market Size -$Million/Billion)
9.1 Software
9.2 Services
10. Workflow Automation – By Installation (Market Size -$Million/Billion)
10.1 Fixed Structure
10.2 Floating Structure
11. Workflow Automation – By Process (Market Size -$Million/Billion)
11.1 Automated Solution
11.2 Interaction Solution
11.3 Decision Support
11.4 Management Solution
12. Workflow Automation – By End Use Industry (Market Size -$Million/Billion)
12.1 Healthcare and Pharmaceuticals
12.2 Manufacturing and Logistics
12.3 Retail
12.4 BFSI
12.5 IT and Telecom
12.6 Others
13. Workflow Automation - By Geography (Market Size -$Million/Billion)
13.1 North America
13.1.1 U.S
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 Germany
13.2.2 France
13.2.3 UK
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 Netherlands
13.2.8 Others
13.3 APAC
13.3.1 China
13.3.2 Japan
13.3.3 South Korea
13.3.4 India
13.3.5 Australia
13.3.6 Indonesia
13.3.7 Malaysia
13.3.8 Others
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 Others
13.5 RoW
13.5.1 Middle East
13.5.2 Africa
14. Workflow Automation - Market Entropy
14.1 New product launches
14.2 M&A's, collaborations, JVs and partnerships
15. Workflow Automation – Industry Competitive Landscape (Premium)
15.1 Market Share – Global
15.2 Market Share by Region
15.3 Market Share By Deployment Type
16. Workflow Automation – Key Company List by Country Premium (Premium)
17. Workflow Automation - Company Analysis
17.1 Company 1
17.2 Company 2
17.3 Company 3
17.4 Company 4
17.5 Company 5
17.6 Company 6
17.7 Company 7
17.8 Company 8
17.9 Company 9
17.10 Company 10