According to a market report, the global workflow automation market was valued at $10.7 billion in 2021 and it is expected to reach $80.9 billion at a CAGR of 19.1% between 2022 and 2032. Workflow automation has some criteria such as the task being repetitive; it needs to be achieved accurately without any human error, and a series of tasks can be made more efficient when it is automated. Many organizations are adopting workflow automation because it makes the work easier for them to streamline their workflows and identify some other areas which can be later automated for increasing efficiency. For instance, some of the automated workflow tasks can be managed by emails and spreadsheets. The major importance of workflow automation is it operates faster and increases work accuracy and efficiency. Hence, these major factors are driving the market growth across the globe. Additionally, there are several benefits of workflow automation including it reduce workflow cycles, improves customer satisfaction while focusing only on customers, and there is less need for human labor, which is further expected to drive the growth of the market during the forecast period.
The demand for workflow automation solutions is rising in various organizations due to their structured data format. The major purpose of workflow automation is primarily based on OCR, which is known as optical character recognition and optical market recognition (OMR), along with audio, video, and text formats, and others. Therefore, these functions are decreasing mundane business processes and reduce human interference. Several countries in the North American region have been adopting robotic process automation for smooth, errorless workflow along with fast performance by reducing high operational costs. For example, AT&T, Oracle Corporation, which is the largest telecom in the U.S market, has imposed robotic process automation to save high expenses on operations.
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Investments in information technology, the strong importance of digital transformation, and a growing preference for cloud technology across the countries such as the U.S, Canada, and Mexico are expected to witness significant growth in the North American regional market during the forecast period from 2022 to 2032. Furthermore, workflow automation has been helping the U.S and Canadian IT industries to automate repetitive tasks and predictable processes. It is also playing an essential role in a Canadian bank known as Banks of Montreal by aiding some processes such as client-on-boarding, mortgage lending, compliance processes, and bank secrecy act and regulations.
According to the study, key players dominating the global workflow automation market are IBM Technology Company (U.S), Oracle Corporation Computer Software Company (U.S), PegaSystem Software Company (U.S), Xerox Corporation (U.S), Appian Cloud Computing Company (U.S), Bizagi Software Company (U.S), IPsoft Inc Company (U.S), Newgen Software Company (India), Nintex Topoco Limited Company (U.K), Vision Software S.A (South Africa), ABB Automation Company (Switzerland), Siemens Automation Company (Germany), Schneider Electric Company (France), General Electric Multinational Conglomerate Company (U.S), Mitsubishi Electronic Company (Japan), Rockwell Automation Company (U.S), Emerson Electric Manufacturing Company (U.S), Honeywell Multinational Conglomerate Company (U.S), Eaton Corporation Company (U.S), Nice System Limited Software Company (Israel), Automation Anywhere Software Company (U.S), UiPath Software Company (Romania), Blue Prism Software Company (U.S), Thoma Bravo Private Equity Company (U.S), Microsoft Corporation Technology Company (U.S), Celaton Limited Software Company (U.K), Redwood Software Company (Netherlands), Verint Systems Software Company (U.S), among others.
The Global Workflow Automation Market Has Been Segmented Into:
The Global Workflow Automation Market – by System:
The Global Workflow Automation Market – by Software Type:
- Production Workflow System
- Messaging-Based Workflow System
- Suite-Based Workflow Systems
The Global Workflow Automation Market – by Deployment:
The Global Workflow Automation Market – by Processes:
- Automated Solution
- Interaction Solution
- Decision Support
- Management Solution
The Global Workflow Automation Market – by End-User:
- Healthcare and Pharmaceuticals
- Telecom and IT
The Global Workflow Automation Market – by Regions:
- Rest of Europe Countries
- South Korea
- North Korea
- Rest of Asian Countries
- Saudi Arabia
- Rest of LAME
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