Workflow Automation Market Analysis by Solution (Software, and Services); by End-User Industry (Banking, Telecom, Retail, Manufacturing & Logistics, Healthcare & Pharmaceuticals, and Energy & Utilities); and by Deployment (Cloud, and On-Premise) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4816 | Published Date: Apr 12, 2023
The global workflow automation market size is estimated to reach ~USD 268.84 Billion by the end of 2035 by growing at a CAGR of ~26.56% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of workflow automation was ~USD 15.92 Billion. The growth of the market can be attributed to growing number of small businesses. Currently, there are about 32 million small enterprises operating in the US. These small business needs to manage their resource efficiently in order to grow and work smoothly by reducing cost. Hence, their demand for workflow automation is growing. Automation of small business workflows not only lowers expenses however also makes it easier to collaborate and work effectively with distant staff. Hence, also with the growing number of employees in small business working from home, the demand for workflow automation is expected to grow.
Having the ability to work remotely at least one day per week is highly valued by many employees. Post-coronavirus brought in various changes in landscape in functioning of organization, and working remotely is one of it. By 2025, about 35 million individuals in the United States would be working remotely, an approximately 15 million increased from pre-pandemic data. Hence, to make work done more flexible the demand for workflow automation is growing. Collaboration and communication could be difficult when team members are spread out across different places. Therefore, clear responsibilities are delegated to individual members through workflow automation, further boosting the market growth.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~26.56% |
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Base Year Market Size (2022) |
~USD 15.92 Billion |
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Forecast Year Market Size (2035) |
~USD 268.84 Billion |
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Regional Scope |
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Growth Drivers
In 2022, the healthcare sector generated about 29% of the total volume of data worldwide. Hence, the demand for workflow automation is growing in order to manage data. Healthcare workflow automation is becoming more and more popular, and for all the right reasons. It aids in relieving the strain of paperwork and repetitive duties on healthcare professionals so they may concentrate on important activities requiring expertise and strategic thinking. Healthcare workflow automation is the use of technology to streamline and automate procedures in healthcare institutions. This covers a wide range of tasks, such as booking appointments, monitoring patient data, overseeing the work of the staff, maintaining rosters, billing, and more. The objective is to increase effectiveness, decrease mistakes, and deliver better patient care.
About 93% of businesses were utilizing cloud services in 2022 in the United States.
Every day, about 29,000 websites are hacked worldwide. At least one type of cyberattack has been encountered by approximately 63% of businesses worldwide. In 2021, about 21 billion data were stolen. Automation gives the team's SOCs and cyber experts reliable data they may use to make judgements regarding threats and assaults. Once a threat or attack has been recognized, a complete end-to-end system check is performed to look for anomalies and infections that are already present in the system.
Human data entry mistakes alone add about 24000 hours of needless reworking at a cost of approximately USD 877,000 per year" to financial procedures. Hence, workflow automation is used by financial departments and teams inside an organization to speed up account approval and data entry procedures in accurate manner.
Currently, about 66% of businesses employ business process automation to simplify and automate their routine, repeated operations across the globe Approximately, 30 percent of businesses have fully automated at least one of their key operations.
Challenges
The global workflow automation market is segmented and analyzed for demand and supply by end-user industry into banking, telecom, retail, manufacturing & logistics, healthcare & pharmaceuticals, and energy & utilities. Out of which, the banking segment is anticipated to garner the highest revenue by the end of 2035. With numerous front- and back-end procedures, the banking and financial services sector offers multifaceted services. For a seamless customer experience, a number of banking operations, including account opening, accounts payable, closure procedure, credit card processing, and loan processing, could be efficiently automated. For instance, about 76 percent of individuals worldwide now have accounts, including 71 percent of residents of developing nations. Moreover, approximately 40% of adults in developing economies, excluding China, who decided to make a digital vendor payment using a card, phone, or the internet, and more than one-third of adults in emerging economies who paid a utility bill straight from an account, did so for the initial time just after beginning of the pandemic. COVID-19 accelerated the adoption of digital financial services. Hence, the demand for workflow automation is estimated to increase in the banking sector. Automation of banking processes leads to increased productivity, better client engagement, and cost savings.
The global workflow automation market is also segmented and analyzed for demand and supply by deployment into cloud, and on-premise. Amongst which, the cloud segment is anticipated to have a significant growth over the forecast period. The growth of the segment can be attributed to growing adoption of cloud by organization along with growing number of people working from home. Cloud based workflow automation helps employees to stay connected over distance, share files and also complete task efficiently. Additionally, it records work accomplished, making it simpler to review statistics and reports as needed to increase overall effectiveness. Moreover, growing shift to the digital era the demand for cloud services is growing, which is also estimated to boost the growth of the segment, further boosting the market growth.
Our in-depth analysis of the global workflow automation market includes the following segments:
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By Solution |
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By End-User Industry |
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By Deployment |
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The market share of workflow automation in Asia Pacific, amongst the market in all the other regions, is projected to have the highest growth by the end of 2035, backed by growing penetration of Internet of Things (IoT), along with surge in digitalization in this region. Throughout the next 12 months, about 19% of businesses in APAC expect their IoT deployments to include more than 500,000 wirelessly able to connect to a network and transfer information devices. Additionally, the approximately 13 billion IoT devices already in use are predicted to increase to about 37 billion IoT devices by 2030 owing to the region's rising IoT adoption, particularly from India, Pakistan, Bangladesh, Indonesia, and Thailand. India and China are also anticipated to have strong product demand for solutions as a result of their fast industrialization and the growing usage of information technology across a wide variety of industry sectors. These elements have led to an increase in the demand for the region's market. The market in the region is also expected to grow as a result of greater Chinese investment in tech companies.
The North America workflow automation market is estimated to be the second largest, to have the highest growth. During the course of the projection period, it is anticipated that the expansion of the regional market for workflow management systems would be driven by the rising number of technology start-ups and the high use of cloud services, ERP, and CRM in North America. Also, Canadian and American investors offer to finance businesses creating software and services for workflow management systems. Governments and other organizations are integrating these solutions into their processes since they offer quick delivery of necessary content to consumers and offer great security.
Additionally, the market in Europe region is also estimated to have significant growth over the forecast period. The growth of the market in the Europe region can be attributed to growing adoption of cloud-based workflow management in this region. Moreover, there has been growth in data generated by various industries which also includes healthcare. Also, people are getting more aware about the upcoming technologies and their preference for the same is growing. This is further encouraging companies to advance their service and software. In many European countries, debit or credit card payments emerged as the most popular methods of payment; however, other European nations showed preferences for mobile apps, invoices, PayPal or other types of digital wallets, and direct bank payments. However, all these ways of carrying out online transactions would further boost the demand for workflow automation in this region.
Oracle Corporation, released a new asset-based service solution for Oracle Fusion Cloud Apps Suite in order to assist organizations in improving service effectiveness and the overall customer experience. Asset-Based Service for High Tech and Manufacturing, a component of Oracle Fusion Service and pre-integrated with Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), assists companies in enhancing customer satisfaction, lowering costs, and increasing revenues by optimizing the service lifecycle management of an asset.
Collaboration between Software AG and Automation Anywhere was established with the goal of enabling scalable automation for more companies. Automation Anywhere RPA was supposed to be complemented with process mining and process management on Software AG's ARIS platform. It was believed that this would facilitate finding opportunities for automation and then managing those operations.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the growth of the market are rise in data generated by hospitals, growing adoption of cloud, surge in data threats & attacks, and others.
Ans: The market size of workflow automation is anticipated to attain a CAGR of ~26.56% over the forecast period, i.e., 2023 – 2035.
Ans: High cost for implementation of workflow automation, lack of awareness among people regarding data security are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Appian Corporation, Bizagi Group Limited, IBM Corporation, Oracle Corporation, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by solution, end-user industry, deployment and by region.
Ans: The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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