Ease in business processes with installation of workflow automation tools is a significant factor driving global workflow automation market revenue growth
Market Size – USD 12.02 Billion in 2021, Market Growth – at a CAGR of 23.5%, Market Trends – BFSI, telecom & IT, travel, hospitality, and transportation industries adopting workflow automation for different functions to better manage business processes in the North America region
The global workflow automation market size is expected to reach USD 80.9 Billion at a steady revenue CAGR of 23.5% in 2030, according to latest analysis by Emergen Research. Ease in business processes with installation of workflow automation tools is a major factor driving emergen workflow automation market revenue growth. Workflow automation simplifies business operations, saves time, and allows staff to concentrate on more creative aspects of their work, while the software handles more mundane but important tasks. Workflow automation not only speeds up tasks, but it also minimizes number of errors made. When work is mechanized, it eliminates possibility of human error. Another advantage of workflow automation is that one can scale their business more quickly if they save time and have fewer mistakes. Workflow automation can help a small business to compete more effectively, especially when competing against larger corporations. Workflow automation enables organizations to work more efficiently, close leads more quickly, and free up time spent on administrative tasks so they can better serve their customers.
A recent trend in the market is the use of automated software security patches. As personal information is now stored on computers, security threats are greater than ever. Many individuals place a higher importance on their online presence than on their physical appearance. In this situation, hackers take advantage of security flaws to infect a computer with a virus or install ransomware. Critical software security patches can be automatically downloaded and installed on computers instead of waiting to accept them and is an automation breakthrough that protects users from large data loss.
Some major companies in the global market report include IBM Corporation, Oracle, Pegasystems Inc., Software AG, Xerox Corporation, Appian, Bizagi, Amelia US LLC., Newgen Software Technologies Limited, and Nintex UK Ltd.
Some Key Highlights From the Report
- On 16 June 2022, AirSlate, which provides no-code tools for automating corporate processes, announced that it has raised USD 51.5 million in a funding round valued at over USD 1 billion, demonstrating that workflow automation is a thriving industry. AirSlate is the first portfolio firm for UiPath’s newly created, previously unannounced UiPath Ventures arm, which was directed by G Squared with involvement from UiPath.
- The automated solution segment is expected to account for largest revenue share over the forecast period attributed to growth of the BFSI industry that have been using automated solutions. With different front-end and back-end processes, the banking and financial services industry offers a diverse range of services.
- To ensure a uniform user experience, several banking functions, such as account opening, accounts payable, closure, credit card processing, and loan processing, can be automated. One of the major users of technology and services is the banking industry and global IT investments in banking and financial services business is expected to reach USD 742 billion by 2024. According to a Gartner estimate. Advanced solutions, such as Marketing Automation (MAS), Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP), aid in increasing industry workflow.
- The large enterprises segment is expected to account for large revenue share in the global market over the forecast period owing to increasing adoption of workflow automation. A few of the 2.000 labor functions (across 800 professions) that can be automated include processing sales transactions, displaying product attributes, and responding to product enquiries.
- Up to 30% of workers time might be saved by automating 60% of business processes such as evaluating and approving paperwork, creating sales leads, and processing large documents. By presenting content that is exceptionally relevant, significant, or extraordinary, automation can assist professionals focus on situations that require their knowledge and intellect. Over 20% of CEOs time is spent on work that could be automated. All of these tasks, such as reviewing status reports, creating staff assignments, and analyzing operational data, can be automated.