Workflow automation software helps businesses digitize and streamline repetitive or complex processes using tools like robotic process automation (RPA), process mining, and intelligent document processing (IDP). These solutions leverage technologies like artificial intelligence, machine learning, and natural language processing to automatically complete tasks, enforce compliance and policies, and optimize operations. Workflow automation reduces manual data entry errors, improves productivity through automated routines, and consolidates information from disparate systems into a centralized platform for unified process management and reporting.
The global Workflow Automation Market is estimated to be valued at Us$ 27642.43 Mn in 2031 and is expected to exhibit a CAGR Of 4.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the workflow automation market is the increasing need for digital transformation across various industries. Digital transformation aims to enhance customer experience, optimize operations and streamline business processes using technologies like artificial intelligence, machine learning, cloud and analytics. Workflow automation is a key enabler of digital transformation as it promotes paperless processes, centralized data capture and remote work capabilities. Automated workflows reduce error-prone manual tasks and integrate data from legacy systems onto a unified digital platform. This allows businesses to be more agile, efficient and future-ready in a rapidly changing marketplace.
Threat of new entrants: The threat of new entrants is moderate due to the need of high investment and capital for establishing workflow automation.
Bargaining power of buyers: The bargaining power of buyers is high since workflow automation solutions provide various benefits to buyers like improved operational efficiency and cost reduction.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of various automation software providers in the market.
Threat of new substitutes: The threat of new substitutes is low since workflow automation provides significant advantages over manual processes.
Competitive rivalry: The competitive rivalry is high among the major players operating in the workflow automation market.
The Global Workflow Automation Market Demand is expected to witness high growth over the forecast period. The market size is projected to reach US$ 25373.66 Million in 2024 from US$ 21000 Million in 2021, expanding at a CAGR of 4.8% during the forecast period.
Regional analysis –
North America is holding the major share in the workflow automation market and is expected to continue dominating during the forecast period as well. This is attributed to high adoption of advanced technologies and presence of major players in the region. Asia Pacific is poised to showcase the highest growth rate over the forecast period with increasing digitalization across different industries in countries like China and India.
Key players –
Key players operating in the workflow automation market are China Resources Cement Holdings Limited, EuroCement Group, Vulcan Materials Company, LafargeHolcim, LSR Group, Adbri, Cemex, Heidelberg Cement AG, and Martin Marietta Materials. These players are focusing on new product launches and partnerships to expand their global reach. For instance, in 2021, Vulcan Materials Company acquired U.S. Concrete to expand its business in new markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it