July 21, 2024
Workflow Automation Market

Artificial Intelligence Projected To Boost The Growth Of Workflow Automation Market

Workflow automation software streamlines business processes, reducing manual tasks and errors. It allows organizations to automate routine tasks such as data entry, processing invoices and purchase orders, scheduling meetings and processing requests. The Software enables customers and employees to digitally engage and transition traditional processes to digital workflows. It empowers organizations to deliver enhanced customer experience through streamlined and consistent processes. The software also improves operational efficiency, reduces costs and compliance risks.

The global Workflow Automation Market is estimated to be valued at US$ 22,025.74 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the workflow automation market is increasing adoption of artificial intelligence and machine learning technologies. These technologies allow automation of complex tasks involving decisions making. For instance, AI powered chatbots and virtual assistants can automate customer service workflows. They can understand customer queries, respond accurately and fulfill requests. AI is also enabling automation of document processing workflows through technologies like optical character recognition. It extracts key information from documents without human intervention. Moreover, machine learning is powering process mining capabilities of workflow automation software. It analyses event logs to visualize, monitor and improve existing business processes.

Porter’s Analysis:

  • Threat of new entrants: Low capital requirements and economies of scale in production limit threat of new entrants. However, established players have strong brand image and customer base.
  • Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. However, switching costs are moderate.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute technologies. However, differentiation in services makes substitution difficult.
  • Threat of new substitutes: Technology development leads to threat of substitution from alternate technologies. However, strong customer demand for core products is likely to limit impact in forecast period.
  • Competitive rivalry: Intense due to large number of players operating at global level. Players focus on service quality and pricing to sustain in the market.

Key Takeaways:

The Global Workflow Automation Market Demand is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing focus on streamlining business processes and operational efficiency.

Regional analysis: North America dominated the global market in 2022 owing to technological advancements and increasing digitalization across industries in the US and Canada. Asia Pacific is expected to exhibit the fastest growth during the forecast period with China, India, and Japan emerging as major hotspots.

Key players: Key players operating in the Workflow Automation Market are Xerox Corporation, IBM Corporation, Nintex Global Limited, Software AG, Newgen Software Technologies Limited, Oracle Corporation, IPsoft Inc. (Amelia LLC), Pegasystems Inc., Bizagi, and Appian Corporation. Players focus on new product launches and strategic partnerships for business expansion.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it