Workflow Automation Market Size

Workflow Automation Market Analysis

The Workflow Automation Market size is estimated at USD 21.70 billion in 2024, and is expected to reach USD 34.18 billion by 2029, growing at a CAGR of 9.52% during the forecast period (2024-2029).

The workflow concept has evolved from the notion of process in manufacturing and the office, and such processes have existed since the time of industrialization and are the outcome of a search to surge efficiency by concentrating on the routine aspects of work activities. They typically separate work activities into well-defined tasks, rules, roles, and procedures that regulate most of the manufacturing and office work. Initially, processes were carried out entirely by humans who manipulated physical objects.

• With the introduction of information technology, processes in the workplace are partially or totally automated by information systems through computer programs performing tasks and enforcing rules that humans previously implemented. Workflow automation is developed to enhance productivity and quality by incorporating best practices in workflow processes involved in manufacturing as well as management. It facilitates defining workflow processes from the data fetched from the data sources and the network location of the various stages at which the execution of that particular stage is performed, along with the generation of job ticket. The system is able to move the job ticket automatically without any intervention of any external factor along with providing the user, a visual display of status of any job ticket at any point of time. The system is also adaptable to changes at a particular stage.
• The growing demand for workflow software from organizations is leading to rapid investment in the development of more sophisticated and efficient software. According to Signavio, 62% of the organizations have modeled up to 25% of their businesses, but a meager 2% have all their processes modeled. Moreover, 13% of the surveyed organizations say that they are implementing intelligent automation solutions at scale; 23% are implementing, and 37% are piloting automation.
• The increasing demand for workflow software by organizations is leading to rapid investment in the development of more sophisticated and efficient software. There is increasing adoption of artificial intelligence and related new technologies ranging from computer vision, cognitive automation, and machine learning to robotic process automation. This convergence of technologies produces automation capabilities that dramatically elevate business value and competitive advantages for customers.
• Unlike any new technology implementation, workflow automation can create risks for cyberattacks directed at both human and non-human accounts. As a result, process automation security is of critical importance. RPA bots often work on confidential data, transferring it from one system to another. If data is not protected, it can be leveraged, costing businesses millions.
• With the onset of COVID-19, the vulnerability of supply chains has been exposed. For most IT organizations, a fragile ecosystem includes providers of critical IT services. In addition, work-from-home mandates led the service providers to ensure that mission-critical enterprise customers have the necessary tools and technologies to enable the speed, security, quality, and overall efficacy of services provided.