WORKFLOW AUTOMATION MARKET ANALYSIS

Market Challenges And Opportunities

Global Workflow Automation Market Restraints:

Concerns regarding data security to hamper market pace

Adoption of workflow automation can be risky, as it creates risks for cyberattacks directed at both non-human and human accounts. Due to this, process automation security is highly important. RPA bots often work on data that is confidential, and transfer it from one system to another. When this data is not protected, it can be compromised, which can cost millions to businesses. Data theft and leakage are two of the major threats related to process automation. With the lack of appropriate security protocols, critical data such as consumer data can be exposed to attackers. Thus, these concerns are expected to restrain growth of the global workflow automation market during the forecast period.

High cost of implementation and lack of awareness to hinder market growth

Implementation of workflow automation solutions offers several benefits. However, implementation of these solutions is associated with high cost. Moreover, due to the complexity of these automation solutions, it requires skilled workflow and maintenance services, which again adds into cost of implementation of these workflow solutions. Along with this, there is still lack of awareness regarding benefits of workflow automation, which is also expected to hinder growth of the global workflow automation market during the forecast period.                                 

Global Workflow Automation Market Drivers:

Growing adoption of IoT among several industries to boost the market growth

The adoption of IoT is increasing among industries due to emergence of applications and business models along with reduced device costs. Consequently, the number of connected devices such as connected machines, cars, and wearable, meters, and consumer electronics is also increasing around the world. As per Ericsson, the volume of IoT devices having cellular connection is likely to increase from 400 million in 2016 to 1.5 billion in 2022. This is owing to rise in industrial focus on deployment of connected ecosystem and standardization of 3GPP cellular IoT technologies. Thus, due to aforementioned factors, the demand for workflow automation is expected to increase in the coming future, which is expected to boost growth of the global workflow automation market during the forecast period.

Increase in implementation of RPA in business process management to augment the market growth

Robotic Process Automation (RPA) has become an important part of modernization and process improvement in workflow automation. These combined technologies are driving the digital transformation in businesses all over the world. This is happening in the shorter production lead times and is allowing businesses to shorten the gap between consumer demand and supply. As per an article published by Robotics and Automation in September 2021, 40% of business executives revealed that their operational efficiency has improved due to digital transformation. Moreover, 44% of companies have already adopted a digital-first business strategy, and 89% of these companies are planning to adopt digitization. Thus, these factors are expected to fuel growth of the global workflow automation market during the forecast period.

Global Workflow Automation Market Opportunities:

Growing AI research is expected to create growth opportunities in the global workflow automation market during the forecast period. AI research is likely to drive the workflow automation adoption, and it is also being termed as hyper workflow automation. With time, technologies are advancing due to which these solutions have become capable of performing multiple functions without any human intervention. Such technologies are now replacing repetitive tasks and are also increasing capabilities of workforce omitting/reducing human error in related processes. Thus, the market is likely to witness significant opportunities in the coming future.

Growing technological advancements and widespread adoption of workflow automation is expected create lucrative environment for growth opportunities in the global workflow automation market during the forecast period. These advancements are likely to reshape business process management radically. The human FTEs can make mistakes in data entry, however, robots perform this task the same way each time, and require no judgment call when processing the transactions. Thus, these technological advancements such as robotic process automation and its widespread adoption is likely to offer lucrative opportunities in the market.