Workflow Automation MarketSize and Trends

The global workflow automation market size was valued at USD 18,890 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 16.6% from 2022 to 2030. This is mainly driven by the increasing need to improve efficiency and productivity in organizations. The market is also bolstered by the increasing implementation of advanced technology such as Artificial Intelligence (AI), machine learning, and robotic process automation (RPA). Moreover, the rise of the Internet of Things (IoT) will also drive the workflow automation market in the future.

Figure 1: Workflow Automation Market Share (%), By Region, 2022

Global Workflow Automation Market Trends:

Growing adoption of workflow automation among enterprises is a recent trend

Increasing number of enterprises are adoption workflow automation tools to get better results. Due to this, many companies are encouraged to experiment with the capabilities of software, which in turn is leading to increased innovations and new applications. At the moment, RPA is increasingly being adopted and it is focused on the internal processes of businesses. However, in future, innovations could lead to advancements in capabilities of RPA in multiple external processes. Thus, this trend is likely to continue in the global workflow automation market during the forecast period.

Increase in adoption of artificial intelligence is a major trend in the market

The adoption of artificial intelligence (AI) and related novel technologies such as cognitive automation, computer vision, and machine learning is increasing across several industries globally for robotic process automation. This technological convergence is generating automation capabilities that are elevating businesses value and competitive advantages significantly for customers. Thus, this trend is expected to fuel growth of the global workflow automation market during the forecast period.

Figure 2: Global Workflow Automation Market Share (%), By Component, 2022