Business Workflow Automation Market

Business Workflow Automation Market Outlook (2023 to 2033)

The global business workflow automation market has reached a size of US$ 7.84 billion in 2023 and is forecasted to expand at 4.9% CAGR to achieve a revenue of US$ 12.7 billion by the end of 2033.

Conception of the idea of a completely digital world has resulted in the innovation and adoption of novel technologies that are taking the world one step closer to total digitization. Automation is an essential aspect of a truly digital world where decisions can be made before we can blink our eyes and still be sure of an ideal outcome. Automation has proven to improve the productivity, profitability, and efficiency of various processes involved in running a successful business, and hence the demand for business workflow automation is projected to be bright over the coming years.

Business workflow automation solutions enable faster decision-making, enhance internal communication in the workplace, expand production capacity, and create an effective workflow management solution without the possibility of human errors. Established and new businesses are both adopting workflow automation solutions and services to ensure maximum productivity and optimal revenue generation on a global scale.

The advent of technologies such as artificial intelligence, machine learning, big data, deep learning, and cloud computing has further optimized the way automated workflow management systems function, and advancements in technology are projected to be elemental to market development in the future as well. The rising proliferation of technology and the internet, growing availability of novel business automation solutions, increasing adoption of IoT (Internet of Things), and rising need for resource utilization and optimization through automated business workflow tools are other aspects that could drive market growth going forward.

On the flip side, the rising prevalence of cyberattacks and increasing awareness regarding various security issues associated with the use of business workflow software are anticipated to hurt business workflow automation demand across the forecast period. Cultural stigma and resistance to change in organizations operating on traditional principles are expected to prove to be major challenges for business workflow automation solution providers around the world through 2033.

A comprehensive assessment detailing factors such as global demand, opportunities, trends, and restraints has been discussed thoroughly in this latest business workflow automation market research study by Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Business Workflow Automation Market Size (2023)	US$ 7.84 Billion
Projected Market Value (2033F)	US$ 12.7 Billion
Global Market Growth Rate (2023 to 2033)	4.9% CAGR
Integration-based Solutions Segment Growth Rate (2023 to 2033)	7.5% CAGR
Key Companies Profiled	Tibco Software IBM Corporation Canon Lexmark HP Inc. HCL Technologies Nintex Limited Xerox Corporation IPSoft Inc. SAS Institute Oracle Corporation Kyocera Newgen Software Technologies Limited SAP SE OpenText Corporation Appian Software AG Ricoh Vision Software SA PegaSystems Inc.

What Should Business Workflow Automation Providers Focus On?

“Integration of Advanced Technologies Such as AI, ML, RPA, & Machine Vision”

The implementation of artificial intelligence (AI) and machine learning (ML) in workflow automation makes the solution more efficient to automate a wide variety of tasks that are currently performed by skilled human individuals. AI can implement human thinking to a certain extent and can use the data obtained through ML techniques to create optimized and ideal workflows that take business operations to a new level.

Businesses are expected to increase their spending on analytics and other data-driven technologies to gain a better understanding of business processes and create better business intelligence solutions. This historic and current data pool will be then processed through the combination of various technologies to create a more refined workflow automation process that will continually keep evolving to accommodate changing business parameters in the global landscape.

Business workflow automation companies could have the potential opportunity to expand their business scope through the integration of the aforementioned novel technologies. Increasing investments in the development of new and advanced workflow and business process management systems are also slated to open up new avenues for established as well as new business workflow automation providers across the forecast period.

How Will Funding Opens New Doors for Business Workflow Automation Start-ups?

“Start-ups Raising Capital for Business Expansion & Product Development”

Aspiring business workflow automation providers are focusing on raising new capital to increase investments in business expansion endeavors, R&D of new solutions, and refinement of advanced business workflow software.

• In January 2023, Alaan, a UAE-based start-up founded in 2022 announced that it had bagged around US$ 4.5 million in its pre-Series A funding round led by Y Combinator, Presight Capital, and other investors. The company focuses on spending management and with the new capital it was expected to focus on the expansion of its services to other GCC countries and other international markets.
• CloseFactor, a start-up focusing on automating the repetitive sales process and other sales and marketing processes announced that it had raised US$ 15.2 million in a Series A funding round led by Vertex Ventures and participation from Sequoia on 17th January 2023. The company is expected to use this funding to create more workflow integrations and scale its product development.

This recently updated Fact.MR business workflow automation market research analysis provides a complete overview of how new developments by start-ups are changing product standards and pricing trends on a global and local level.

Country-wise Insights

Which Asia Pacific Countries are Lucrative Markets?

“China, Japan, Korea, & India to Be Leading Markets in APAC”

Increasing urbanization and digitization are projected to be the primary trends that are expected to shape business workflow automation demand in the Asia Pacific region across the forecast period. The rising proliferation of technology, growing IT spending, and rising adoption of business process automation (BPA) solutions and services are other aspects that could potentially uplift the demand for business workflow automation in countries such as China, Korea, India, and Japan over the next ten years.

The increasing popularity of automation and supportive digital transformative initiatives in the aforementioned countries are expected to bolster market development going forward. Upsurge in online transactions and adoption of Industry 4.0 trends are also slated to positively impact demand for business workflow automation services and solutions through 2033.

Which Trends are Shaping the Demand Outlook for Workflow Automation in Europe?

“Growing Adoption of Industry 4.0 Trends and Rising Focus on Sustainability”

Europe has been one of the foremost regions when it comes to the adoption of automation trends and this can be proven as we witness that the number of industrial robots in this region grew over 400% in nearly the past three decades. European countries have been quick to adopt Industry 4.0 automation trends and this has laid the foundation for business workflow automation demand that is projected to rise at a good pace over the next ten years.

Businesses in European countries such as Germany and the United Kingdom are focusing on deploying workflow automation solutions to improve productivity and also reduce their carbon footprint to meet sustainability goals. The environmental impact of the deployment of automated business solutions is expected to be a key trend that is projected to shape the market evolution in Europe in the long run. Business automation has been gaining popularity in European countries and the rising shift towards digitization of these economies is projected to bolster sales of business workflow solutions and software through 2033.

Why is Demand for Business Workflow Automation Solutions Surging in the United States?

“Increasing Use of Cloud Technology Spurring Sales of Workflow Automation Tools”

The United States has been quick to adopt the automation trend and this makes it a highly remunerative market for business workflow automation providers over the coming years. Businesses in the country are moving towards complete digitization to benefit from supportive digital transformation initiatives, which are expected to open up new inroads for market development in the future.

High adoption and availability of novel automation solutions and services, increasing adoption of cloud-based workflows, and the presence of key business workflow automation companies are other prospects that could potentially drive market growth through 2033. The developed healthcare infrastructure of the country is expected to be a particularly lucrative market for workflow automation solutions as penetration of automation increases in the healthcare industry.

Category-wise Insights

Which Organizations are Crucial for Business Workflow Automation Demand Going Forward?

“SMEs to Play Crucial Role in Future Market Growth”

Based on organization, the business workflow automation market is segmented into small & medium enterprises (SMEs) and large enterprises.

Small and medium enterprises are anticipated to witness rapid adoption of business workflow automation across the forecast period and are expected to offer a highly lucrative business scope for business workflow automation providers. SMEs are focusing on taking advantage of several digital transformation initiatives implemented by governments and hence, boosting the deployment of business workflow software in the aforementioned establishments.

However, at present large enterprises account for a dominant market share and are expected to maintain a similar stance over the coming years as well. High costs of deployment and maintenance of business workflow automation in large enterprises are expected to restrain growth in this segment over the next ten years.

Competitive Landscape

Top business workflow automation companies are anticipated to focus on mergers, collaborations, partnerships, and acquisitions to widen their business scope and fast-track the development of novel and advanced workflow automation software and solutions. Collaborations and acquisitions also help business workflow automation providers bolster their market share and this is also a factor that is projected to influence the competitive landscape of the market in the future.

• In January 2023, Trackunit, a global leader in IoT services announced that it had closed a deal to acquire Flexcavo, a German company specializing in workflow and process management to increase efficiency and lower operational costs. Trackunit through this acquisition has strengthened its portfolio of offerings for contractors with mixed fleets.
• On 10th January 2023, Hospital IQ, an automation solutions provider for hospitals was acquired by LeanTaaS, an AI software company. After this acquisition the combined value of LeanTaaS topped US$ 1 billion, making it one of the prominent players in the global marketplace.

Business Workflow Automation Industry Research Segments

• By Deployment :

  • Feature-based Solutions
  • Integration-based Solutions
  • Technology-based Solutions

• By Platform :

  • Cloud-based
  • On-premise

• By Organization :

  • Small & Medium Enterprises (SMEs)
  • Large Enterprises

• By Industry :

  • BFSI
  • Healthcare & Pharmaceuticals
  • Manufacturing
  • Education
  • Retail & Consumer Goods
  • IT & Telecommunication
  • Energy & Utilities
  • Travel
  • Others Industries

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA