Rising Adoption of 5G is driving the Workflow Automation Market Growth

 

Workflow Automation Market 

Workflow Automation Market is segmented by Solution (Software and Services), End-user Industry (Banking, Telecom, Retail, Manufacturing and Logistics, Healthcare and Pharmaceuticals, Energy and Utilities), Deployment (Cloud and On-premise), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Workflow Automation Market is estimated to be valued at US$ 18,890 million in 2022 and is expected to exhibit a CAGR of 16.6 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Workflow automation is a method of making the flow of works, official papers and data over work-based events conduct independently in order with definite business rules. In the time of execution, this kind of automation should be a direct process that is implemented on daily basis to enhance daily productivity. Workflow is a sequence of activities required to finish a task. Workflow automation changes the working of those actions from humans to a software program.

Competitive Landscape:

Key players involved in the growth of the global Workflow Automation Market are Appian Corporation Xerox Corporation, IBM Corporation, Oracle Corporation, and Pegasystems Inc. 

Market Key Drivers:

The rising adoption of 5G networks is expected to augment the growth of the global Workflow Automation Market. For instance, as per Ericsson’s Mobility there were around 580 million 5G subscriptions in 2021 and the number is expected to reach 3.5 billion by the end of 2026.

The rising demand for workflow software from companies is leading to quick investment in the growth of more sophisticated and effective software which is projected to propel the growth of global Workflow Automation Market. For instance, as per Pulse and Workato State of Automation Report 2021, in couple of years, 64% of business professionals at companies are trying to build automation that aims on enhancing employee experience.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Workflow Automation Market due to the surge in pandemic. The rising cases have disrupted the supply chain and the supply of raw materials. Compulsory Work-from-home led the service workers to assure that mission-critical enterprise users have the essential tools and technologies to allow the speed, privacy, quality, and complete efficiency of services.

Key Takeaways:

The global Workflow Automation Market is expected to exhibit a CAGR of 16.6 % during the forecast period owing to the rising adoption of IoT devices. For instance, as per Erricsson there were around 1.5 billion users using IoT devices in 2022.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Workflow Automation Market due to rising adoption of IoT devices, increasing use of 5G subscriptions, rising automation and rising approvals and acquisitions. For instance, NSAI highlighted that AI is known to boost India's annual growth rate by 1.3% by 2035.