Workflow Automation and Optimization Software Global Market Report 2024

The workflow automation and optimization software market size has grown rapidly in recent years. It will grow from $1.25 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historic period can be attributed to several factors, including the increasing adoption of cloud computing, a rising demand for process efficiency, the growing volume of digital data, the emergence of robotic process automation (RPA) technologies, and a widespread demand for cost reduction measures.

The workflow automation and optimization software market size is expected to see rapid growth in the next few years. It will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The projected growth in the forecast period can be attributed to several factors, including a heightened focus on enhancing customer experience, the growth of hybrid and multi-cloud environments, increasing demand for intelligent automation solutions, an emphasis on scalability and flexibility, and the proliferation of Internet of Things (IoT) devices. Major trends expected in this period encompass a shift towards hyper automation, the rise of intelligent document processing (IDP), the acceleration of robotic workforce orchestration, the emergence of explainable AI (artificial intelligence) in workflow automation, and the expansion of industry-specific workflow solutions.

The escalating risk of cyber-attacks is poised to drive the growth of the workflow automation and optimization software market in the foreseeable future. Cyber-attacks, characterized by malicious actions aimed at disrupting, damaging, or gaining unauthorized access to computer systems, networks, or digital devices, pose a significant threat due to increased connectivity and the lucrative nature of cybercrime, attracting both individual hackers and organized criminal groups. Workflow automation and optimization software play a critical role in mitigating these risks by streamlining and standardizing processes, thereby reducing the likelihood of human error that could lead to security vulnerabilities. Furthermore, such software facilitates rapid incident response by automating the execution of predefined response actions. For instance, reports from the Australian Cyber Security Centre in February 2023 revealed a substantial increase in cyber-crime reports, reaching 76,000 in 2022, marking a 13% rise from the previous year, underscoring the imperative for robust workflow automation and optimization solutions to counteract the growing cyber threat landscape.

Key players in the workflow automation and optimization software market are increasingly focusing on developing innovative solutions, such as Power Automate Process Mining with next-generation artificial intelligence (AI), to gain a competitive edge. Power Automate Process Mining leverages process and task mining techniques to analyze event logs from various enterprise resource planning (ERP), customer relationship management (CRM), human resources (HR), and other systems of records, as well as task recordings. For instance, in July 2023, Microsoft Corporation introduced Power Automate Process Mining with next-generation artificial intelligence (AI), featuring process intelligence, data analysis, and out-of-the-box templates for diverse use cases such as finance and supply chain. This platform's technological advancements, integrating next-generation AI for deep analytics and low-code automation, signify a significant stride in the workflow automation and optimization software market, enhancing operational efficiency and bolstering Microsoft's market position.

In February 2022, Nintex, a US-based company specializing in process intelligence and automation, acquired Kryon to enhance its intelligent process automation capabilities. This strategic acquisition integrates Kryon's advanced robotic process automation (RPA) technology and process discovery solutions into Nintex's offerings, strengthening its market presence and enabling organizations to effectively automate and optimize operations in the workflow automation and optimization software market. Kryon, headquartered in Israel, is renowned for its enterprise automation and RPA solutions, contributing to the advancement of workflow automation and optimization software.

Major companies operating in the workflow automation and optimization software market are Amazon Web Services (AWS), IBM Corporation, Oracle Corporation, SAP SE, Cognizant Technology Solutions Corporation, Adobe Inc., ServiceNow Inc., Xerox Corporation, Genpact Limited, SAS Institute Inc., Dropbox Inc., DocuSign Inc., Datadog Inc., Pegasystems Inc., JDA Software Group Inc. (Blue Yonder Group Inc.), UiPath Inc., Box Inc., Coupa Software Inc., BlackLine Inc., Appian Corporation, Automation Anywhere Inc., Celonis SE, Nintex Global Limited, Pipefy Inc., Camunda Services GmbH, Boston Software Systems, Tungsten Automation Corporation, Reva Solutions.

North America was the largest region in the workflow automation and optimization software market in 2023. The regions covered in the workflow automation and optimization software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the workflow automation and optimization software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Workflow automation and optimization software are tools and platforms crafted to streamline and enhance business processes by automating repetitive tasks, minimizing manual intervention, and boosting efficiency. These software solutions typically incorporate functionalities such as workflow visualization, task assignment, seamless integration with other applications, and analytics to drive productivity and effectiveness within organizations.

The primary types of workflow automation and optimization software include on-premise, cloud-based, and hybrid solutions. On-premise software is installed and operated on a company's local servers, offering businesses a way to streamline and improve their processes while maintaining control over their data and infrastructure. These solutions cater to various industries such as banking, financial services, and insurance (BFSI), education, healthcare, manufacturing, retail, transportation and logistics, telecommunications, information technology (IT), among others.

The workflow automation and optimization software research report is one of a series of new reports that provides workflow automation and optimization software market statistics, including the workflow automation and optimization software industry's global market size, regional shares, competitors with a workflow automation and optimization software market share, detailed workflow automation and optimization software market segments, market trends and opportunities, and any further data you may need to thrive in the workflow automation and optimization software industry. This workflow automation and optimization software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The workflow automation and optimization software market consist of revenues earned by entities by providing services such as workflow design and implementation, process analysis and optimization, automation consulting, integration services, and ongoing support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The workflow automation and optimization software market also include sales of products such as workflow management systems, process automation platforms, task management software, business process management suites, and robotic process automation tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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