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Ai Bpm Is Fastest Growing Segment Fueling The Growth Of Workflow Automation Market

Workflow Automation Market

The workflow automation market comprises software and tools that help organizations streamline and automate business processes by automating repetitive tasks across departments within organizations. Workflow automation increases efficiency, reduces errors and costs by automating workflows and approval processes.

The global Workflow Automation Market is estimated to be valued at US$ 22,025.74 Mn or Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the workflow automation market is the growing adoption of artificial intelligence and machine learning technologies. Workflow automation software integrated with AI and ML capabilities can enable organizations to automate complex workflows. AI in workflow automation tools can analyze past workflow data and tasks to identify patterns and automate future tasks based on past trends and data. This helps optimize workflows, reduce manual efforts and errors. AI also enables automation software to be more proactive and predictive in automating future tasks.

Segment Analysis:

The global workflow automation market is segmented by component, organization size, deployment type, industry vertical, and region. Based on component, the market is divided into software and services. The software segment dominated the market in 2022 and is expected to witness high growth during the forecast period owing to the increasing adoption of process innovation and automation solutions among organizations to enhance business productivity and reduce operating costs.

 Key Takeaways:

The Global Workflow Automation Market Demand is expected to reach US$ 22025.74 million by 2023, exhibiting a CAGR of 16% over the forecast period. The growing need to streamline business processes and enhance efficiency is expected to drive the demand for workflow automation solutions.

Regionally, North America dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to the presence of major workflow automation vendors and early adoption of advanced technologies across industries in the region. Asia Pacific is expected to witness the highest growth rate during the forecast period owing to growing digitization, infrastructure development, and adoption of cloud-based technologies across industries in emerging countries of the region.

Key players operating in the workflow automation market are Xerox Corporation, IBM Corporation, Nintex Global Limited, Software AG, Newgen Software Technologies Limited, Oracle Corporation, IPsoft Inc. (Amelia LLC), Pegasystems Inc., Bizagi, and Appian Corporation. The major players are focusing on numerous organic and inorganic growth strategies such as new product launches, acquisitions, and collaborations to strengthen their market presence. For instance, in 2022, Appian Corporation acquired Lana Labs, a low-code security and workflow automation startup, to further expand its low-code security and workflow automation capabilities.

Explore more trending article on this topic - 

https://www.insightprobing.com/workflow-automation-market-share-and-demand-analysis/

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