The global workflow content automation (WCA) market revenue totaled USD 1,222.1 million in 2023. The market is expected to reach USD 5,178.4 million by 2033, growing at a CAGR of 15.5% during 2023 to 2033.
The workflow content automation market currently represents around 8% of sales of the total workflow automation market. Workflow and content automation platforms have gained immense popularity over the last few years owing to a significant shift in terms of priorities across businesses.
These shifts are leading to increased adoption of workflow and content automation, which mainly assists organizations with content automation and helps in revenue generation.
Demand for WCA platforms is set to fuel over the coming decade backed by the emergence of operational and business models. Urgent need to improve the efficiency of resources for automated workflows in organizations would drive the market. Integration of connected technologies into automation would also enable greater flexibility.
Moreover, integration of workflow content automation into AI and IoT offers faster execution by eliminating manual documentation processes. Digital document processes provide efficient execution of tasks which helps in achieving desired results and thus, the adoption of WCA across organizations is becoming an unstoppable feat.
South Asia & Pacific is estimated to be the fastest-growing region in the workflow content automation market and is expected to grow by 6.2X during the forecast period. Rising adoption of emerging technologies, which is supported by rapid economic growth and advancement in developing countries is set to fuel the market in the region.
Southeast Asian businesses are embracing new technologies and training their staff for an AI-centered future.
Moreover, increasing emphasis on digitization with surging government initiatives and investments for automation across businesses is boosting the region's potential for global expansion, thereby assisting with successful technology transfer and helping local businesses to form partnerships that are globally competitive.
| Attributes | Key Statistics |
|---|---|
| Workflow Content Automation Market Estimated Size (2023E) | USD 1,222.1 million |
| Projected Market Valuation (2033F) | USD 5,178.4 million |
| Value-based CAGR (2023 to 2033) | 15.5% |
| Collective Value Share: Top 5 Vendors | Around 25% |
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The global workflow content automation market is set to grow at 15.5% CAGR between 2023 and 2033, as compared to 13.4% CAGR exhibited during the historical period.
Emphasis on traditional business documentation methods and lack of awareness about singular task automation procedures in emerging economies are some of the key factors that had slowed down the adoption of the product during the historical period.
Adoption of automation software and solutions has increased worldwide at a steady pace with rapid digitization and work-from-home trend. WCA combines sophisticated workflow capabilities along with automated document generation.
It also produces intelligent documents and provides valuable data analytics for more productive businesses. Workflow content automation further assists in streamlining the documentation process, accelerates time to revenue, and improves operations.
Urgent Need to Simplify Time-consuming Tasks
The need to simplify company procedures has been growing substantially in recent years. Capitalization of the vast array of profits which comes from the adoption of WCA would expand the market.
Automating documentation across business processes transforms repetitive operations from time-consuming tasks into efficient workflows and creates smart documentation processes.
Some of the key benefits contributing to the adoption of content automation are increased productivity by cutting out redundant tasks, lower expenses, high transparency across processes, enhanced security, and consistency across business processes.
Centralized content with real-time collaboration and established work priorities with maintained documentation would ensure streamlined content workflows for cost-effectiveness and fuel the demand.
Principal Consultant
Key Players in the USA to Launch New Document Workflow Automation Tools
As per FMI, the USA is expected to account for nearly 76.0% of the North America market share in 2022. The country is witnessing growth owing to early adoption of new technologies, surging penetration of automation & process management platforms, and expansion of cloud computing.
The USA houses many key software vendors that are currently striving to provide unique products to attract more clients. Besides, easy availability of advanced IT infrastructure with large amounts of technological investments and resources would aid growth.
In August 2022, for instance, NetDocuments, a cloud-based document and email management service provider based in the USA, introduced PatternBuilder, which is a workflow and document automation tool.
It would enable the public sector, legal teams, and law firms to automate their processes and expertise so that they can be predictably repeated. The launch of similar tools by renowned companies across the USA is likely to fuel growth.
Presence of Various Workflow and Content Automation Developers in China to Aid Growth
According to FMI, China is estimated to grow by 4.3X during the forecast period. Ongoing digital transformation with greater focus on automation of business documentation processes in the country is driving growth in the workflow content automation market.
Furthermore, expanding sizes of several enterprises and presence of various technology giants such as Tencent, Huawei Technologies, Alibaba, and Lenovo are fueling growth. Increasing scalability and flexibility of automation solutions is also adding to the widespread adoption of new content automation processes.
For instance, in December 2021, China Electronics Corp, a Chinese state-owned company, unveiled an upgrade in Lanxin, its office automation platform. The company wants to provide safe cloud-based services, including instant messaging for government authorities and companies. Thus, surging interest of government-owned firms in the development of cutting-edge products in China would fuel the market.
Urgent Need to Lessen Mundane Tasks Will Spur Sales of Workflow Automation in India
According to FMI, India is estimated to grow by 7.7X during the forecast period. The country has been experiencing growth in terms of the adoption of digital technologies. Growing awareness of IT services has also positively impacted companies in the field of workflow automation technology, thereby resulting in a spike in the number of WCA vendors across the country.
The need for automating manual tasks across multiple layers of organizations with gaps between business needs and capabilities would fuel the market. Demand for automation of risk, error-prone, and mundane tasks has also contributed to the surging need for workflow content automation solutions in India.
Organizations across India have recognized the significance and requirements of modern automation solutions, which has resulted in increased investments in technology and automation platforms for upskilling strategies and plugging the skill gap.
In June 2022, India-based software company Cyient introduced an AI-powered framework for automated system and software testing (CyFAST). It is planning to boost end-to-end test automation.
The platform would allow end-to-end test automation across embedded, desktop, mobile, and web applications, as well as hardware devices, thereby offering a comprehensive environment for managing and controlling testing projects. These types of product launches are anticipated to spur the India market.
Workflow Content Automation Platforms to Exhibit High Demand
By solution, the workflow content automation platform segment is expected to showcase the highest CAGR in the next decade. The segment is projected to grow by 4.4X during the forecast period.
Incorporating a workflow content automation platform in an organization enables faster transactions and is considered to be the next logical step towards digital transformation, as well as content and workflow automation.
Exponential demand for workflow content automation platforms can be observed owing to their key benefits such as faster performance, error elimination caused by operators, effective talent utilization, and scalability on a larger note.
Large Enterprises to Utilize Digital Document Processes Worldwide
The large enterprises segment is expected to grow at the highest CAGR of 13.8% during the forecast period. Increasing adoption of workflow automation is one of the key factors responsible for the surging need for unique solutions across large-scale enterprises.
Several large-scale organizations are nowadays adopting a workflow content automation approach for automating various tasks such as processing sales, generation of sales leads, and processing of a vast amount of content. Adoption of this type of platform for analyzing operational data and reviewing status reports in large enterprises would also spur growth.
The BFSI sector is expected to quickly embrace automated document generation tools.
Banks are going through rapid digitization as they migrate towards cloud. Owing to this, BFSI sector is projected to showcase a high CAGR of 11.9%.
About 58% of workload from a bank is being migrated to cloud. Thus, the BFSI industry is prioritizing automated workflows, adopting workflow content automation tools, and ramping up investments for initiating automation across time-consuming and monotonous procedures.
Incorporation of WCA software and solutions in the BFSI industry facilitates data entry for registration and clearance processes, assists in producing client information & updating systems, and conducts legal, compliance & credit checks, which would fuel the market.
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Workflow content automation businesses are emphasizing on enterprise partnerships, collaborations, and product innovations for expanding their geographic footprint, strengthening market positions, increasing sales, and maintaining a strong foothold in the competitive market.
For instance
The Market Leading Vendors Such as IBM, Nintex and Xerox are Setting New Benchmarks in Replacing Manual Labor by Automating Complex Tasks
IBM also provides consulting services for a variety of technologies, including nanotechnology and mainframe computers. It has seized the initiative in the emerging field of workflow content automation technologies.
IBM is at the forefront of information technology innovation, holding the record for the most patents granted on a continual basis. In March 2020, the business revealed plans to develop the first quantum computer. The company also announced a partnership with AWS to integrate IBM’s offerings with AWS. The partnership was formed in May 2022, aiming for multi-year partnership.
Meanwhile, IBM Decision Manager Open Edition provides Kogito-based cloud-native architecture, whereas IBM Process Automation Manager Open Edition will deliver full decision management support and BPMN2.0 modeling.
Nintex, on the other hand, is consistently building new solutions to consolidate its position. It is also working with the public sector, where it is automating the legacy systems through its innovative technology. Merger and acquisition are a vital strategy for Nintex.
Apart from IBM, Xerox is one of the most reputed companies in the workflow automation technology space. The company focuses on acquiring and making strategic partnerships in the technology landscape. For instance, in February 2022, Xerox announced the acquisition of Powerland to expand its presence in the North America IT space.
Recent Developments
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 1,222.1 million |
| Projected Market Valuation (2033) | USD 5,178.4 million |
| Value-based CAGR (2023 to 2033) | 15.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (USD million) |
| Key Regions Covered |
North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, Turkey, and South Africa. |
| Key Segments Covered | Solution, Enterprise Size, Industry, and Region |
| Key Companies Profiled | IBM Corporation; Open Text Corporation; MHC; Nintex; Clavis Technologies; Xerox Corporation; Newgen Software Technologies Limited; Oracle Corporation; Quark; Conga; Smart Communications |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
In 2023, the market is expected to be worth USD 1,222.1 million.
The market has the potential to surpass USD 5,178.4 million by 2033.
The market is expected to strengthen at a CAGR of 15.5%.
The large enterprises segment is expected to develop at a CAGR of 13.8% through 2033.
The BFSI industry is predicted to experience growth at a CAGR of 11.9% during the forecast period.
The United States to capture 76.0% of the market share in North America.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution 5.1. Workflow Content Automation Platform 5.2. Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 6.1. Small and Mid-Sized Enterprises (SMEs) 6.2. Large Enterprises 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 7.1. BFSI 7.2. Transportation & Logistics 7.3. IT & Telecom 7.4. Retail 7.5. Manufacturing 7.6. Government 7.7. Healthcare 7.8. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. IBM Corporation 18.2. Open Text Corporation 18.3. MHC 18.4. Nintex 18.5. Clavis Technologies 18.6. Xerox Corporation 18.7. Newgen Software Technologies Limited 18.8. Oracle Corporation 18.9. Quark 18.10. Conga 18.11. Smart Communications 19. Assumptions & Acronyms Used 20. Research Methodology
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Workflow Content Automation (WCA) Market
