Workflow Automation Market Trends

Growth Drivers

• Rise in Data Generated by Hospitals - In 2022, the healthcare sector generated about 29% of the total volume of data worldwide. Hence, the demand for workflow automation is growing in order to manage data. Healthcare workflow automation is becoming more and more popular, and for all the right reasons. It aids in relieving the strain of paperwork and repetitive duties on healthcare professionals so they may concentrate on important activities requiring expertise and strategic thinking. Healthcare workflow automation is the use of technology to streamline and automate procedures in healthcare institutions. This covers a wide range of tasks, such as booking appointments, monitoring patient data, overseeing the work of the staff, maintaining rosters, billing, and more. The objective is to increase effectiveness, decrease mistakes, and deliver better patient care.
• Growing Adoption of Cloud  - About 93% of businesses were utilizing cloud services in 2022 in the United States.
• Surge in Data Threats & Attacks  - Every day, about 29,000 websites are hacked worldwide. At least one type of cyberattack has been encountered by approximately 63% of businesses worldwide. In 2021, about 21 billion data were stolen. Automation gives the team's SOCs and cyber experts reliable data they may use to make judgements regarding threats and assaults. Once a threat or attack has been recognized, a complete end-to-end system check is performed to look for anomalies and infections that are already present in the system.
• Growth in Data Entry Errors  - Human data entry mistakes alone add about 24000 hours of needless reworking at a cost of approximately USD 877,000 per year" to financial procedures. Hence, workflow automation is used by financial departments and teams inside an organization to speed up account approval and data entry procedures in accurate manner.
• Upsurge in Adoption of Workflow Automation - Currently, about 66% of businesses employ business process automation to simplify and automate their routine, repeated operations across the globe Approximately, 30 percent of businesses have fully automated at least one of their key operations.

Challenges

• High Cost for Implementation of Workflow Automation
• Lack of Awareness Among People Regarding Workflow Automation
• Growing Concern Regarding Data Security - Using workflow automation could be problematic since it increases the possibility of cyberattacks against both human and non-human accounts. Process automation security is crucial as a result. RPA bots frequently transport secret data from one system to another while working on it. Without protection, this data is vulnerable to compromise, which could also cost businesses millions of dollars. Two of the main challenges to process automation are data theft and leaking. Critical data, such as consumer data, may be exposed to attackers in the absence of adequate security protocols. Thus, it is anticipated that throughout the forecast period, these issues would impede the growth of the global workflow automation market.