USD 12.14 billion
Workflow Management System Market Size, Share, Growth Analysis, By Deployment(software and services), By Component(transportation, healthcare, IT and telecommunications, retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2080 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
66
|Figures:
79
Workflow Management System Market Insights
Workflow Management System Market size was valued at USD 12.14 billion in 2022 and is poised to grow from USD 14.93 billion in 2023 to USD 78.23 billion by 2031, at a CAGR of 23% during the forecast period (2024-2031).
Workflow management systems are gaining acceptance in the market as they help in improving efficiency and reducing operational cost. The systems optimize automation, workflow, and processes, thus freeing up workers to do more important tasks more quickly. Workflow management solutions are expected to provide many benefits, including reductions in workload, better returns on investment, and improved effectiveness. This is likely to guide to even greater market growth in the future. WFMS is a software application designed to help manage workflows and keep track of the progress of tasks. Workflow management system is generally used to have better performance as a workflow is designed to incorporate the real-life scenario.
It is important to have a workflow management system in order to keep up with the constantly changing business flow in both small and large businesses. Many companies have successfully modified the changing dynamics of the workflow industry by streamlining processes and making easy access to data. Users can have multiple workflows for different jobs and processes for a product company. The automation of user jobs, continuing technological advancement, the increasing use of the Internet of Things, and artificial intelligence have all helped to fuel the growth of workflow management systems.
US Workflow Management System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
on-premise
Fastest Growth
on-premise
Growth Rate
23% CAGR
Global Workflow Management System Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Workflow Management System Market Segmental Analysis
The workflow management system is segmented on the basis of by deployment, By component, by vertical, and by region. Whereas, By deployment is sub segmented into the on-premise, cloud, and hybrid. By component is sub segmented into the software and services. By vertical is sub segmented into the transportation, healthcare, IT and telecommunications, retail, BFSI, defense, automotive, and others. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Analysis by Deployment
On the basis of deployment, On-premise deployment means changing the existing workflows on the company’s system, Cloud deployment is the process of deploying web services on the cloud in order to make the most money. A hybrid deployment is a combination of the existing workflow and using them to be deployed on the cloud. The growth of the on-premise software market can be attributed to the fact that on-premises software can be easily customized to meet the needs of individual clients. On-premise deployment is typically preferred when it comes to software because it's easy to customize and doesn't require an internet connection. including, on-premise software assures full control over confidential business data.
Analysis by Vertical
Based on verticals, The BFSI segment dominated the market in 2021 and accounted for more than 65% of the global revenue and is also expected to exhibit the highest CAGR. In the BFSI industry, workflow management systems combine records management, content management, and business process automation. Banks can benefit from the help of staffing agencies in a variety of banking-related operations, such as new client onboarding, loan application processing, fraud information management, compliance management, and records management.
Global Workflow Management System Market By deployment 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Workflow Management System Market Regional Insights
North America is anticipated to be the largest regional market and accounted for more than 45% of the overall revenue share in 2021. This region is expected to be the leading revenue provider in the market during the forecast period. The fast adoption of cloud-based services and the introduction of high-speed data networks are good news for workflow management systems markets. Canada is witnessing the rapid adoption of 5G networks. For example, In January 2020, Rogers Communications Inc. announced that it had started to roll out its wireless 5G network in downtown areas of Vancouver, Toronto, Ottawa, and Montreal. The increasing adoption of 5G services is expected to conduct significant benefits for workflow management providers who can provide high-speed business automation.
The Asia Pacific region is expected to exhibit the highest CAGR. The BFSI sector in India and China is growing rapidly because of increased demand for automation of business processes and increased online transactions. India and China are two of the world's fastest-growing economies, and their demand for technology solutions is growing due to their rapid economic development and increased adoption of technology across different industries. Increasing investment in technology companies in China is further covering the way for market growth in the region.
Global Workflow Management System Market By Geography, 2021-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Workflow Management System Market Dynamics
Drivers
Rapidly Evolving Business Structure to Bolster Market Growth
- To successfully manage the rapidly changing business flow in small and large businesses, maintaining a workflow management system is essential. Many companies have successfully adapted to the changing dynamics of the workflow industry by streamlining processes and making easy access to data. The key drivers of the Workflow Management System Market are the increase in the adaptive environment and continuous access to technology, data, and information, growing data, and changing nature of the business. The competition between companies in the field of workflow management systems is due to technological advancements and the use of automation tools, which has resulted in the industry becoming more popular.
Restraints
High Cost to Hinder Market Growth
- The Workflow Management System market is growing slowly due to the high costs of implementation and the high investment needed to transfer services as the market changes. This makes it difficult to keep up with the changing market demands. The Workflow Management System (WMS) faces a number of challenges when it comes to managing data and hacking on the internet. For example, cloud computing and the Internet of Things make it easy for people to access and share information.
Request Free Customization of this report to help us to meet your business objectives.
Workflow Management System Market Competitive Landscape
The Workflow Management System (WMS) market is growing rapidly thanks to high investments in the IT sector, high product demand, and high problem-solving techniques. Workflow management systems have been popular with a variety of audiences, including end users, software providers, original technology designers, original technology suppliers, technical universities, system integrators, IT service providers, research and development areas, consultancy firms, and cloud service providers.
Top players company profiles
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Nintex Global Limited
- Pegasystems Inc.
- Appian Corporation
- ServiceNow, Inc.
- Newgen Software Technologies Limited
- SourceCode Technology Holdings, Inc.
- Comindware, Inc.
- Creatio LLC
- Kissflow Inc.
- Laserfiche
- OpenText Corporation
- Zoho Corporation Pvt. Ltd.
- ProWorkflow
- Wrike, Inc.
- KiSSFLOW
- Quixy
Recent developments
- FezyFlow, a no-code workflow platform, was formally released by global IT services provider FPT Software in July 2023. Driven by its vision to usher in a new age of AI-enabled no-code platforms, FezyFlow works to support businesses in their digital transformation by leveraging their non-IT resources.
- Monday.com Ltd. debuted Monday.dev in May 2023. It's a cutting-edge application that unifies software development tracking on a single platform, facilitating smooth communication between administrators, engineers, and developers. Product and development teams may easily work together with other departments by utilizing Monday Dev's interface with Work OS. This allows them to plan releases, manage sprints, receive customer feedback, and manage backlogs in addition to strategically strategizing product roadmaps. It is expected that this integration will enable firms to focus their resources and development efforts on creating successful products.
- CenTrak announced the launch of WorkflowRT in January 2023. By automating workflow and communications, this scalable cloud-based platform lessens the workload associated with the manual paperwork needed for every stage of clinical care.
- Software AG announced the debut of the web Methods API Marketplace platform in January 2023. This platform manages microservices and APIs and is designed to make it easier for developers to find, use, and implement new integration tools and APIs.
Workflow Management System Key Market Trends
- Workflow management systems are important for businesses to be successful in today's fast-paced era. Integrating digital completion technology into every business process is essential in order to meet the growing demand of consumers. Small and mid-sized businesses commonly use workflow management solutions to improve collaboration and productivity.
Workflow Management System Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, Co-relates and analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Workflow management system market analysis, its demand is projected to be fueled by the growing desire to update corporate processes, which is coupled with the ongoing adoption of cutting-edge technology across numerous sectors and industry verticals. Businesses are expected to be significantly impacted by the COVID-19 pandemic, which will stifle innovation, dampen profitability, and deplete cash flow. Yet, there hasn't been much of a detrimental effect on the software sector, particularly the market for workflow management systems. The epidemic has spurred attempts to embrace a digital-first strategy for facilitating worker and consumer interactions, updating technological infrastructure, and enhancing data capabilities. It has also fueled innovation ambitions across several end-use industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 12.14 billion |
| Market size value in 2031 | USD 78.23 billion |
| Growth Rate | 23% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Workflow Management System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Workflow Management System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Workflow Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Workflow Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Workflow Management System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Workflow Management System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
