Newark, April 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9.5 billion workflow management system market will reach USD 69.3 billion by 2032. The BPO industry is likely to drive the market over the forecast period due to the incorporation of new technologies with workflow automation and the increasing demand for workflow automation in logistics. Furthermore, the increased emphasis on optimizing company processes and facilitating corporate operations by implementing workflow automation solutions is expected to enhance the market in the coming years. In addition, a low-cost workflow automation system is expected to drive the market during the forecast period.
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Key Insight of the workflow management system market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest workflow management system market share. Due to the increased adoption of process management and automation technologies within the region. Furthermore, the region's rising online transactions and growing demand for business process automation.
The software segment dominated the market with the most significant revenue of USD 5.66 billion.
The software segment dominated the market with the most significant revenue of USD 5.66 billion. Due to the increased adoption of process management and automation technologies within the region. Furthermore, the region's rising online transactions and growing demand for business process automation.
The IoT segment accounted for the largest share of the market, with market revenue of USD 3.60 billion.
The IoT segment accounted for the largest share of the market, with market revenue of USD 3.60 billion. According to Ericsson, the number of IoT devices having cellular connections in 2016 is expected to reach 1.5 billion by 2022. The growing industry focuses on creating a connected ecosystem, and the standardization of 3GPP cellular IoT technologies is likely to support this robust growth.
The cloud segment accounted for the largest market share, with market revenue of USD 5.39 billion.
The cloud segment accounted for the largest market share, with market revenue of USD 5.39 billion. Because they do not require any upfront installation and have fewer integration requirements, cloud applications are more accessible to deploy than traditional software. The cloud apps of the service provider are continuously updated, patched with the latest stable version, and supported with continuing technical assistance.
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Advancement in the Market:
● In February 2022, Quadient Beanworks was established in the United Kingdom (UK) and France by Quadient, a pioneer in supporting businesses in generating meaningful consumer encounters through electronic and physical channels. Accounting personnel now have access to a faster, more secure, and more straightforward way to accept invoices and pay suppliers from anywhere owing to the leading accounts payable (AP) automated system.
● In December 2021, Workato, an enterprise automation firm, announced its expansion into the Japanese market by opening a new unit in the country. Workato intended to use this expansion to expedite the digital transformation efforts of enterprises in Japan through business automation and integration and expand its corporate reach.
Market Dynamics
Drivers: Workflow Management is a Rising Software
Workflow management is primarily a management discipline concerned with the work structure within a company and how teams interact to finish it. Although workflow management does not require software in theory, software tools are used in reality to keep track of work and automate aspects of it.
Restraint: Poor Workflow
Poor workflow automation awareness increased data security concerns in the financial industry, and challenges with integrating new and current systems are anticipated to function as market limitations.
Opportunity: Modernization of businesses
The rising demand for workflow management systems aids in modernizing business processes by adopting automation across various industry verticals. The increased emphasis on optimizing business processes accelerates market expansion. The increased management use for better resource utilization, cost efficiency, enhanced business processes, and the increased focus on digital transformation initiatives all impact the market.
Challenge: Application Costs
The increasing application costs, workflow challenges in incorporating new and outdated systems, and a decline in system flexibility are limiting market growth throughout the forecast period.
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Some of the major players operating in the workflow management system market are:
● Appian
● Bizagi
● Oracle Corporation
● Newgen Component Technologies Limited
● Pegasystems Inc.
● SourceCode Technology Holdings, Inc. (K2 Component Inc.)
● International Business Machines Corporation
● Nintex UK Ltd.
● Xerox Corporation
● Software AG
Key Segments cover in the market:
By Component:
● Service
● Software
By Vertical:
● Transportation
● BFSI
● IoT
● Healthcare
● Retail
● Others
By Deployment:
● On-Premises
● Cloud
About the report:
The global workflow management system market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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