New York, July 20, 2023 (GLOBE NEWSWIRE) -- According to a report by Market.us, the projected size of the Workflow Management System Market is estimated to surpass USD 70.9 billion by 2032. Furthermore, it is anticipated to experience a compound annual growth rate (CAGR) of 23.3% from 2023 to 2032.
A workflow management system, also known as a software platform, is used for supportive management and implementation of workflow methods. The workflow management system is achieving support as businesses undergo digital transformation to optimize workflow. This system offers a decrease in workload, improved effectiveness, and better returns on investments. It is called the addition of workflow systems and applications that confirm the incorporation of programs and individuals in the framework of a defined business method. A workflow management system offers an infrastructure for the set-up, presentation, and monitoring of a defined order of tasks prepared as a workflow application. Workflows can help streamline and automate repeatable business tasks, minimize room for errors, and increase whole efficacy.
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Key Takeaway
- By Component, 2022, the software segment has generated a revenue share of 65.4% in 2022.
- By Deployment Mode, the cloud segment held a prominent share of the global workflow management system market revenue share in 2022.
- By End-User, the BFSI segment has dominated the market with a revenue share, and it is growing at the highest CAGR from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 41%.
- Asia-Pacific held a significant revenue share of 21.4% in 2022.
Factors Affecting the Growth of the Workflow Management System Market
There are several factors that can affect the growth of the workflow management system market. Some of these factors include:
- Increasing Use of Workflow Management: Organizations need workflow software, and the rapid spending in developing more efficient software drives market growth.
- Better Utilization of Resources: Better use of resources. Cost-efficacy, and enhanced business procedures, related to the implementation of workflow management systems are anticipated to propel the market growth.
- Adoption of Latest Technologies: Approval of the latest technologies, such as mobile and cloud computing, and the increasing demand for modernized corporate procedures fuel the market growth.
Top Trends in Global Workflow Management System Market
The increase in smartphone approval and the prevalent Bring-Your-Own-Devices trend impact the market growth. Furthermore, the increase in remote trends and the demand for mobile access solutions allows employees to work remotely. As a result, the workflow management system market is set to show tremendous growth, with the increased need for automation and digital transformation across several industries.
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Market Growth
The cost benefits delivered by cloud computing drive market growth. Rise in focus on streamlining business methods and related tasks to influence the whole agility of the business and propel market growth. In addition, there is a rising realization of the demands of workflow management, such as process integration, cost-effectiveness, and process automation, fueling market growth.
Regional Analysis
The workflow management system market was dominated by North America, which acquired a significant revenue share of 41% during the forecast period; the main factor propelling the region’s growth is the high permeation rate in manufacturing, healthcare verticals, and BFSI; due to the rising number of technology and the high approval of cloud services in the U.S. region. Furthermore, inventors in the U.S. and Canada aid investing companies in developing workflow management systems software.
The Asia-Pacific is estimated to hold the second-largest market revenue share during the forecast period. The increasing number of smartphone users and the rise in online commerce are some of the major factors anticipated to propel the growth of this region. Furthermore, numerous governments in the Asia-Pacific region are encouraging software companies to develop and design mobile applications.
Competitive Landscape
Key players are effectively working on novel product development and enhancement of existing products to achieve novel consumers and capture more market share. Corporations can be seen engaging in collaborations, partnerships, and mergers & acquisitions and achieve competitive benefits in the market. Some of the major market players include
- International Business Machines Corporation
- Oracle Corporation
- Appian Corporation
- Bizagi
- Source Code Technology Holdings Inc.
- Pegasystems Inc.
- Newgen Software Technology
- Software AG
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 9.2 Billion |
| Market Size in 2032 | USD 70.9 Billion |
| CAGR (2023 to 2032) | 23.3% |
| North America Revenue Share | 41% |
| Asia-Pacific Revenue Share | 21.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The rapid approval of cloud-based technology and automation in several enterprises is anticipated to drive market growth. Rise in the deployment of the workflow management system owing to its decrease in errors, increasing productivity, and rise in output. The increase in investment is owing to the rising use of workflow management, driving market growth. AI and developing technologies such as machine learning, computer vision, and cognitive automation are achieving more popularity in the market. Furthermore, it speeds up internal procedures by decreasing manual entry, requests, and contracts, increasing the need for a workflow management system that propels market growth.
Market Restraints
Various organizations do not have lack IT infrastructure and capital are less likely to approve workflow management systems. Therefore, implementing high costs and difficulties integrating novel and legacy systems through workflows are anticipated to hinder market growth. Additionally, security concerns are the major factor restraining the market growth.
Market Opportunities
With the increase in work and the demand for mobile access, WMs providers offer remote and mobile admittance solutions for their platforms, allowing employees to work remotely. In addition, the organizational need for workflow drives rapid spending in developing more sophisticated and efficient software and offers lucrative market growth opportunities.
Report Segmentation of the Workflow Management System Market
Component Insight
The software segment dominated the workflow management system market, holding the most significant revenue share of 65.4% in 2022. Workflow software can potentially automate methods and support making decisions efficiently. The software also contains production workflow systems. Web-based workflow systems and messaging workflow systems. Owing to the largescale approval of workflow management systems worldwide offers the largest market share. This software can usually identify procedures and enhance those at each platform as a part of the efforts to balance the workload approximately for gaining short-term goals.
Deployment Mode Insight
The cloud segment dominated the highest market revenue share of 68.7% in 2022. Cloud applications managed by the service provider are commonly updated, stable with the most stable version, and supported with constant mechanical support. Cloud application deployment is easier than predictable software as cloud applications need no open installation and have fewer integration demands. Large establishments operating from numerous sites typically prefer working on the same database and thus refer cloud base servers.
End-User Insight
In 2022, the BFSI segment held the highest market revenue share in the global workflow management systems market. They can benefit from serval banking operations such as novel client onboarding, fraud information management, loan application processing, and records management. The confidently related to the data the executives of the BFSI industry have to hold and the several ways this data can be misused.
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Market Segmentation
By Component
- Software
- Services
By Deployment Mode
- Cloud
- On-Premise
By End-User
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Other End-Users
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Workflow Management System Market
- In April 2022, Software AG collaborated with Matillion, a cloud-native data integration and transformation platform provider. The collaboration of two companies integrating data revived from various sources and created a single source to extract meaningful business insights by supporting cloud approval.
- In March 2022, Maxcess, a global leader in inventive solutions and processes for web processing applications, introduced the introduction of VisionMax and VisionConnect, two inclusive vision examinations and automation technologies that decrease client claims, reworking, and garbage.
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