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Workflow Management System Market Trends

ID: MRFR//1946-HCR | 100 Pages | Author: Ankit Gupta| July 2024

Workflow Management System Market Overview

Workflow Management System Market Size was valued at USD 6.6 billion in 2021. The workflow management system market industry is projected to grow from USD 8.6 Billion in 2022 to USD 55.51 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.5% during the forecast period (2022 - 2030). The increase in demand for workflow management system assists in modernizing the business processes by adopting automation across different industry verticals, and increased focus on streamlining business processes accelerate the market revenue growth.

Workflow Management System Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Workflow Management System Market Trends

Increased focus on streamlining business processes to drive market growth

Workflow management system offers many advantages to organizations in terms of lesser lead times, reduced errors in work handoffs, and microscopic insights into process execution. The coordination and collaboration of work among teams become easier, quality work is delivered as it is executed efficiently, and the whole process becomes flexible. Workflow management system streamlines and coordinates business processes and the tasks associated with them to enhance the overall agility of the business. This system is also effective in providing total transparency of all activities across teams and organizations, as well as increasing customer satisfaction and shortening the time required for products and services to reach the market.

There is an increasing realization of the benefits of workflow management such as cost-effectiveness, process automation, and process integration, among others. Growing businesses with a clear understanding of these benefits and the usability of the workflow management system would help to gather tremendous opportunity for the adoption of workflow management software.

Workflow Management System Market Segment Insights

Workflow Management System Deployment Insights

The workflow management system market segmentation, based on deployment, includes on-cloud and on-premises. The on-cloud segment held the majority share in 2021 contribution to around ~65-67% in respect to the workflow management system market revenue. Organizations widely prefer cloud-based software as it is hosted on the vendor’s server and can be accessed through the web browser. Cloud-based hosting eliminates the need to regularly upgrade the system and allows users to access data from any location without any hassles. The growing requirement is driving the demand for cloud-based workflow solutions among businesses to capture data and manipulate applications. Workflow solutions are being deployed in the cloud for various reasons, including their simplicity of use, fewer infrastructure expenses, and lower installation and maintenance costs. Such an adoption strategy helps SMEs save costs and replicates the advantages enjoyed by corporations.Workflow Management System Deployment InsightsWorkflow Management System Component Insights

The workflow management system market segmentation, based on component, includes software and service. The software segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Workflow management software is being implemented across various industries and industry verticals as part of the efforts to automate and streamline the business processes. Benefits, such as cost efficiency, better utilization of resources, and enhanced business processes, associated with the implementation of workflow management software are expected to drive the growth of the segment. As companies continue to grow, the nature of their business is transforming and companies handling larger volumes of data and additional functionalities, thereby driving the need for workflow management software. Workflow management software can also be a part of a technologically advanced infrastructure and help in utilizing the generated data for decision making.

Workflow Management System Vertical Insights

The workflow management system market data has been bifurcated by vertical into BFSI, healthcare, retail, and IT/Telecom. The BFSI segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. In the BFSI industry, workflow management systems combine records management, content management, and business process automation. They can help with various banking operations, such as new client onboarding, loan application processing, fraud information management, compliance management, and records management. Considering the confidentiality associated with the data the incumbents of the BFSI industry must handle and the various ways this data can be exploited, workflow management systems can help in establishing safe storage and communication systems for the data and in permitting authorized access while thwarting all unauthorized attempts to access the data.

Workflow Management System Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American workflow management system market is anticipated to expand at a significant CAGR during the study period, accounting for USD 2.77 billion in 2021. This region is anticipated to be the leading revenue contributor in the market throughout the forecast period. Moreover, the rapid adoption of cloud-based services and the introduction of high-speed data networks also reflect favorably on workflow management systems market forecasts. Canada is witnessing the rapid adoption of 5G networks. For instance, in January 2020, Rogers Communications Inc., a telecom provider, officially announced that it has begun 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 bring significant opportunities to workflow management providers for providing high-speed business automation.

Moreover, the major countries covered in the market report include the United States, Germany, Canada, France, the United Kingdom, Italy, Spain, India, Japan, Australia, China, South Korea, and Brazil.Workflow Management System Regional InsightsThe European workflow management system market is the world's second-largest. Automation, cloud computing, continuous data availability, and better process management have boosted the market in the European region. Investment in IT services has led to the growth of the Workflow Management System Market in European countries. Further, the German workflow management system market held the largest market share, and the France workflow management system market was the fastest-growing market in the European region.

The Asia Pacific workflow management system market is expected to grow at the fastest rate of CAGR during the forecast period. The BFSI sector in India and China is gaining momentum owing to increasing demand for automation of business processes and increased online transactions. India and China are considered to have a huge product demand for solutions owing to economic development and the rising adoption of technology across different industry sectors. The increasing investments in tech firms in China are further paving the way for the growth of the market in the region. Moreover, China’s workflow management system market held the largest market share, and the Indian workflow management system market was the fastest-growing market in the Asia-Pacific region.

Workflow Management System Key Market Players & Competitive Insights

The key companies are concentrating on offering diverse solutions suitable to cater to the needs of each end-user for gaining a noteworthy market share. Companies are focusing on reducing operational costs and increasing the effectiveness of their workflow processes. Many companies require the quick implementation and deployment of applications to focus more on development and reduce infrastructure overheads. RPA offers more flexibility and improves process quality, speed, and productivity, allowing for a more robust experience for organizations to meet the demand for cost reductions.

The vendors operating in the market are placing a strong emphasis on delivering innovative solutions to support technology transformation, ensure adequate cybersecurity to protect confidential information, optimize organizational operations, integrate artificial intelligence with business operations, derive superior business outcomes, and enable proactive remote monitoring. They are also offering various other services to businesses and helping them sustain in the digital age. Buyers, including small, medium, and large-sized enterprises, operating across various industries and sectors, are increasingly opting for workflow management systems to streamline their business processes.

Mature industry players are making strategic investments in research and development activities and fostering their expansion plans. For instance, on May 26, 2022, Personio, a Dublin-based HR software company, announced the acquisition of Back, an employee experience platform and the opening of two new offices in Berlin and Barcelona to expand its software offering. Black is a Berlin-based company developing an employee platform that automates key people processes to boost efficiency. The deal will help Personio develop its People Workflow Automation software category. Personio’s People Workflow Automation software supports SMEs without the resources to build their own automated workflows. It is now developing all-in-one HR software for human resources, recruiters, and payroll handlers. Personio will continue to evolve into a People Workflow Automation space, driving productivity across every aspect of a business by removing delays and ensuring that no opportunity is missed.

Key Companies in the workflow management system market include

Workflow Management System Industry Developments

January 2022: Salesforce announced new innovations that would enable the companies to modernize and automate their system by developing flexible digital strategy and increase customer connect.

February 2022: IBM acquired Neudesic which is a U.S. cloud services consultancy. This acquisition provides portfolio of hybrid multi-cloud services expanding its cloud services to improve operational agility.

December 2018: Xerox and Top Imaging System joined hands to integrate the content processing solutions of The Top Imaging System to automotive workflow designs of Xerox for reselling. With this deal, larger enterprises that used services from Xerox have a better claim on data entry, data processing, administration, and streamlining business workflows and processes.

Workflow Management System Market Segmentation

Workflow Management Deployment Outlook

  • Schematic Capture

  • PCB Layout

Workflow Management System Component Outlook

  • Low-end

  • Medium-end

  • High-end design

Workflow Management System Vertical Outlook

  • On-cloud

  • On-premise

Workflow Management System Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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