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Global Workflow Management System Market – Industry Trends and Forecast to 2030

ICT

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Global Workflow Management System Market – Industry Trends and Forecast to 2030

  • ICT
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Workflow Management System Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 9,540.00 USD million
Diagram Market Size (Forecast Year) USD 44,259.36 USD million
Diagram CAGR %

Major Markets Players

  • Xerox Corporation
  • IBM Corporation
  • Oracle
  • Software AG
  • SourceCode Technology Holdings

Global Workflow Management System Market, By Component (Software, Services), Deployment Type (Cloud, On-Premises) Industry Vertical (Banking Financial Services and Insurance, Public Sector, Healthcare, Energy and Utilities, Retail, IT and Telecom, Travel and Hospitality, Transportation and Logistics, Education, Others) – Industry Trends and Forecast to 2030.

Workflow Management System Market

Workflow Management System Market Analysis and Size

The rise in the access to information across the globe, 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, increase in the adoption of the management for better utilization of resources, cost efficiency, and improved business processes, and rise in focus on digital transformation initiatives further influence the market. In addition, rapid digitization, expansion of end use industries, and increase in investments positively affect the global workflow management system market.

Data Bridge Market Research analyses that the global workflow management system market which was USD 9,540.00 million in 2022, is expected to reach USD 44,259.36 million by 2030 and is expected to is expected to grow at a CAGR of 33.3% during the forecast period of 2023 to 2030. “Software” dominates the component segment of the global workflow management system market due to its flexibility, scalability, and ability to cater to diverse industry-specific needs without the constraints of hardware. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Workflow Management System Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Component (Software, Services), Deployment Type (Cloud, On-Premises) Industry Vertical (Banking Financial Services and Insurance, Public Sector, Healthcare, Energy and Utilities, Retail, IT and Telecom, Travel and Hospitality, Transportation and Logistics, Education, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of the Middle East and Africa

Market Players Covered

Xerox Corporation (U.S.), IBM Corporation (U.S.), Oracle (U.S.), Software AG (Germany), SourceCode Technology Holdings, Inc. (U.S.), Pegasystems Inc. (U.S.), Nintex UK Ltd (U.K.) , Bizagi (U.K.) , Appian (U.S.), Newgen Software Technologies Limited (India), FUJITSU (Japan), TIBCO Software Inc. (U.S.), Microsoft (U.S.), SAP SE (Germany), monday.com (Israel), bpm'online (U.S.), Wrike, Inc. (U.S.), Kissflow Inc. (U.S.), ProjectManager.com, Inc. (U.S.) , Pelago (U.S.)

Market Opportunities

  • Adopting automation across different industry verticals
  • High saving cost

Market Definition

Workflow management system refers a software package that is utilized for supporting management and execution of workflow processes. It is defined as the integration of workflow systems, and applications that ensure the incorporation of programs and people in the framework of a defined business process.

Global Workflow Management System Market Dynamics

Drivers

  • Digitalization and Transformation Initiatives

There are many organizations that have embarked on digital transformation journeys to stay competitive and improve their operational efficiency and agility. This drive towards digitalization has significantly fuelled the adoption of workflow management systems. These systems play a pivotal role in this transformation by automating manual processes, reducing human errors, and ensuring that digital workflows are seamless. As businesses seek to optimize their operations and embrace technology-driven solutions, the demand for workflow management systems continues to grow.

  • Remote and Hybrid Work Trend

The global shift towards remote and hybrid work models has been accelerated by the COVID-19 pandemic. This change in work dynamics has created a strong demand for workflow management systems. These systems enable companies to coordinate tasks and processes efficiently across dispersed teams, whether they are working from home, in satellite offices, or from various geographical locations. Workflow management systems have become essential tools in maintaining productivity and fostering collaboration in this new work environment, regardless of employees' physical locations.

Opportunities

  • Cloud-Based Solutions

The increasing adoption of cloud computing presents a significant opportunity for providers of workflow management systems. Cloud-based solutions offer scalability and cost-effectiveness, allowing businesses to access and manage their workflows from anywhere with an internet connection. Cloud-hosted workflow management systems eliminate the need for extensive on-premises infrastructure, reducing operational costs and making these solutions accessible to organizations of all sizes. This shift to the cloud aligns with the broader trend of digital transformation and offers room for growth and innovation in the market.

  • Integration with AI and Analytics

The integration of artificial intelligence (AI) and advanced analytics into workflow management systems holds immense potential. By incorporating AI and analytics capabilities, these systems can provide valuable insights, automate decision-making processes, and predict workflow bottlenecks or opportunities for optimization. This level of intelligence enhances the efficiency of workflows, streamlines operations, and improves overall productivity. Organizations are increasingly recognizing the benefits of AI and analytics in workflow management, and this integration presents a compelling opportunity for system developers to differentiate their offerings.

Restraints/Challenges

  • Security and Safety Concerns

Workflow management systems often handle sensitive data and are responsible for managing critical business processes. Consequently, security concerns are a significant challenge. Organizations need to implement robust security measures to safeguard their data, protect against cyber threats, and ensure compliance with data privacy regulations such as GDPR and HIPAA. Achieving and maintaining a high level of security can be complex and costly, especially for businesses with stringent data protection requirements.

  • Resistance to Change due to Reasons

Implementing workflow management systems typically involves a fundamental change in an organization's processes and workflows. Employees and stakeholders may resist these changes due to concerns about job displacement, unfamiliar technology, or uncertainty about how the system will affect their roles. Overcoming this resistance and ensuring that all team members embrace and adapt to the new system is crucial for its successful adoption. Managing change effectively requires strong leadership, training programs, and clear communication strategies to address employee concerns and facilitate a smooth transition.

This global workflow management system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global workflow management system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In May 2022, Personio, a HR software business based in Dublin, acquired back, an employee experience platform to diversify its software portfolio and open two new locations in Barcelona and Berlin. Black is a Berlin-based firm that streamlines essential personnel procedures through its employee platform. The agreement supported Personio's growth in the people workflow automation software market
  • In April 2021, Software AG partnered with Matillion, a provider of cloud-native data integration and transformation platform. The partnership envisaged the two companies integrating data received from different sources and creating a single source to extract meaningful business insights, thereby supporting cloud adoption and digital transformation
  • In April 2021, Software AG collaborated with Matillion, a platform supplier, for the integration and transformation of cloud-native data. To extract useful business insights and drive cloud adoption and digital transformation, the alliance combined data from several sources into a single source

Global Workflow Management System Market Scope

The global workflow management system market is segmented on the basis of component, deployment type and industry vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Component

  • Software
  • Production Workflow Systems
  • Messaging-Based Workflow Systems
  • Web-Based Workflow System
  • Suite-Based Workflow Systems
  • Other Workflow Systems
  • Services
  • IT Consulting
  • Integration and Implementation
  • Training and Development

Deployment Type

  • Cloud
  • On-Premises

Industry Vertical

  • Banking Financial Services and Insurance
  • Public Sector
  • Healthcare
  • Energy and Utilities
  • Retail
  • IT and Telecom
  • Travel and Hospitality
  • Transportation and Logistics
  • Education
  • Others

Global Workflow Management System Market Region Analysis/Insights

The global workflow management system market is analysed, and market size, volume information is provided by country, component, deployment type and industry vertical as referenced above.

The countries covered in the global workflow management system market report are the U.S., Canada and Mexico, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

North America dominates the global workflow management system market due to the growing penetration of process management and automation solutions within the region.

Asia-Pacific is expected to witness highest growth in the global workflow management systems market during the forecast period of 2023 to 2030 due to the increased online transactions and growing demand for automation of business processes in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Workflow Management System Market Share Analysis

The global workflow management system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the global workflow management system market.

The major players covered in the global workflow management system market report are

  • Xerox Corporation (U.S.)
  • IBM Corporation (U.S.)
  • Oracle (U.S.)
  • Software AG (Germany)
  • SourceCode Technology Holdings, Inc. (U.S.)
  • Pegasystems Inc. (U.S.)
  • Nintex UK Ltd (U.K.)
  • Bizagi (U.K.)
  • Appian (U.S.)
  • Newgen Software Technologies Limited (India)
  • FUJITSU (Japan)
  • TIBCO Software Inc. (U.S.)
  • Microsoft (U.S.)
  • SAP SE (Germany)
  • monday.com (Israel)
  • bpm'online (U.S.)
  • Wrike, Inc. (U.S.)
  • Kissflow Inc. (U.S.)
  • ProjectManager.com, Inc. (U.S.)
  • Pelago (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Workflow Management System Market will be worth USD 44,259.36 million by 2030.
The Workflow Management System Market growth rate is 33.3% during the forecast period.
The Digitalization and Transformation Initiatives & Remote and Hybrid Work Trend are the growth drivers of the Workflow Management System Market.
The component, deployment type, and industry vertical component, deployment type, and industry vertical are the factors on which the Workflow Management System Market research is based.
Personio, a HR software business based in Dublin, acquired back, an employee experience platform to diversify its software portfolio and open two new locations in Barcelona and Berlin & Software AG partnered with Matillion, a provider of cloud-native data integration are the latest developments in the Workflow Management System Market.
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