Global Workflow Management System Market to Grow at 3.1% During 2024-2032, Catalyzed by Increasing Adoption of Cloud-Based Solutions

November 24, 2021 | Technology & Media

According to the latest report by IMARC Group, titled “Workflow Management System Market Report by Component (Software, Services), Deployment Type (Cloud-Based, On-Premises), Vertical (BFSI, Healthcare, Energy, Retail, IT and Telecom, Transportation and Logistics, Education, and Others), and Region 2024-2032,” the global workflow management system market size reached US$ 9.8 Billion in 2023. A workflow management system, or WFMS, refers to a software tool designed to enable automated and seamless execution of workflows. It assists organizations in managing and streamlining routine business processes to increase productivity, minimize errors, reduce operational costs and improve efficiency for optimal output. It performs numerous functions, such as real-time task monitoring, workforce analysis, automatic task assignment, workforce forecast and scheduling, and human resource management. Since WFMS facilitates efficient human resource utilization and decision-making, it finds extensive applications across the banking, financial services and insurance (BFSI), transportation and logistics, healthcare, retail, information technology (IT) and telecom industries.

Global Workflow Management System Market Trends:

The rising adoption of cloud-based solutions, coupled with the growing need for automation across numerous industries, represents one of the primary factors driving the market growth. Additionally, the implementation of lockdowns across numerous countries due to the recent coronavirus disease (COVID-19) outbreak has led to increased adoption of work-from-home (WFH) policies, which is catalyzing the product demand. WFMS enables employers to closely monitor the progress of tasks while providing the employees with secure access to confidential files. Besides this, the introduction of the bring your own device (BYOD) policy and emerging trend of remote working, along with the widespread adoption of smartphones, is encouraging organizations to adopt WFMS solutions for efficient management of time, tasks and workforce. Furthermore, several leading players are launching advanced WFMS integrated with better features and functions to expand their customer base and maintain a competitive edge. Other factors, including the rising awareness regarding the advantages of deploying WFMS, ongoing research and development (R&D) activities in the IT field, and rapid urbanization, are also propelling the market growth. Looking forward, the market is anticipated to grow at a CAGR of 3.1% during 2024-2032.

Market Summary:

  • Based on the component, the market has been classified as software and services. 
  • The market has been bifurcated based on the deployment type into cloud-based and on-premises. 
  • Based on the vertical, the market has been divided into BFSI, healthcare, energy, retail, IT and telecom, transportation and logistics, education and others. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been analyzed, with some of the key players being Appian Corporation Inc., Bizagi Group Limited, IBM Corporation, Newgen Software Technologies Ltd, Nintex Global Ltd., Oracle Corporation, Pegasystems Inc., Software AG, and Xerox Holdings Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Type, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Appian Corporation Inc., Bizagi Group Limited, IBM Corporation, Newgen Software Technologies Ltd, Nintex Global Ltd., Oracle Corporation, Pegasystems Inc., Software AG, and Xerox Holdings Corporation
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Workflow Management System Market to Grow at 3.1% During 2024-2032, Catalyzed by Increasing Adoption of Cloud-Based Solutions
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