According to the latest report by IMARC Group, titled “Workflow Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global workflow management system market size reached US$ 9.1 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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
3.13% during 2022-2027.
- 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.
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