Workflow Management System Market Size - By Component (Software, Service), By Deployment (On-premises, Cloud), By End-Use (BFSI, Retail, Education, IT & Telecom, Healthcare, Transportation) & Global Forecast, 2023 – 2032

Workflow Management System Market Size

Workflow Management System Market size was valued at USD 9.2 billion in 2022 and is anticipated to grow at a CAGR of over 25% between 2023 and 2032, attributed to the increased focus on streamlining business processes. attributed to the increased focus on streamlining business processes.
 

Workflow management provides reduced lead times & errors in job handoffs and insights into how processes benefit organizations. When work is completed effectively, it is easier to coordinate & collaborate between teams, deliver high-quality work, and the process becomes adaptable. Workflow management systems coordinate & streamline business processes and the tasks involved in them increase the enterprise's overall agility. Additionally, this system is successful in ensuring complete transparency of all interactions between individuals, groups & organizations as well as elevating customer satisfaction and reducing the time it takes for goods & services to be made available to consumers.

The workflow management system deployment needs strong IT support and infrastructure. The systems are expensive to implement & purchase and expensive in terms of network creation & management, application implementation, and product augmentation. Workflow management systems are less likely to be adopted by companies with inadequate IT infrastructure and funding. The high implementation cost associated with workflow management systems is restraining workflow management system market growth.
 

COVID-19 Impact

COVID-19 had a significant impact on the workflow management system market. The pandemic has accelerated the digital transformation of businesses across industries, including BFSI, manufacturing, and other sectors. With remote work becoming the new trend, organizations are increasingly adopting digital solutions to automate their workflows. The adoption of WMS has witnessed a significant increase as it enables organizations to manage their workflows remotely, thus reducing the impacts on operations. The pandemic has also led to an increased demand for cloud-based solutions as it enables organizations to access their data and workflows from remote locations. The pandemic period also encouraged organizations to manage their workflows remotely, aiding the market demand.
 

Workflow Management System Market Trends

The workflow management system industry is set to show tremendous growth during the forecast period. With the increased demand for automation and digital transformation across various industries. Cloud based workflow management solutions are becoming increasingly popular due to their scalability, ease of deployment and cost effectiveness. Cloud based WMS allows for easy integration and accessibility with other systems. WMS providers are integrating their systems with other platforms such as ERP, CRM and HRM systems to provide seamless workflow process across platforms.
 

Additionally, with the rise of remote work and the need for mobile access, WMS providers are offering remote and mobile access solutions for their platforms which allows employees to work remotely. For the major companies active during forecast period, these variables are anticipated to generate a wide range of opportunities and help market to grow.
 

Workflow Management System Market Analysis

In the software segment, the production workflow management system market demand accounted for over 30% share in 2022. The capability of workflow management software to eliminate iterative work processes and alter conventional workflows will improve productivity. Procedures can be automated with the aid of workflow management software, which can also improve decision-making. Workflow management software usually examines processes and improves them at every level as part of the attempts to balance the workload. The workflow management system software includes production workflow systems, Business Process Management (BPM) systems, analytics & reporting systems, and web-based workflow systems.
 

The cloud deployment segment will expand at a 30% CAGR through 2032. The rising use of mobile devices and improvements in information-sharing technologies are fuelling market expansion. Large organizations with numerous locations often prefer to use the same database, which makes cloud-based servers more appealing. As they are not required to be installed beforehand and have limited integration requirements, cloud applications are simpler to deploy than traditional software. The service provider manages cloud apps that are frequently fixed & updated with the most stable version and are given ongoing technical support.
 

The workflow management system market from BFSI sector held more than USD 1.5 billion revenue in 2022, owing to the increasing need for automation, the growing adoption of cloud-based solutions, emphasis on customer experience, and focus on security & compliance. The BFSI sector deals with a large volume of data & complex workflows, which can be time-consuming and prone to errors if manually handled. The adoption of WMS will help the BFSI sector and various organizations to automate their workflows, thereby improving operational efficiency, saving time & reducing errors in the process.
 

The North America workflow management system market is poised to register 25% CAGR from 2022 to 2032, fueled by a growing number of technological start-ups and the region's extensive use of ERP, cloud services & CRM. Some of the primary factors driving the regional market growth are the high penetration rates in the BFSI, healthcare, and manufacturing sectors. Additionally, American and Canadian investors provide funding for companies that provide services & software for workflow management systems. As these technologies provide timely delivery of essential content to users and offer excellent security, governments & other organizations are also incorporating them into their processes.
 

Workflow Management System Market Share

Major companies operating in the workflow management system market include :

• Appian
• Asana Inc
• Bizagi
• Bosch
• ujistu
• Happierwork
• IBM
• Integrify
• Micro Focus International Plc
• Oracle Corp
•  Pegasystems
• SAP SE
• Software AG
• Tibco Software
• Zoho Ltd
   

Workflow Management System Industry News:

• 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 & 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 collaborated with Matillion, a platform supplier, for the integration and transformation of cloud-native data. To extract useful business insights and drive cloud adoption & digital transformation, the alliance combined data from several sources into a single source.
   

This workflow management system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

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Market, By Component

• Software
  • Production Workflow Systems
  • Business Process Management (BPM) Systems
  • Analytics & reporting Systems
  • Web-based Workflow Systems
  • Others
• Service
  • Consulting & Advisory
  • Support & Maintenance
  • Training & Education

Market, By Deployment

• On-premises
• Cloud

Market, By End Use

• BFSI
• Retail
• Education
• IT & Telecom
• Healthcare
• Transportation
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • GCC
  • South Africa