Yahoo Finance Workflow Management System Market Worth USD 55.35 Billion by 2030 with a CAGR of 30.5% - Report by Market Research Future (MRFR)
Growing Needs to Streamline Routine Business Processes for Optimal Efficiency Drive the Workflow Management Market Demand Globally
New York, US, July 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Workflow Management System Market, By Deployment, By Component, By Verticals - Forecast 2030”to garner USD 55.35 billion at a growing 30.5% CAGR throughout the assessment period (2020-2030).
Workflow Management System (WFMS) Market Overview
The global workflow management system market is growing at a rapid pace. The widespread trend of business process automation is putting the spotlight on workflow management system capabilities. Workflow management systems (WFMS) are designed to help enterprises automate some of their operations and tasks to gain more control over the monitoring of workflow performance, freeing up employees to solve more pressing issues.
Report Scope:
Report Metric | Details |
Market Size | USD 55.35 billion by 2030 |
CAGR | 30.5% From 2020 to 2030 |
Base Year | 2019 |
Forecast Period | 2020 to 2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Deployment, Component |
Geographies Covered | North America, Europe, Asia-Pacific |
Key Vendors | IBM Corporation (US) Oracle Corporation (US) Xerox Corporation (US) Nintex Global Limited (US) Source Code Technology Holdings Inc. (US) Software AG (Germany) Appian (US) Pegasystems (US) Bizagi (UK) Newgen Software Technology Zoho |
Key Market Opportunities | Cloud-based technology has opened doors to many technological advancements. |
Key Market Drivers | To cope up with the dynamically changing business flow in the small and large business, maintaining Workflow Management System is essential |
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Workflow management systems (WFMS) manage workflows, monitor, and optimize business operations. The absence of an effective WFMS can lead to redundancies and unstructured & disconnected tasks. A workflow management system automates business processes efficiently and streamlines workflows to improve key performance metrics and productivity of organizations.
Workflow automation organizes and prioritizes a set of integrated processes based on specific requirements. Workflow management practices analyze various routine processes mapping out tasks to detect blockages that hamper the overall performance. These practices also help identify the need for more efficient and streamlined workflow processes.
Workflow management systems comprise several discrete solutions that, combined into a single application, automate human as well as machine-driven tasks in a pre-defined path. These systems also help connect humans and systems seamlessly to achieve business growth. There are huge benefits to implementing workflow management systems in businesses.
WFMS Market Competitive Analysis
The workflow management system market witnesses a significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. 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.
Players leading the WFMS market are,
IBM Corporation (US)
Oracle Corporation (US)
Xerox Corporation (US)
Nintex Global Limited (US)
Source Code Technology Holdings Inc. (US)
Software AG (Germany)
Appian (US)
Pegasystems (US)
Bizagi (UK)
Newgen Software Technology
Zoho and many others.
Industry Trends
Efficient and reliable workflow management systems are crucial for enterprises to succeed in this fast-paced era. The need to integrate end-to-end digital completion technology in every business process to respond to growing consumer demand is growing more than ever. Small and mid-sized enterprises implement workflow management solutions to enhance collaboration and productivity.
Most small and midsize companies are increasingly implementing cloud-based product data management and product lifecycle management solutions with built-in workflow management systems. In addition to the increasing uptake of these solutions in growing numbers of enterprises, the market growth is also attributed to the augmenting adoption of WFMS solutions across the BFSI, IT & telecom, and retail industries.
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Moreover, the rising demand for solutions that can help gain more control over business processes, alongside increasing investments by enterprises in deploying advanced WFMS tools, escalates the market value. Furthermore, the growing use of mobile devices in the working culture encourages businesses to invest in cloud-based WFMS solutions infrastructure, improving employee experience, particularly in remote and hybrid working environments.
Workflow Management System Market Segments
The workflow management system market is segmented into components, deployments, verticals, and regions. The component segment comprises software/solutions and services. The deployment segment comprises on-premises, cloud, and hybrid. The vertical segment comprises transportation, healthcare, IT & telecommunications, retail, BFSI, defense, automotive, and others. By region, the analysis is segmented into the Asia Pacific, Americas, MEA, Europe, and the rest of the world.
Workflow Management System Market Regional Analysis
North America dominates the global workflow management system market. Factors such as the increasing adoption of WFMS solutions & services and the early adoption of advanced technologies such as AI, cloud computing, and machine learning drive the market growth.
The strong presence of leading workflow management system providers and the rising pressure among businesses to boost business operations and operational efficiency boost the market size.
Europe is the second-largest market for workflow management systems globally. The market growth is primarily led by the rising use of security workflow management tools and the vast adoption of digital workplace solutions in midsized businesses. Additionally, the rising demand for innovative analytics that can improve the overall performance of an organization and the growing popularity of cloud-based deployment models contribute to the growth of the regional workflow management system market.
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The APAC region has emerged as a profitable for workflow management system market. The region demonstrates vast growth opportunities as more and more enterprises are looking to automate their business operations. Furthermore, factors such as the proliferation of cloud technology, increasing strategic partnerships, and investments by key market players operating in this region influence market revenues.
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