Global Workflow Management System Market Overview
The key driver impacting the workflow management system market is the rising focus on streamlining business processes. The deployment of workflow management systems can lead to a substantial reduction in errors, as machines are less prone to making errors than humans. The technological advancements in the study and adoption of automation tools to perform tasks are stimulating the market demand. The increased competitiveness due to technological advances, and high adoption of automated solutions aid in mounting productivity in turn created market demand. Moreover, the rising focus on streamlining of business processes contributes to workflow management system market demand later.
According to Value Market Research, the global Workflow management system market size was valued at about USD 8 billion in 2020 and is estimated to grow at a CAGR of around 28% during the forecast period 2021 to 2027.
The rising deployment of workflow management systems will likely augment workflow management system demand in the forecast period. It is due to the various advantages offered by the workflow management systems. For instance, it helps in modernizing the business processes, better resources utilization, cost efficiency, and enhanced business processes. Also, increase to the adaptive environment and incessant access to technology, data, and information, with increasing data, varying nature of the business are positively impacting the market growth. However, the high cost of implementation hampers the market in the long run. In addition, difficulty in integrating new and legacy systems through workflows is impeding market growth. Nevertheless, the market trends, such as the increased adoption of cloud deployment model, and increased focus on digital transformation initiatives, might provide considerable opportunities to the market's leading players.
The Workflow management system market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Appian, Newgen Software Technologies Limited; Bizagi, Oracle Corporation, IBM Corporation, Nintex Global Limited, Software AG, Pegasystems Inc., SourceCode Technology Xerox Corporation, and Holdings, Inc.
In this research report, the Workflow management system market is segmented by Component, software, service, deployment, vertical, and region.
Analysis by Component:
By Component, the report is segmented into services and solutions. The solutions segment dominates the component segment, with the highest share in 2020. It is due to the rising need to manage the strong industrial competition; the service providers are focus on providing innovative WFMS to advance streamlining of business processes. Moreover, a growing number of companies are utilizing workflow management systems to organize work processes, track performances, automate tasks, test the efficacy of business strategies, and offer employees information on allocated projects contributing to the growth of the solutions segment.
Analysis by Software:
By software, the report is segmented into production workflow systems, messaging-based workflow systems, web-based workflow systems, suite-based workflow systems, and others. The production workflow systems segment dominates the software segment with the highest share in 2020. It is due to the production workflow systems have been in the market for a longer period and offer a superior level of customization. Moreover, These systems can support different features as well as functions and can operate in a wide range of computing environments and networks, contribute to the growth of the production workflow systems segment.
Analysis by Service:
By service, the report is segmented into consulting, integration, and training & development. The consulting segment dominates the service segment with the highest share in 2020. It is due to the growing awareness of automation among business processes. Moreover, it helps in streamlining business processes, thus contributing to the growth of the consulting segment.
Analysis by Deployment:
By deployment, the report is segmented into cloud and on-premise. The Security applications segment dominates the deployment segment with the highest share in 2020. It is due to the growing awareness of automation among business processes. Customers are choosing cloud-based over on-premise deployment. Also, the cloud-based deployment empowers organizations to expand their businesses by offering workflow management system software to distributed enterprises spread across the world, thus stimulating market demand for security applications.
Analysis by Vertical:
By vertical, the report is segmented into BFSI, healthcare, retail, IT & Telecom, transportation, and others. The BFSI segment dominates the vertical segment with the highest share in 2020. It is due to the automating repetitive tasks such as data entry, compliance regulations, and assembly and formulation that enables enhancement in improving speed and efficiency. Also, implementation of these systems, the business processes is streamlined, thus stimulating market demand for security applications.
Analysis by Region:
In the regional overview of the global Workflow management system market, the North America region dominates with the largest market share in 2020. It is due to the intensifying penetration of process management and automation solutions across the region. Also, augmented focus on digital transformation initiatives and a rise in IT investment are adding growth to the region. Moreover, the rising adoption of cloud technology across North America, mostly in the U.S. and Canada, contributes to the tremendous market growth across the North America region.
Market Segmentation covered in the Report:
- Production Workflow Systems
- Messaging-based Workflow Systems
- Web-based Workflow Systems
- Suite-based Workflow Systems
- Training & Development
- IT & Telecom
● North America
● Asia Pacific
● Latin America
● Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.