Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Workflow Management market is in constant flux as companies utilize their various competitive strategies to get an advantage and claim the market share they deserve. Among these is innovation where companies leverage technology and space age features as they build applications and advanced functions to enhance their workflow management systems. It could, for instance, be met with addition of AI, automation and advanced analytics to smoothen the processes as well as productivity. Companies competitively advance by always maintaining themselves at the forefront of technological advancements so as to attract tech-savvy customers; in addition, this positions them as leaders in the innovative field of workflow management.
Besides, there is another idea that companies in the Workflow Management market apply with Cost leadership. This approach is primarily concerned with having low-cost solutions without putting the quality on quality. Optimizing internal processes, cutting down operational expenses and scaling go hand-in-hand - that is how some companies can bring the costs down and satisfy a greater part of customers. This approach fits any company that seeks the optimal solution for business processes, at the same time taking cost limits into account. Hitting the bull’s-eye on achieving an equilibrium between cost effectiveness and functionality is something that must be done correctly in order to successfully launch a cost leadership strategy in the Workflow Management market.
Customisation and specialization are two more approaches towards the rising competition. Companies understand the distinct requirements that are specific to a distinct business unit or industry, thus create solutions that are customized to meet the sector’s needs. This could include dvelopment of industry-specific modules or features to bind the respective one-of-a-kind problems. For example, a workflow management solution that supports healthcare industry may have compliance functions that are based on the in-house regulations of the industry. With specialization, companies can be in a position to concentrate in the niches where they excel by delivering specific solutions which address the needs of their customers and in the process they emerge as the go-to experts in the area that they represent.
Strategic alliances/ partnerships and collaborations have significant impact on market share in the workflow management field. Partnerships with other technology providers and industry leaders will give an impetus to the companies by increasing the sum of their solutions’ capabilities. Partnerships lay the foundation for collaborating different technologies to offer workers borrowing comprehensive and diversified tools for flow management. These alliances not only make the market more transparent but also form the basis of brand recognition and respect as they assist each business partner to create in the market a stronger image.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Implementation of IoT services across organizations |
| Market Dynamics | Increases the continuous access to technology Improving the efficiency of business and streamline the process |
Workflow Management System Market Highlights:
Workflow Management System Market Overview
Workflow Management System Market Size was valued at USD 6.6 billion in 2021. The workflow management system market industry is projected to grow from USD 8.6 Billion in 2022 to USD 55.51 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.5% during the forecast period (2022 - 2030). The increase in demand for workflow management system assists in modernizing the business processes by adopting automation across different industry verticals, and increased focus on streamlining business processes accelerate the market revenue growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Workflow Management System Market Trends
Increased focus on streamlining business processes to drive market growth
Workflow management system offers many advantages to organizations in terms of lesser lead times, reduced errors in work handoffs, and microscopic insights into process execution. The coordination and collaboration of work among teams become easier, quality work is delivered as it is executed efficiently, and the whole process becomes flexible. Workflow management system streamlines and coordinates business processes and the tasks associated with them to enhance the overall agility of the business. This system is also effective in providing total transparency of all activities across teams and organizations, as well as increasing customer satisfaction and shortening the time required for products and services to reach the market.
There is an increasing realization of the benefits of workflow management such as cost-effectiveness, process automation, and process integration, among others. Growing businesses with a clear understanding of these benefits and the usability of the workflow management system would help to gather tremendous opportunity for the adoption of workflow management software.
Workflow Management System Market Segment Insights
Workflow Management System Deployment Insights
The workflow management system market segmentation, based on deployment, includes on-cloud and on-premises. The on-cloud segment held the majority share in 2021 contribution to around ~65-67% in respect to the workflow management system market revenue. Organizations widely prefer cloud-based software as it is hosted on the vendor’s server and can be accessed through the web browser. Cloud-based hosting eliminates the need to regularly upgrade the system and allows users to access data from any location without any hassles. The growing requirement is driving the demand for cloud-based workflow solutions among businesses to capture data and manipulate applications. Workflow solutions are being deployed in the cloud for various reasons, including their simplicity of use, fewer infrastructure expenses, and lower installation and maintenance costs. Such an adoption strategy helps SMEs save costs and replicates the advantages enjoyed by corporations.
Workflow Management System Component Insights
The workflow management system market segmentation, based on component, includes software and service. The software segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Workflow management software is being implemented across various industries and industry verticals as part of the efforts to automate and streamline the business processes. Benefits, such as cost efficiency, better utilization of resources, and enhanced business processes, associated with the implementation of workflow management software are expected to drive the growth of the segment. As companies continue to grow, the nature of their business is transforming and companies handling larger volumes of data and additional functionalities, thereby driving the need for workflow management software. Workflow management software can also be a part of a technologically advanced infrastructure and help in utilizing the generated data for decision making.
Workflow Management System Vertical Insights
The workflow management system market data has been bifurcated by vertical into BFSI, healthcare, retail, and IT/Telecom. The BFSI segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. In the BFSI industry, workflow management systems combine records management, content management, and business process automation. They can help with various banking operations, such as new client onboarding, loan application processing, fraud information management, compliance management, and records management. Considering the confidentiality associated with the data the incumbents of the BFSI industry must handle and the various ways this data can be exploited, workflow management systems can help in establishing safe storage and communication systems for the data and in permitting authorized access while thwarting all unauthorized attempts to access the data.
Workflow Management System Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American workflow management system market is anticipated to expand at a significant CAGR during the study period, accounting for USD 2.77 billion in 2021. This region is anticipated to be the leading revenue contributor in the market throughout the forecast period. Moreover, the rapid adoption of cloud-based services and the introduction of high-speed data networks also reflect favorably on workflow management systems market forecasts. Canada is witnessing the rapid adoption of 5G networks. For instance, in January 2020, Rogers Communications Inc., a telecom provider, officially announced that it has begun to roll out its wireless 5G network in downtown areas of Vancouver, Toronto, Ottawa, and Montreal. The increasing adoption of 5G services is expected to bring significant opportunities to workflow management providers for providing high-speed business automation.
Moreover, the major countries covered in the market report include the United States, Germany, Canada, France, the United Kingdom, Italy, Spain, India, Japan, Australia, China, South Korea, and Brazil.
The European workflow management system market is the world's second-largest. Automation, cloud computing, continuous data availability, and better process management have boosted the market in the European region. Investment in IT services has led to the growth of the Workflow Management System Market in European countries. Further, the German workflow management system market held the largest market share, and the France workflow management system market was the fastest-growing market in the European region.
The Asia Pacific workflow management system market is expected to grow at the fastest rate of CAGR during the forecast period. The BFSI sector in India and China is gaining momentum owing to increasing demand for automation of business processes and increased online transactions. India and China are considered to have a huge product demand for solutions owing to economic development and the rising adoption of technology across different industry sectors. The increasing investments in tech firms in China are further paving the way for the growth of the market in the region. Moreover, China’s workflow management system market held the largest market share, and the Indian workflow management system market was the fastest-growing market in the Asia-Pacific region.
Workflow Management System Key Market Players & Competitive Insights
The key companies are concentrating on offering diverse solutions suitable to cater to the needs of each end-user for gaining a noteworthy market share. Companies are focusing on reducing operational costs and increasing the effectiveness of their workflow processes. Many companies require the quick implementation and deployment of applications to focus more on development and reduce infrastructure overheads. RPA offers more flexibility and improves process quality, speed, and productivity, allowing for a more robust experience for organizations to meet the demand for cost reductions.
The vendors operating in the market are placing a strong emphasis on delivering innovative solutions to support technology transformation, ensure adequate cybersecurity to protect confidential information, optimize organizational operations, integrate artificial intelligence with business operations, derive superior business outcomes, and enable proactive remote monitoring. They are also offering various other services to businesses and helping them sustain in the digital age. Buyers, including small, medium, and large-sized enterprises, operating across various industries and sectors, are increasingly opting for workflow management systems to streamline their business processes.
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.
Key Companies in the workflow management system market include
-
IBM Corporation (US)
-
Nintex Limited (US)
-
Oracle Corporation (US)
-
Source Code Technology Holdings Inc. (US)
-
Xerox Corporation (US)
-
Software AG (Germany)
-
Appian (US)
-
Pegasystems (US)
-
Bizagi (UK)
-
Newgen Software Technology
-
Zoho
Workflow Management System Industry Developments
January 2022: Salesforce announced new innovations that would enable the companies to modernize and automate their system by developing flexible digital strategy and increase customer connect.
February 2022: IBM acquired Neudesic which is a U.S. cloud services consultancy. This acquisition provides portfolio of hybrid multi-cloud services expanding its cloud services to improve operational agility.
December 2018: Xerox and Top Imaging System joined hands to integrate the content processing solutions of The Top Imaging System to automotive workflow designs of Xerox for reselling. With this deal, larger enterprises that used services from Xerox have a better claim on data entry, data processing, administration, and streamlining business workflows and processes.
Workflow Management System Market Segmentation
Workflow Management Deployment Outlook
-
Schematic Capture
-
PCB Layout
Workflow Management System Component Outlook
-
Low-end
-
Medium-end
-
High-end design
Workflow Management System Vertical Outlook
-
On-cloud
-
On-premise
Workflow Management System Regional Outlook
-
North America
- US
- Canada
- Europe
-
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
-
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
