Workflow Management System Market Overview, Share, Size, Growth, Top Companies and Research Report 2022-2027
The global workflow management system market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.3 Billion by 2027, exhibiting a CAGR of 3.13% during 2022-2027.
According to IMARC Group’s latest report, titled “Workflow Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global workflow management system market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.3 Billion by 2027, exhibiting a CAGR of 3.13% during 2022-2027.
A workflow management system refers to a specialized software tool that allows an organization to streamline the routine business process and ensure optimal performance. It centralizes and monitors the data for corporate management and human resource utilization and improves the efficiency of front-line supervisors. Workflow management systems can create customized workflows that enhance the overall productivity of a firm and aid in efficient decision-making. They also prove beneficial in workforce forecast and scheduling, workflow analysis, HR management, etc. Consequently, workflow management system software tools find widespread application in numerous sectors, including Banking, Financial Services, and Insurance (BFSI), Information Technology (IT), retail, healthcare, transportation, logistics, etc.
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Market Trends and Drivers:
The escalating demand for automation across industries and the rising adoption of cloud-based solutions are among the key factors driving the growth of the workflow management system market. Additionally, the expanding need to reduce overall operational costs, avoid duplication of tasks, and improve the scalability of the infrastructures among the growing businesses in the emerging markets is acting as another significant growth-inducing factor. Besides this, the increasing penetration of smartphones and the emerging trend of Bring-Your-Own-Devices (BYOD) among organizations across countries are also positively influencing the market growth. Furthermore, the development of advanced technologies, such as Artificial Intelligence (AI), machine learning (ML), Big Data, etc., is expected to augment the workflow management system market over the forecasted period.
Workflow Management System Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the workflow management system market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Appian Corporation Inc.
- Bizagi Group Limited
- IBM Corporation
- Newgen Software Technologies Ltd
- Nintex Global Ltd.
- Oracle Corporation
- Pegasystems Inc.
- Software AG
- Xerox Holdings Corporation
Key Market Segmentation:
The report has segmented the global workflow management system market on the basis of component, deployment type, vertical and region.
Breakup by Component:
Breakup by Deployment Type:
Breakup by Vertical:
- IT and Telecom
- Transportation and Logistics
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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