Workflow Management System Market to Witness Growth at 30.6% CAGR During the Forecast Period 2022-2028

Posted on 2022-12-07 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Dec 08, 2022 — /EPR Network/ —

Workflow Management System Industry Overview

The global Workflow Management System Market size is expected to reach USD 55.35 billion by 2028, registering a CAGR of 30.6% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The rising need for modernizing business processes along with the continued adoption of the latest technologies across various industries such as BFSI, healthcare, retail, IT and telecom, and transportation is anticipated to boost the demand for workflow management systems from 2021 to 2028. Workflow automation helps businesses in automating their daily processes and tasks, reducing human errors, and subsequently augmenting the revenues.

Further, the growing demand for enhanced and efficient operational solutions, which is leading to an increase in sophistication of solutions and services, is anticipated to drive the demand for workflow management systems. Furthermore, advantages offered by the systems, such as real-time tracking, less energy consumption, integrated processes, and data center consolidation, are estimated to drive the market growth. Organizations across the globe are focusing on increasing their business operations as they want to cater to the larger market, hence driving the need for workflow management systems.

Workflow Management System Market Segmentation

Grand View Research has segmented the global workflow management system market based on component, software, service, deployment, vertical, and region:

Based on the Component Insights, the market is segmented into Software and Service

The software segment dominated the market with more than 65% of the global revenue share in 2020. The segment is also expected to exhibit the fastest CAGR over the forecast period.
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.

Based on the Software Insights, the market is segmented into Production Workflow Systems, Messaging-based Workflow Systems, Web-based Workflow Systems, Suite-based Workflow Systems, and Others

The production workflow systems product segment dominated the market in 2020 and accounted for more than 35.0% of the global revenue.
The suite-based workflow system is anticipated to exhibit to register the highest CAGR of 33.1% in the forthcoming years.

Based on the Service Insights, the market is segmented into Consulting, Integration, and Training & Development

The consulting segment dominated the market in 2020 and accounted for more than 40% of the global revenue and it is also expected to exhibit the fastest CAGR over the forecast period.
Training and development services are anticipated to gain traction over the forecast period.

Based on the Deployment Insights, the market is segmented into Cloud and On-Premise

The cloud segment dominated the market in 2020 and accounted for more than 65% of the global revenue and it is also expected to exhibit the highest CAGR from 2021 to 2028.
The growth of the on-premise segment can be attributed to the fact that on-premise software can be customized easily and tailored to the client’s specific processes.

Based on the Vertical Insights, the market is segmented into BFSI, Healthcare, Retail, IT & Telecom, Transportation, and Others

The BFSI segment dominated the market in 2020 and accounted for more than 65% of the global revenue and is also expected to exhibit the highest CAGR from 2021 to 2028.
IT and telecom segment is anticipated to exhibit substantial growth over the forecast period.

Workflow Management System Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile & Market Share 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.

Some prominent players in the global Workflow Management System market include:

International Business Machines Corporation
Newgen Software Technologies Limited
Nintex UK Ltd.
Oracle Corporation
Appian
Pegasystems Inc.
Xerox Corporation
Software AG

Order a free sample PDF of the Workflow Management System Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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