Global Workflow Management System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Workflow Management System Market Overview:

“The Workflow Management System Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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A workflow management system (WFMS) provides an infrastructure for the set-up, performance, and monitoring of a defined sequence of tasks, arranged as a workflow application.

They help in the modernizing of business processes through the adoption of automation across various industry verticals. WFMS offers improved availability of data for decision-making, cost-efficiency as well as technologically advanced infrastructure.

Companies implement WFMS to automate tasks, test business strategies, coordinate work processes, track performances, and offer employees information on alotted tasks.

Workflow Management System Market Dynamics:

Workflow management is the creation of paths for data to complete items in a given process. They include finding redundant tasks, mapping out workflow, identifying areas of improvement, and automating the entire process. WFMS can be a powerful tool for companies to avoid unnecessary costs and focus on areas that are critical to their business.

The WFMS market is anticipated to grow at a higher CAGR over the forecast period. Increasing technological penetration across various industry verticals coupled with the need to streamline business processes is slated to boost the growth of the global workflow management system market in the coming years.

Workflow management is an elementary component of the modern information technology infrastructure that aids in the execution of critical business processes through automation. They aid in the automation of labor-intensive back-office workflows and processes.

The primary goal of these systems is to provide quicker execution of flawless business processes by replacing repetitious clerical tasks with a virtual labor force.

The component segment of the global WFMS market is sectioned into software and services. Software accounted for the largest market share and is anticipated to exhibit the quickest rate of growth over the coming years.

Automation of workflow aids in boosting the productivity of an organization, as such, service providers are focusing on constructing innovative WFMS that streamline business processes in a better manner.

In terms of software, the WFMS market is segmented into – suite-based workflow systems, messaging-based workflow systems, production workflow systems, and web-based workflow systems among others. Production workflow systems accounted for the largest market share and, are slated to witness a higher CAGR over the foreseeable future.

With respect to service, the market is segmented into – consulting, integration, training, and development. In 2018, the consulting segment accounted for a majority share of the market and is expected to grow at a higher CAGR over the coming years.

Increasing awareness of automation among business processes is positively contributing to the growth of this market.

Concerning deployment, the market can be segmented into on-premise and cloud. The cloud segment accounted for the majority of the market share in 2018 and is expected to do so over the foreseeable future.

The migration of business processes to the cloud not only helps in saving storage space but also reduces costs for companies.

In reference to vertical type, the market is segmented into BFSI, healthcare, retail, IT & telecom, and transportation among others. In 2018, the BFSI segment accounted for the largest market share. Having said that, the IT & telecom segment is expected to exhibit the quickest CAGR over the foreseeable future.

Workflow Management System Market Regional Analysis:

The market of North America accounted for the largest revenue share in 2018 and is expected to do so over the forecast period. An increase in the acceptance of cloud technology in this region is a major factor in the expeditious growth of WFMS.

However, the Asia Pacific market is anticipated to exhibit the quickest CAGR over the forecast period due to an increase in online transactions and automation of business processes.

Global Workflow Management System Market Segmentation:

Global Workflow Management System Market Segmentation, by Component:

• Software
• Services

Global Workflow Management System Market Segmentation, by Software:

• Production Workflow Systems
• Messaging-based Workflow Systems
• Web-based Workflow Systems
• Suite-based Workflow Systems
• Others

Global Workflow Management System Market Segmentation, by Service:

• Consulting
• Integration
• Training & Development

Global Workflow Management System Market Segmentation, by Deployment:

• Cloud
• On-Premise

Global Workflow Management System Market Segmentation, by Vertical:

• BFSI
• Healthcare
• Retail
• IT & Telecom
• Transportation
• Others

Global Workflow Management System Market Segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa