Workflow Management System Market - Forecast(2024 - 2030)
Workflow Management Market Overview
Workflow Management
Market is forecast to reach $42.3 billion by 2026, growing at a
CAGR of 5.6% from 2021 to 2026. The Workflow Management Market is
estimated to witness substantial growth over the forecast period primarily due
to the growing demand for adoption of business process automation, improving
productivity, efficiency, and customer experience. Workflow Management
software is a series of robotic process automation solutions in a business that
has replaced repetitive and predefined human tasks to achieve workflow
efficiency. Businesses adopt Workflow Management for achieving more efficiency,
it helps in saving time and money and reduced the chances of errors, it also
provides streamlined communication and empowers employees to manage their own
time resulting in more workplace efficiency. The Workflow Management software
is estimated to hold largest share in the market as it provides structured data
format which helps to manage the processes of the business
Report Coverage
The report: “Workflow
Management Market– Forecast (2021-2026)”, by IndustryARC covers an
in-depth analysis of the following segments of the Workflow Management Market.
By Solution – Software and Service
By Deployment – On-premise and Cloud
By Process – Automated solution, Interaction solution,
Decision support and Management solution
By Enduser
Industry – Manufacturing &
Logistics, Healthcare & Pharmaceuticals, Retail, Banking, Telecom & IT
and other industries.
By Geography - North America (U.S, Canada, Mexico),
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others),
APAC(China, Japan India, SK, Australia, Indonesia and Others), South
America(Brazil, Argentina, Chile, Colombia and others), and RoW (Middle East
and Africa).
Key Takeaways
- The
Workflow Management Market is estimated to witness substantial growth over
the forecast period primarily due to the growing demand for adoption of
business process automation.
- Owing
to increase in uses of Workflow Management for data entry, registrations,
gathering information from various systems and more in banking sector it
is anticipated to hold the largest market share. Retail industry.
- Software
market in Workflow Management held the largest market share owing to the
demand for software in structured data formats and implementation of
artificail intelligence.
- APAC
is expected to have fastest growth in the market owing to increase in
adoption of business automation processes by different business verticals.
North America is considered to hold largest share in the market.
Workflow Management Market, By Solution 2020 (%)
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Workflow Management Market Segment Analysis - By Solution
The market is segmented by solution into software and services. The software market held the largest market share of 66.2% in 2020 owing to increase in demand for automated software in structured data format in various organizations. The function of artificial intelligence based Workflow Management software is mainly based on optical character recognition, optical mark recognition, text, audio, video, and other file formats which enable the user to access business processes. These formats are used in robotic process automation as Workflow Management provides easy recognition of data and helps to manage the time consuming processes.
Workflow Management Market Segment Analysis - By End User Industry
The retail industry is
expected to have significant growth in the market at 7.3% through
2026. The Workflow Management enhances the customer's experience by capturing
and analyzing, identifying patterns, predicting and offering on-demand
services, these factors result into the growth of Workflow Management in retail
industry. Workflow Management enables retailers to have access to all business
matters for timely responses which further attracts the adoption of Workflow
Management in the industry. However, banking sector is expected to hold largest
share in the market as it uses Workflow Management for data entry,
registrations, gathering information from various systems and more which
facilitates the user to manage time-consuming processes.
Workflow Management Market Segment Analysis – By Geography
Global Workflow Management market is dominated by North America and APAC is expected to have fastest growth in the market during forecast period at 7.2% CAGR. The countries such as US, Canada are increasing the adoption of Workflow Management in different vertical such as banking, telecom, retail and others to manage business processes. APAC is anticipated to hold largest market share due to increasing online transactions and the demand for robotic processes automation software.
Workflow Management Market Drivers
Increasing adoption of new technology and artificial intelligence
Industries are focusing
on adoption of artificial intelligence and new advanced technologies for
elevating business value and providing competitive advantages for customers.
These adoptions by industries are increasing the awareness of automation in the
market which is expected to drive market growth. The advancements of
technologies in automation provide quick help to industries with large volumes
of data and functionalities, thus the growth of Workflow Management is strongly
driven by adoption of advanced technology.
Automation of processes
The Workflow Management
provide automation of business processes based on workflow rules where human
tasks, data, or files are routed between people or systems based on pre-defined
business rules. This automation enables business to attain Efficiency,
Productivity, accuracy, audibility and accountability in the processes that are
primarily handled manually by employees. Owing to these factors the businesses
have increased the adoption of robotic process automation software and it is
expected to propel the Workflow Management market.
Workflow Management Market Challenges
Data insecurity
One of the major
challenges faced by the Workflow Management market is the impact of data
insecurity. The risk such as confidential data exposing, unauthorized access to
the automated business processes and more are expected to hinder the market
growth. For instance the automation process can have access to the credentials
required for internal applications and databases and exposing these credentials
can lead to security breaches and endanger confidential information. However,
there are several ways to ensure security such as data encryption, timely audit
trail, Password management and more. The business can ensure data security by
adopting the above steps.
Workflow Management Market Landscape
Product launches,
acquisitions, and R&D activities are key strategies adopted by players in
the Workflow Management Market. The Workflow Management Market is dominated by
major companies such Oracle Corporation, Appian Corporation, Software AG, IBM
Corporation, Nintex Global Limited, Pegasystems Inc. and Xerox Corporation,
Acquisitions/Technology Launches/Partnerships
- In January 2020, IBM had announced its partnership with Automation Anywhere Inc. the partnership aimed to deliver IBM Robotic Process Automation with Automation Anywhere.
- In June 2019, Oracle announced the acquisition of Oxygen Systems, the acquisition is made for providing localization solutions to which can address the complex tax and reporting requirements for companies.
Related Reports
LIST OF TABLES
1.Global Workflow Management System Market Analysis By Component Market 2023-2030 ($M)1.1 Software Market 2023-2030 ($M) - Global Industry Research
1.1.1 Production Workflow Systems Market 2023-2030 ($M)
1.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
1.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
1.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
1.2 Services Market 2023-2030 ($M) - Global Industry Research
1.2.1 IT Consulting Market 2023-2030 ($M)
1.2.2 Integration & Implementation Market 2023-2030 ($M)
1.2.3 Training & Development Market 2023-2030 ($M)
2.Global Market Analysis By Deployment Type Market 2023-2030 ($M)
2.1 Cloud Market 2023-2030 ($M) - Global Industry Research
2.2 On-Premises Market 2023-2030 ($M) - Global Industry Research
3.Global Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
3.1 Public Sector Market 2023-2030 ($M) - Global Industry Research
3.2 Healthcare Market 2023-2030 ($M) - Global Industry Research
3.3 Energy & Utilities Market 2023-2030 ($M) - Global Industry Research
3.4 Retail Market 2023-2030 ($M) - Global Industry Research
3.5 IT & Telecom Market 2023-2030 ($M) - Global Industry Research
3.6 Travel & Hospitality Market 2023-2030 ($M) - Global Industry Research
3.7 Transportation & Logistics Market 2023-2030 ($M) - Global Industry Research
3.8 Education Market 2023-2030 ($M) - Global Industry Research
4.Global Workflow Management System Market Analysis By Component Market 2023-2030 (Volume/Units)
4.1 Software Market 2023-2030 (Volume/Units) - Global Industry Research
4.1.1 Production Workflow Systems Market 2023-2030 (Volume/Units)
4.1.2 Messaging-Based Workflow Systems Market 2023-2030 (Volume/Units)
4.1.3 Web-Based Workflow Systems Market 2023-2030 (Volume/Units)
4.1.4 Suite-Based Workflow Systems Market 2023-2030 (Volume/Units)
4.2 Services Market 2023-2030 (Volume/Units) - Global Industry Research
4.2.1 IT Consulting Market 2023-2030 (Volume/Units)
4.2.2 Integration & Implementation Market 2023-2030 (Volume/Units)
4.2.3 Training & Development Market 2023-2030 (Volume/Units)
5.Global Market Analysis By Deployment Type Market 2023-2030 (Volume/Units)
5.1 Cloud Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 On-Premises Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 (Volume/Units)
6.1 Public Sector Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Healthcare Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Energy & Utilities Market 2023-2030 (Volume/Units) - Global Industry Research
6.4 Retail Market 2023-2030 (Volume/Units) - Global Industry Research
6.5 IT & Telecom Market 2023-2030 (Volume/Units) - Global Industry Research
6.6 Travel & Hospitality Market 2023-2030 (Volume/Units) - Global Industry Research
6.7 Transportation & Logistics Market 2023-2030 (Volume/Units) - Global Industry Research
6.8 Education Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Workflow Management System Market Analysis By Component Market 2023-2030 ($M)
7.1 Software Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Production Workflow Systems Market 2023-2030 ($M)
7.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
7.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
7.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
7.2 Services Market 2023-2030 ($M) - Regional Industry Research
7.2.1 IT Consulting Market 2023-2030 ($M)
7.2.2 Integration & Implementation Market 2023-2030 ($M)
7.2.3 Training & Development Market 2023-2030 ($M)
8.North America Market Analysis By Deployment Type Market 2023-2030 ($M)
8.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
8.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
9.North America Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
9.1 Public Sector Market 2023-2030 ($M) - Regional Industry Research
9.2 Healthcare Market 2023-2030 ($M) - Regional Industry Research
9.3 Energy & Utilities Market 2023-2030 ($M) - Regional Industry Research
9.4 Retail Market 2023-2030 ($M) - Regional Industry Research
9.5 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
9.6 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
9.7 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
9.8 Education Market 2023-2030 ($M) - Regional Industry Research
10.South America Workflow Management System Market Analysis By Component Market 2023-2030 ($M)
10.1 Software Market 2023-2030 ($M) - Regional Industry Research
10.1.1 Production Workflow Systems Market 2023-2030 ($M)
10.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
10.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
10.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
10.2 Services Market 2023-2030 ($M) - Regional Industry Research
10.2.1 IT Consulting Market 2023-2030 ($M)
10.2.2 Integration & Implementation Market 2023-2030 ($M)
10.2.3 Training & Development Market 2023-2030 ($M)
11.South America Market Analysis By Deployment Type Market 2023-2030 ($M)
11.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
11.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
12.South America Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
12.1 Public Sector Market 2023-2030 ($M) - Regional Industry Research
12.2 Healthcare Market 2023-2030 ($M) - Regional Industry Research
12.3 Energy & Utilities Market 2023-2030 ($M) - Regional Industry Research
12.4 Retail Market 2023-2030 ($M) - Regional Industry Research
12.5 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
12.6 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
12.7 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
12.8 Education Market 2023-2030 ($M) - Regional Industry Research
13.Europe Workflow Management System Market Analysis By Component Market 2023-2030 ($M)
13.1 Software Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Production Workflow Systems Market 2023-2030 ($M)
13.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
13.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
13.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
13.2 Services Market 2023-2030 ($M) - Regional Industry Research
13.2.1 IT Consulting Market 2023-2030 ($M)
13.2.2 Integration & Implementation Market 2023-2030 ($M)
13.2.3 Training & Development Market 2023-2030 ($M)
14.Europe Market Analysis By Deployment Type Market 2023-2030 ($M)
14.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
14.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
15.Europe Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
15.1 Public Sector Market 2023-2030 ($M) - Regional Industry Research
15.2 Healthcare Market 2023-2030 ($M) - Regional Industry Research
15.3 Energy & Utilities Market 2023-2030 ($M) - Regional Industry Research
15.4 Retail Market 2023-2030 ($M) - Regional Industry Research
15.5 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
15.6 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
15.7 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
15.8 Education Market 2023-2030 ($M) - Regional Industry Research
16.APAC Workflow Management System Market Analysis By Component Market 2023-2030 ($M)
16.1 Software Market 2023-2030 ($M) - Regional Industry Research
16.1.1 Production Workflow Systems Market 2023-2030 ($M)
16.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
16.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
16.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
16.2 Services Market 2023-2030 ($M) - Regional Industry Research
16.2.1 IT Consulting Market 2023-2030 ($M)
16.2.2 Integration & Implementation Market 2023-2030 ($M)
16.2.3 Training & Development Market 2023-2030 ($M)
17.APAC Market Analysis By Deployment Type Market 2023-2030 ($M)
17.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
17.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
18.APAC Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
18.1 Public Sector Market 2023-2030 ($M) - Regional Industry Research
18.2 Healthcare Market 2023-2030 ($M) - Regional Industry Research
18.3 Energy & Utilities Market 2023-2030 ($M) - Regional Industry Research
18.4 Retail Market 2023-2030 ($M) - Regional Industry Research
18.5 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
18.6 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
18.7 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
18.8 Education Market 2023-2030 ($M) - Regional Industry Research
19.MENA Workflow Management System Market Analysis By Component Market 2023-2030 ($M)
19.1 Software Market 2023-2030 ($M) - Regional Industry Research
19.1.1 Production Workflow Systems Market 2023-2030 ($M)
19.1.2 Messaging-Based Workflow Systems Market 2023-2030 ($M)
19.1.3 Web-Based Workflow Systems Market 2023-2030 ($M)
19.1.4 Suite-Based Workflow Systems Market 2023-2030 ($M)
19.2 Services Market 2023-2030 ($M) - Regional Industry Research
19.2.1 IT Consulting Market 2023-2030 ($M)
19.2.2 Integration & Implementation Market 2023-2030 ($M)
19.2.3 Training & Development Market 2023-2030 ($M)
20.MENA Market Analysis By Deployment Type Market 2023-2030 ($M)
20.1 Cloud Market 2023-2030 ($M) - Regional Industry Research
20.2 On-Premises Market 2023-2030 ($M) - Regional Industry Research
21.MENA Workflow Management System Market Analysis By Industry Vertical Market 2023-2030 ($M)
21.1 Public Sector Market 2023-2030 ($M) - Regional Industry Research
21.2 Healthcare Market 2023-2030 ($M) - Regional Industry Research
21.3 Energy & Utilities Market 2023-2030 ($M) - Regional Industry Research
21.4 Retail Market 2023-2030 ($M) - Regional Industry Research
21.5 IT & Telecom Market 2023-2030 ($M) - Regional Industry Research
21.6 Travel & Hospitality Market 2023-2030 ($M) - Regional Industry Research
21.7 Transportation & Logistics Market 2023-2030 ($M) - Regional Industry Research
21.8 Education Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Workflow Management System Market Revenue, 2023-2030 ($M)2.Canada Workflow Management System Market Revenue, 2023-2030 ($M)
3.Mexico Workflow Management System Market Revenue, 2023-2030 ($M)
4.Brazil Workflow Management System Market Revenue, 2023-2030 ($M)
5.Argentina Workflow Management System Market Revenue, 2023-2030 ($M)
6.Peru Workflow Management System Market Revenue, 2023-2030 ($M)
7.Colombia Workflow Management System Market Revenue, 2023-2030 ($M)
8.Chile Workflow Management System Market Revenue, 2023-2030 ($M)
9.Rest of South America Workflow Management System Market Revenue, 2023-2030 ($M)
10.UK Workflow Management System Market Revenue, 2023-2030 ($M)
11.Germany Workflow Management System Market Revenue, 2023-2030 ($M)
12.France Workflow Management System Market Revenue, 2023-2030 ($M)
13.Italy Workflow Management System Market Revenue, 2023-2030 ($M)
14.Spain Workflow Management System Market Revenue, 2023-2030 ($M)
15.Rest of Europe Workflow Management System Market Revenue, 2023-2030 ($M)
16.China Workflow Management System Market Revenue, 2023-2030 ($M)
17.India Workflow Management System Market Revenue, 2023-2030 ($M)
18.Japan Workflow Management System Market Revenue, 2023-2030 ($M)
19.South Korea Workflow Management System Market Revenue, 2023-2030 ($M)
20.South Africa Workflow Management System Market Revenue, 2023-2030 ($M)
21.North America Workflow Management System By Application
22.South America Workflow Management System By Application
23.Europe Workflow Management System By Application
24.APAC Workflow Management System By Application
25.MENA Workflow Management System By Application
26.Xerox Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.IBM Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Oracle Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Pegasystems Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Software AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Bizagi, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Appian, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Newgen Software Technologies Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)