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
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.
The growing trend of remote working and collaborative approaches has resulted in an increased demand for solutions such as remote-ready workflow management and COVID-19 assessment tracker. The market players are trying to exploit this opportunity by offering tracking software and remote-ready workflow management systems as a part of their efforts to increase their customer base.
For instance, in April 2020, Kissflow, a provider of workflow and business process management software, announced the launch of a COVID-19 self-assessment tracker app. This app enables organizations to check their employees periodically for COVID-19 symptoms. It also sends employees a list of risk assessment questions (suggested by the CDC (U.S.)) that helps determine an individual's symptoms and identify appropriate medical care.
Furthermore, during the same time, the company also announced the launch of the Remote Work Readiness Survey app, which helped organizations understand the feasibility of allowing employees to work remotely.
The rising adoption of automation and process management solutions across North America is expected to drive the growth of the regional market.
Aggressive investments in information technology, a strong emphasis on digital transformation, and a growing preference for cloud technology across the region, particularly in Canada and the U.S., are also expected to contribute to the growth of the regional market over the forecast period.
Workflow Management System Market Report Highlights
The software segment is anticipated register the fastest growth over the forecast period. This is owing to as companies continue to grow, the nature of their business is transforming and companies handling larger volumes of data and additional functionalities.
The cloud segment is anticipated to be fastest-growing market from 2021 to 2028. The preference for cloud deployment is growing as cloud deployment offers flexibility, real-time software updates, and work-from-anywhere capabilities, among other benefits.
The IT and telecom segment is anticipated to be fastest-growing market from 2021 to 2028. Telecom workflow management systems can potentially make the conventional IT and telecom systems extensible and flexible by assisting in accurately managing, tracking, and reporting all IT and software assets, including mobile and fixed telecom assets. Hence, the IT and telecom segment is anticipated to exhibit substantial growth over the forecast period.
Some of the prominent participants in the industry are International Business Machines Corporation; Newgen Software Technologies Limited; Nintex UK Ltd.; Oracle Corporation; Appian; Pegasystems Inc.; Xerox Corporation; and Software AG.
Market Driver Analysis
Increasing focus on streamlining business processes
Achieving cost-efficiency through workflow management
Market Challenge Analysis
High implementation costs
International Business Machines Corporation
Newgen Software Technologies Limited
Nintex UK Ltd.
SourceCode Technology Holdings, Inc. (K2 Software Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/rysldi
View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005547/en/
Laura Wood, Senior Press Manager
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