Workflow Management System Market: BFSI Segment Dominated And Accounted For The Global Revenue
Workflow Management System Industry Overview
The global workflow management system market size was valued at USD 6.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 30.6% from 2021 to 2028. Workflow management systems are gaining acceptance in the market as they help in improving efficiency and reducing operational cost. Furthermore, the systems optimize automation, workflow, and processes, thus, reducing the need for unnecessary rework and manual effort. Various benefits such as workload reduction, better return on investment, and improved effectiveness, resulting from the use of workflow management solutions, are anticipated to further propel the market growth over the forecast period.
In 2020, several countries imposed restrictions and promoted social distancing and remote working as a part of their efforts to prevent the spread of the coronavirus. As such, the pandemic imposed enterprises to adopt advanced and upgraded technologies with virtual capabilities, thereby leading to higher levels of collaboration between workflow management systems. The shift to a virtual workplace could eventually open opportunities for flexible schedules, beneficial for both enterprises and representatives. In other words, the pandemic is transforming the way businesses would leverage smart technologies, such as mobile computing, machine learning, and Artificial Intelligence (AI), to accelerate Industry 4.0, the fourth industrial revolution.
Gather more insights about the market drivers, restrains and growth of the Global Workflow Management System market
Pandemic is putting medical systems under immense pressure; as such workflow automation is an important tool in relieving system stress. The hospitals that cannot handle the influx of patients during the COVID-19 outbreak can deploy electronic systems and automated processes to streamline processing and communication. This is anticipated to drive the demand for workflow management systems to ease the burden on health workers and help them optimize the use of limited resources while delivering optimal treatment and patient experience.
Information plays a vital role in the procurement department. The insights obtained from historical data on product pricing help strengthen a buyer’s negotiation position and achieve better pricing. Through the adoption of workflow management software, organizations can monitor and streamline business processes. Workflow management processes enable organizations to keep operational costs under control and improve operational efficiency across businesses. The deployment of workflow automation in end-use industries such as healthcare, finance, retail, BFSI, transportation, and IT and telecom can help reduce manual tasks, spend time, and operational costs. Furthermore, it can help organizations maintain business standards and regulatory compliances by designing the workflow process to ensure all fundamental activities and outcomes are tracked and escalated.
Several organizations are implementing the public cloud as a cost-efficient platform for hosting business applications and deploying and developing customer-facing solutions. Also, enterprises are experiencing heavy traffic on their application platforms, making it difficult to scale resources to meet the increasing demand. Moreover, workflow management integration with the cloud helps automate repetitive tasks more conveniently and convert paper-based processes to web-based digital workflow, eliminating the need for manual data entry.
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- Warehouse Management Systems Market - The global warehouse management systems market size was valued at USD 2.94 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.1% from 2022 to 2030. Growing economies across the globe have propelled various sectors such as healthcare, manufacturing, and retail to achieve highly efficient operations in order to increase their output and meet consumer demand.
- Robotic Process Automation Market - The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030. Factors such as the need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises is expected to boost the market growth.
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:
Workflow Management System Component Outlook (Revenue, USD Million, 2018 - 2028)
- Software
- Service
Workflow Management System Software Outlook (Revenue, USD Million, 2018 - 2028)
- Production Workflow Systems
- Messaging-based Workflow Systems
- Web-based Workflow Systems
- Suite-based Workflow Systems
- Others
Workflow Management System Service Outlook (Revenue, USD Million, 2018 - 2028)
- Consulting
- Integration
- Training & Development
Workflow Management System Deployment Outlook (Revenue, USD Million, 2018 - 2028)
- Cloud
- On-Premise
Workflow Management System Vertical Outlook (Revenue, USD Million, 2018 - 2028)
- BFSI
- Healthcare
- Retail
- IT & Telecom
- Transportation
- Others
Workflow Management System Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
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
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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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