Workflow Management System Market Analysis and Opportunities by 2031

Historic Data: 2021-2022   |   Base Year: 2023   |   Forecast Period: 2024-2031

Workflow Management System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Software (Suite-Based Workflow Systems, Web-Based Workflow Systems, Production Workflow Systems, and Messaging-Based Workflow Systems) and Services (Integration and Implementation, Consulting, and Training and Development)], Deployment Mode (Cloud and On-Premises), End User (BFSI, Healthcare and Life Sciences, IT and Telecom, Transportation and Logistics, Retail, Food and Beverages, Cosmetic Industry, and Others), and Geography

  • Report Date : Aug 2024
  • Report Code : TIPRE00008375
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 135

The workflow management system market size is projected to reach US$ 60.02 billion by 2031 from US$ 10.23 billion in 2023. The market is expected to register a CAGR of 24.7% during 2023–2031. Automation-as-a-Service is likely to be a key trend in the market in the coming years.

Workflow Management System Market Analysis

Implementing a unified workforce management solution allows everyone across the enterprise to have access to relevant data as part of their natural workflow. This not only limits fatigue and repetitive work but also helps in making informed decisions. Company-wide issues with disjointed datasets are considerably difficult to resolve manually. With a modern workforce management system, companies can address employees' and managers' needs in real-time, which is crucial for reducing labor and operational costs. Moreover, the integration of robotic process automation (RPA) into workflow management systems has increasingly become a standard practice in contemporary business settings. This enables the automation of specific tasks as part of more significant business processes, resulting in increased operational efficiency and productivity.

Workflow Management System Market Overview

A workflow management system serves as a consolidated platform that combines multiple diverse workflow tools into a unified application. Through this system, numerous processes can be automated in a step-by-step manner in accordance with business regulations. A workflow system can automate tasks that are both machine-based and human-based. Workflow management involves the efficient organization and optimization of workflows to achieve the best outcomes. This involves eliminating unnecessary tasks, ensuring that resources are available for all activities, and streamlining the order in which tasks are carried out. Also, automating key business process workflows aligns operations with business objectives and resolves the challenges associated with manual workflow systems, as workflows serve as the fundamental components of business processes. For instance, the procurement process comprises workflows for purchase requisition, invoice processing, and purchase order, each encompassing various tasks such as creation, review, approval, and routing to subsequent processes.

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Workflow Management System Market: Strategic Insights

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Workflow Management System Market Drivers and Opportunities

Rising Demand for Reduction in Labor and Operational Costs

Implementing a unified workforce management solution allows everyone across the enterprise to have access to relevant data as part of their natural workflow. This not only limits fatigue and repetitive work but also helps in making informed decisions. Company-wide issues with disjointed datasets are considerably difficult to resolve manually. With a modern workforce management system, companies can address employees' and managers' needs in real-time, which is crucial for reducing labor and operational costs. Automation plays a key role in reducing labor costs. Tools such as automated workflows, project management software, and AI-powered systems can help introduce automation in the workflow, decreasing the time it takes to complete labor-intensive tasks and boosting cost savings. Automation is particularly beneficial for reducing labor costs in manufacturing and other industries. Automated workflows allow systems to effectively handle the tasks, which allows employees to focus on more high-touch tasks in the organization. For instance, Ernst & Young successfully reduced labor costs and improved workflow management. The company conducted a study to estimate the total costs associated with HR tasks and found that labor costs represented most of the total costs related to these tasks. By implementing a fully automated workflow management solution, they were able to boost efficiency and reduce operating expenses, allowing management and HR to focus on strategic activities. Thus, the rising demand for reduction in labor and operational costs fuels the workflow management system market growth.

Integration of Robotic Process Automation with Workflow Management System

The integration of robotic process automation (RPA) into workflow management systems has increasingly become a standard practice in contemporary business settings. This enables the automation of specific tasks as part of more significant business processes, resulting in increased operational efficiency and productivity. For instance, in 2023, Gmelius, a platform specializing in Gmail-based communication and collaboration, has adeptly employed RPA within its workflow management system to streamline business operations. In a feature by Forbes, Gmelius is noted for its recognition of the pivotal role of artificial intelligence (AI) in achieving comprehensive digital workflow automation, particularly emphasizing RPA as a prime use case for automation. Gmelius has successfully integrated automation into a unified platform, effectively addressing common workflow challenges and presenting solutions to expedite workflow processes. This integration exemplifies the effective application of RPA within a workflow management system to improve task execution and enhance overall business operations, demonstrating the potential of RPA to automate specific tasks within broader business processes, thereby improving efficiency and scalability. Thus, the integration of robotic process automation with workflow management systems is expected to create lucrative opportunities for market growth during the forecast period.

Workflow Management System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the workflow management system market analysis are component, deployment mode, and end user.

  • Based on component, the market is divided into software and services. The software segment is subsegmented into suite-based workflow systems, web-based workflow systems, production workflow systems, and messaging-based workflow systems. The service segment is further segmented into integration and implementation, consulting, and training and development. The software segment held a larger market share in 2023.
  • In terms of deployment mode, the market is bifurcated into on-premises and cloud. The cloud segment held a larger market share in 2023.
  • By end user, the market is segmented into BFSI, IT & telecom, healthcare & life sciences, retail, transportation & logistics, food & beverages, cosmetic industry, and others. The BFSI segment held the largest market share in 2023.

Workflow Management System Market Share Analysis by Geography

The geographic scope of the workflow management system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific held a significant market share in 2023. The demand for innovative healthcare workflow management systems has surged in the dynamic healthcare landscape of Asia Pacific countries, which has led to the emergence of companies such as Appian. A cutting-edge workflow management system developed by Appian is specifically tailored to the unique requirements of healthcare providers in this region. Its platform offers seamless integration with existing healthcare IT infrastructure, streamlining clinical workflows, automating administrative tasks, and ensuring adherence to regulatory standards. By harnessing the power of data analytics and artificial intelligence, Appian aids in improved operational efficiency and patient care delivery in healthcare organizations, further allowing them to adapt to the evolving trends in Asia Pacific. The implementation of workflow management software and services in the IT & telecom sector is pivotal for streamlining operations and ensuring efficient task management. For instance, in telecom operations, workflow management systems enable the seamless coordination of tasks such as spectrum management and infrastructure investment, which are influenced by diverse regulatory environments in major countries in the region.

Workflow Management System Market Regional Insights

The regional trends and factors influencing the Workflow Management System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Workflow Management System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

workflow-management-system-market-global-geography
  • Get the Regional Specific Data for Workflow Management System Market

Workflow Management System Market Report Scope

Report Attribute Details
Market size in 2023 US$ 10.23 Billion
Market Size by 2031 US$ 60.02 Billion
Global CAGR (2023 - 2031) 24.7%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Software
  • Services
By Deployment Mode
  • On-Premise
  • Cloud
By End User
  • BFSI
  • Healthcare and Life Sciences
  • IT and Telecom
  • Transportation and Logistics
  • Retail
  • Food and Beverages
  • Cosmetic Industry
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Appian Corp
  • Bizagi
  • Newgen Software Technologies Ltd.
  • Nintex UK Ltd
  • Oracle Corp
  • Kissflow Inc
  • Zapier Inc.
  • S4BT Srl
  • Analysis s.r.l.
  • Bizzmine

  • Workflow Management System Market Players Density: Understanding Its Impact on Business Dynamics

    The Workflow Management System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Workflow Management System Market are:

    1. Appian Corp
    2. Bizagi
    3. Newgen Software Technologies Ltd.
    4. Nintex UK Ltd
    5. Oracle Corp
    6. Kissflow Inc

    Disclaimer: The companies listed above are not ranked in any particular order.


    workflow-management-system-market-cagr

    • Get the Workflow Management System Market top key players overview

    Workflow Management System Market News and Recent Developments

    The workflow management system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the workflow management system market are listed below:

    • Veeva Systems (NYSE: VEEV) announced Veeva Vault Batch Release, a new cloud application that will enable faster, more confident GMP release and market-ship decisions. Vault Batch Release addresses increased manufacturing and supply chain complexity by streamlining the aggregation and review of data and content while simplifying collaboration with external partners. (Source: Veeva Systems, Press Release, September 2023)
    • Dot Compliance, a leading provider of eQMS compliance solutions for the life sciences sector, has introduced an industry-first, ready-to-use AI-based electronic quality management system for life sciences powered by embedded generative and predictive artificial intelligence. The system deploys ChatGPT combined with proprietary algorithms to optimize quality processes, automate tasks and help professionals working in quality assurance to focus on enhancing the compliance of their organizations. (Source: Dot Compliance Ltd., Press Release, April 2023)

    Workflow Management System Market Report Coverage and Deliverables

    The "Workflow Management System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

    • Workflow management system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Workflow management system market trends, as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST and SWOT analysis
    • Workflow management system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the workflow management system market
    • Detailed company profiles

    Frequently Asked Questions

    What is the incremental growth of the global workflow management system market during the forecast period?

    The incremental growth expected to be recorded for the global workflow management system market during the forecast period is US$ 49,786.72 million.

    Which are the key players holding the major market share of the global workflow management system market?

    The key players holding majority shares in the global workflow management system market are Honeywell International Inc, International Business Machines Corp, Pegasystems Inc, Software AG, and Xerox Corporation.

    What are the driving factors impacting the global workflow management system market?

    Growing number of digital transformation initiatives and rising demand for reduction in labour and operational costs are the major factors that propel the global workflow management system market.

    What is the estimated market size for the global workflow management system market in 2023?

    The global workflow management system market was estimated to be US$ 10,236.51 million in 2023 and is expected to grow at a CAGR of 24.7 % during the forecast period 2023 - 2030.

    What will be the market size of the global workflow management system market by 2031?

    The global workflow management system market is expected to reach US$ 60,023.23 million by 2031.

    What are the future trends of the global workflow management system market?

    Automation-as-a-Service, which is anticipated to play a significant role in the global workflow management system market in the coming years.

    Ankita Mittal
    Ankita Mittal
    Manager,
    Market Research & Consulting

    Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

    Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Workflow Management System Market

    1. Appian Corp
    2. Bizagi
    3. Newgen Software Technologies Ltd.
    4. Nintex UK Ltd
    5. Oracle Corp
    6. Kissflow Inc
    7. Zapier Inc.
    8. S4BT Srl
    9. Analysis s.r.l.
    10. Bizzmine
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