Workflow Management System Market Size, Share & Trends Report

Workflow Management System Market Size, Share & Trends Analysis Report By Component (Software, Services), By Software, By Service, By Deployment, By Vertical, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-050-7
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2019
  • Number of Pages: 112

Report 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.

U.S. workflow management system market size, by component, 2018 - 2028 (USD Billion)

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.

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.

Component Insights

Based on the component, the workflow management system market is segmented into software and service. The software segment dominated the market with more than 65% of the global revenue share in 2020. The segment is also expected to exhibit the fastest CAGR over the forecast period. Workflow management software is being implemented across various industries and industry verticals as part of the efforts to automate and streamline the business processes. Benefits, such as cost efficiency, better utilization of resources, and enhanced business processes, associated with the implementation of workflow management software are expected to drive the growth of the segment. As companies continue to grow, the nature of their business is transforming and companies handling larger volumes of data and additional functionalities, thereby driving the need for workflow management software. Workflow management software can also be a part of a technologically advanced infrastructure and help in utilizing the generated data for decision making.

Moreover, organizations typically opt for different automated software solutions for each of their departments, such as finance, marketing, supply chain and inventory management, and HR. Services help the companies implementing workflow management systems either in ensuring that the new systems are in line with the existing systems of the respective departments or in integrating the new systems with the existing ones while preventing any data loss or data theft.

Software Insights

Based on software, the market is segmented into the web-based workflow systems, messaging-based workflow systems, production workflow systems (PWS), suite-based workflow systems, and others. The production workflow systems product segment dominated the market in 2020 and accounted for more than 35.0% of the global revenue. Production workflow systems have existed in the market for an extended period. They offer a higher level of customization, can sustain various features and functionalities, and can function in a wide range of networks and computing environments. However, they tend to be expensive than other systems and also call for costly integration services and application development. The increasing demand for business automation is expected to drive the demand for production workflow management systems.

However, the suite-based workflow system is anticipated to exhibit to register the highest CAGR of 33.1% in the forthcoming years. Suite-based workflows can reliably automate monotonous tasks and transform manual processes to digital workflows, thereby reducing manual data entry and paper forms. Suite-based workflows are generally installed as cloud-based solutions so that organizations can reduce manual processes and enhance the efficiency of their workflows at an economical cost. Suite-based systems involve lower licensing costs, thereby reducing the infrastructure costs. At the same time, they also offer a simple and user-friendly interface, which can be used conveniently even by people with basic IT expertise. Hence, suite-based workflow systems are gaining traction in the market.

Service Insights

Based on service, the market is segmented into the consulting, integration, and training & development. The consulting segment dominated the market in 2020 and accounted for more than 40% of the global revenue and it is also expected to exhibit the fastest CAGR over the forecast period. Companies are constantly looking to increase productivity, efficiency, and performance. Although this objective can be accomplished by implementing new technologies, companies are equally accountable for training employees to leverage the new systems to maximize the benefits. Companies also require consultation services before they can select a suitable software of their choice depending on their requirements. As a result, consulting services are gaining popularity among organizations.

The implementation of workflow management systems involves several factors, such as understanding the technicalities of the software, maintaining and repairing the system during breakdowns, seamlessly importing and exporting data, and updating the software regularly, which need to be considered. Ignoring these factors can lead to a loss of productivity. Hence, training and development services are anticipated to gain traction over the forecast period.

Deployment Insights

Based on deployment, the market for workflow management system is segmented into the cloud and on-premise. The cloud segment dominated the market in 2020 and accounted for more than 65% of the global revenue and it is also expected to exhibit the highest CAGR from 2021 to 2028. Organizations widely prefer cloud-based software as it is hosted on the vendor’s server and can be accessed through the web browser. Cloud-based hosting eliminates the need to regularly upgrade the system and allows users to access data from any location without any hassles.

The growth of the on-premise segment can be attributed to the fact that on-premise software can be customized easily and tailored to the client’s specific processes. On-premise deployment was preferred initially as on-premise software permits easy customization, does not necessitate an internet connection, and ensures full control over confidential business data. However, 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 growing preference for cloud deployment is expected to limit the growth of the on-premise segment over the forecast period.

Vertical Insights

Based on vertical, the market is segmented into BFSI, retail, transportation, IT and telecom, healthcare, and others. The BFSI segment dominated the market in 2020 and accounted for more than 65% of the global revenue and is also expected to exhibit the highest CAGR from 2021 to 2028. In the BFSI industry, workflow management systems combine records management, content management, and business process automation. They can help with various banking operations, such as new client onboarding, loan application processing, fraud information management, compliance management, and records management. Considering the confidentiality associated with the data the incumbents of the BFSI industry have to handle and the various ways this data can be exploited, workflow management systems can help in establishing safe storage and communication systems for the data and in permitting authorized access while thwarting all unauthorized attempts to access the data.

Global workflow management system market share, by vertical, 2020 (%)

As telecom services continue to evolve and the competition in the market continues to intensify, most telecom companies are changing their business processes so that they can keep fulfilling their customers’ requirements. 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.

Regional Insights

The North America is anticipated to be the largest regional market and accounted for more than 45% of the overall revenue share in 2020. This region is anticipated to be the leading revenue contributor in the market throughout the forecast period. Moreover, the rapid adoption of cloud-based services and the introduction of high-speed data networks also reflect favorably on workflow management systems market forecasts. Canada is witnessing the rapid adoption of 5G networks. For instance, in January 2020, Rogers Communications Inc., a telecom provider, officially announced that it has begun to roll out its wireless 5G network in downtown areas of Vancouver, Toronto, Ottawa, and Montreal. The increasing adoption of 5G services is expected to bring significant opportunities to workflow management providers for providing high-speed business automation.

The Asia Pacific region is expected to exhibit the highest CAGR from 2021 to 2028. The BFSI sector in India and China is gaining momentum owing to increasing demand for automation of business processes and increased online transactions. India and China are considered to have a huge product demand for solutions owing to economic development and the rising adoption of technology across different industry sectors. The increasing investments in tech firms in China are further paving the way for the growth of the market in the region.

Key Companies & Market Share Insights

Prominent participants in the market include International Business Machines Corporation; Newgen Software Technologies Limited; Nintex UK Ltd.; Oracle Corporation; Appian; Pegasystems Inc.; Xerox Corporation; and Software AG. The key companies are concentrating on offering diverse solutions suitable to cater to the needs of each end-user for gaining a noteworthy market share. Companies are focusing on reducing operational costs and increasing the effectiveness of their workflow processes. Many companies require the quick implementation and deployment of applications to focus more on development and reduce infrastructure overheads. RPA offers more flexibility and improves process quality, speed, and productivity, allowing for a more robust experience for organizations to meet the demand for cost reductions.

The vendors operating in the market are placing a strong emphasis on delivering innovative solutions to support technology transformation, ensure adequate cybersecurity to protect confidential information, optimize organizational operations, integrate artificial intelligence with business operations, derive superior business outcomes, and enable proactive remote monitoring. They are also offering various other services to businesses and helping them sustain in the digital age. Buyers, including small-, medium-, and large-sized enterprises, operating across various industries and sectors, are increasingly opting for workflow management systems to streamline their business processes. Some of the prominent players operating in the global workflow management system market are:

  • International Business Machines Corporation

  • Newgen Software Technologies Limited

  • Nintex UK Ltd.

  • Oracle Corporation

  • Appian

  • Pegasystems Inc.

  • Xerox Corporation

  • Software AG

Workflow Management System Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 8.52 Billion

Revenue forecast in 2028

USD 55.35 Billion

Growth Rate

CAGR of 30.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2018 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, software, service, deployment, vertical, region

Regional scope

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

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil; Mexico

Key companies profiled

International Business Machines Corporation; Newgen Software Technologies Limited; Nintex UK Ltd.; Oracle Corporation; Appian; Pegasystems Inc.; Xerox Corporation; Software AG

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the global workflow management system market report based on component, software, service, deployment, vertical, and region:

  • Component Outlook (Revenue, USD Million, 2018 - 2028)

    • Software

    • Service

  • Software Outlook (Revenue, USD Million, 2018 - 2028)

    • Production Workflow Systems

    • Messaging-based Workflow Systems

    • Web-based Workflow Systems

    • Suite-based Workflow Systems

    • Others

  • Service Outlook (Revenue, USD Million, 2018 - 2028)

    • Consulting

    • Integration

    • Training & Development

  • Deployment Outlook (Revenue, USD Million, 2018 - 2028)

    • Cloud

    • On-Premise

  • Vertical Outlook (Revenue, USD Million, 2018 - 2028)

    • BFSI

    • Healthcare

    • Retail

    • IT & Telecom

    • Transportation

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa

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