GVR Report cover 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, 2023 - 2030

  • Report ID: GVR-4-68038-050-7
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global workflow management system market size was valued at USD 9,540.0 million in 2022 and is projected to register a CAGR of 33.3% from 2023 to 2030. The market growth can be attributed to the growing need to modernize corporate processes, combined with the continuous adoption of cutting-edge technologies across various industries and industry verticals, is likely to drive demand for workflow management systems. The COVID-19 pandemic is anticipated to have a substantial effect on businesses, stifling innovation, subduing profitability, and depleting cash flow. However, the negative impact on the software industry, including the market for workflow management systems, has been minimal. The pandemic has fueled many end-use industries' innovation plans and accelerated efforts to adopt a digital-first approach for enabling customer and worker interactions, modernizing technology infrastructure, and improving data capabilities.

U.S. Workflow Management System Market Size, By Software, 2020 - 2030 (USD Billion)

Workflow management software is implemented across various industries and industry verticals as part of the efforts to automate and streamline 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 market growth. As companies continue to grow, the nature of their business is transforming, and companies must handle larger volumes of data and additional functionalities, thereby driving the need for workflow management software. These factors would further drive the growth of the workflow management system market.

Workflow management involves automating and streamlining workflows engaged in business processes. The price of software is not entirely based on software development costs. Higher complexity and maintenance costs could further contribute to the support cost of the software. Component license agreements are also highly complex, costly, and time-consuming. The maintenance and support cost of software only covers the standard software cost, and any additional integration and customizations often incur additional charges. This could act as a restraint to the workflow management system market growth.

Enterprises are increasingly adopting the latest technologies, such as cloud computing and mobile computing, and this is anticipated to drive the demand for cloud-based workflow management systems. The growing adoption and deployment of cloud technology can be attributed to the rising interest of organizations in securing data, business applications, and workloads hosted on a cloud computing environment. The high level of scalability and flexibility and the cost advantages offered by cloud computing are also driving the migration to cloud platforms. These factors would further drive the growth of the workflow management system market during the forecast period.

Component Insights

The software segment accounted for a market share of 66.3% in 2022. The ability of workflow management software to reduce iterative work processes, which reduce productivity, and transform the conventional workflows bodes well for the growth of the segment. Workflow management software can potentially automate processes and assist in making decisions efficiently. Workflow can be described as an efficient movement of documents and tasks through a business process. Workflow management software can typically analyze processes and enhance those at every stage as part of the efforts to balance the workload appropriately for achieving short-term goals and redefining the sections of workflow processes in the long run.

The service segment is anticipated to expand at a CAGR of 31.1% during the forecast period. Organizations typically opt for different automated software solutions for each of their departments, such as finance, marketing, supply chain & 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

The production workflow system segment accounted for a market share of 36.1% in 2022. As with any project, designing a workflow can help users in managing resources effectively, utilize their time efficiently, and ensure the relevant teams and individual contributors are on the job. Given that ROI is essential for businesses, a production workflow can help in annulling inefficiencies and keeping costly delays and miscommunication at bay. While intensifying competition and globalization prompt companies to control their expenses and cut costs, mergers & acquisitions are on a rise. The subsequent confusion, redundancies, and complexities stemming from such deals can potentially jeopardize the performance of companies.

The suite-based workflow systems segment is anticipated to grow at a CAGR of 37.3% during the forecast period. 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 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 workflow management system market.

Service Insights

The consulting segment accounted for a market share of 40.8% in 2022. The increasing demand for consulting services in various end-use industries for managing risks and identifying growth opportunities for future development is expected to drive the growth of the segment. Companies are constantly looking to improve productivity, efficiency, and performance by implementing the latest technologies. Companies also require consultation services before they can select suitable software depending on their requirements. As a result, training & consulting services are gaining popularity among numerous organizations.

The integration segment is anticipated to exhibit a CAGR of 31.4% during the forecast period. The increasing dependence of enterprises on IT assets to improve productivity is anticipated to drive the growth of the integration segment over the forecast period. Managed services can particularly integrate and effectively manage both cloud and conventional infrastructures. These services also help 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 data loss or data theft.

Deployment Insights

The cloud segment accounted for a market share of 67.9% in 2022. The growth of the cloud segment can be attributed to the increasing use of mobile devices and advances in information-sharing technologies. Large organizations operating from multiple sites typically prefer working on the same database and hence prefer cloud-based servers. The deployment of cloud applications is easier than conventional software as cloud applications require no upfront installation and have fewer integration requirements. Cloud applications managed by the service provider are regularly updated, fixed with the most stable version, and supported with continuous technical support.

The on-premise segment is anticipated to display a CAGR of 31.1% during the forecast period. 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 does not require an internet connection, allows easy customization, and ensures full control over confidential business data. These benefits provided by on-premise deployment would further drive the segment over the forecast period.

Vertical Insights

The BFSI segment accounted for a market share of 32.6% in 2022. 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, 2022 (%)

The IT & telecom segment is anticipated to expand at a CAGR of 35.5% during the forecast period. By assisting in the precise tracking, administration, and reporting of all IT and software assets, including fixed and mobile telecom assets, telecom workflow management systems can make traditional IT and telecom systems expandable and flexible. As a result, the IT & telecom segment is expected to increase significantly throughout the projection period. As telecom services evolve and market rivalry intensifies, most telecom businesses are adjusting their business procedures to ensure that they continue to meet their customers' needs.

Regional Insights

North America held the major share of over 40% in 2022 of the global workflow management system market. The increasing number of technology start-ups and the high adoption of ERP, CRM, and cloud services in North America are expected to drive the growth of the regional workflow management systems market over the forecast period. Further, investors in the U.S. and Canada offer to fund companies developing workflow management systems software and services. Since these solutions provide fast delivery of required content to consumers and provide high security, governments and other businesses are integrating these solutions into their operations. For instance, in July 2019, Monday.com, a NYC and Tel Aviv-based workflow management platform provider raised USD 150 million in Series D funding.

Workflow Management System Market Trends by Region

Asia Pacific is expected to emerge as the fastest-growing region in the forecast period at a CAGR of 36.4%. The increasing number of smartphone users and rising online commerce are some of the key factors expected to fuel the growth of the Asia Pacific regional market. Most of the businesses in the region are encouraging the extensive adoption of BYOD and cloud-based tools with the large-scale acceptance of digital workplace services by enterprises. Further, several governments in the region are encouraging software companies to design and develop Free and Open-Source Component (FOSS) for SaaS, mobile applications, and Service-Oriented Architecture (SOA). Such initiatives are expected to promote the development of new workflow management systems.

Key Companies & Market Share Insights

The report will include company analysis based on their financial performances, product benchmarking, key business strategies, and recent strategic alliances. Companies can be seen engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. They are effectively working on new product development, and enhancement of existing products to acquire new customers and capture more market shares.

For instance, in April 2021, Software AG partnered with Matillion, a provider of cloud-native data integration and transformation platform. The partnership envisaged the two companies integrating data received from different sources and creating a single source to extract meaningful business insights, thereby supporting cloud adoption and digital transformation. Some prominent players in the global workflow management system market include:

  • Appian

  • Bizagi

  • International Business Machines Corporation

  • Newgen Component Technologies Limited

  • Nintex UK Ltd.

  • Oracle Corporation

  • Pegasystems Inc.

  • Software AG

  • SourceCode Technology Holdings, Inc. (K2 Component Inc.)

  • Xerox Corporation

Workflow Management System Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 11.59 billion

Revenue forecast in 2030

USD 86.63 billion

Growth rate

CAGR of 33.3% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

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; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa

Key companies profiled

Appian; Bizagi; International Business Machines Corporation; Newgen Component Technologies Limited; Nintex UK Ltd.; Oracle Corporation; Pegasystems Inc.; Component AG; SourceCode Technology Holdings; Inc. (K2 Component Inc.); Xerox Corporation

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

 

Global Workflow Management System Market Segmentation

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 2030. For this study, Grand View Research has segmented the global workflow management system market report based on component, software, service, deployment, vertical, region:

  • Component Outlook (Revenue, USD Million, 2018 - 2030)

    • Component

    • Service

  • Software Outlook (Revenue, USD Million, 2018 - 2030)

    • Production Workflow Systems

    • Messaging-based Workflow Systems

    • Web-based Workflow Systems

    • Suite-based Workflow Systems

    • Others

  • Service Outlook (Revenue, USD Million, 2018 - 2030)

    • Consulting

    • Integration

    • Training & Development

  • Deployment Outlook (Revenue, USD Million, 2018 - 2030)

    • Cloud

    • On-premise

  • Vertical Outlook (Revenue, USD Million, 2018 - 2030)

    • BFSI

    • Healthcare

    • Retail

    • IT & Telecom

    • Transportation

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa (MEA)

      • UAE

      • Saudi Arabia

      • South Africa

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