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

Research Methodology

A three-pronged approach was followed for deducing the workflow management system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for workflow management system market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of workflow management system market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Workflow Management System Market Categorization:

The workflow management system market was categorized into six segments, namely component (Component, Service), software (Production Workflow Systems, Messaging-based Workflow Systems, Web-based Workflow Systems, Suite-based Workflow Systems), service (Consulting, Integration, Training & Development), deployment (Cloud, On-premise), vertical (BFSI, Healthcare, Retail, IT & Telecom, Transportation), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Segment Market Methodology:

The workflow management system market was segmented into component, software, service, deployment, vertical, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The workflow management system market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Workflow management system market companies & financials:

The workflow management system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • APPIAN - Appian is a provider of business process management and enterprise application development software at a reasonable cost that helps companies create powerful and distinctive apps. Through user-friendly, visual interfaces, the company's low-code automation platform assists enterprises in designing, developing, and implementing enterprise-grade bespoke applications. The platform is made to meet the strict security requirements of major business clients and the U.S. federal government when implementing products in both on-premises and cloud settings. Government organizations may also benefit from Appian's development in the Impact Level IV cloud, which is a fully controlled and protected environment. The platform of the firm satisfies all standards outlined in the HITRUST Common Security Framework (CSF) and is certified under both PCI DDS and HITRUST.

  • BIZAGI - Process modelling and intelligent automation tools are offered by Bizagi, which assists businesses in achieving their digital transformation of business processes. The Modeler, which assists business professionals in creating, documenting, and modifying their process models; the Studio, which assists in converting process models into workflows and applications; and the Engine, which runs and manages business processes that the Studio has automated, make up the company's platform. Additionally, the company offers business solutions like IT services, finance and accounting, risk and compliance, HR and employee engagement, and customer experience; technology solutions like digital process automation (DPA), robotic process automation (RPA), intelligent process automation (IPA), artificial intelligence (AI), and SAP; and industry solutions like financial services, public sector, healthcare, manufacturing, and education.

  • IBM CORPORATION - IBM Corporation provides infrastructure hosting and consulting services in addition to producing computer hardware and creating middleware and other applications. The company's areas of competence range from mainframe computers to nanotechnology. Among other things, the company's areas of expertise include cloud-based services, industrial solutions, cognitive analytics, security, consultancy, and research. Cloud & Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing are the company's five business segments. In 2020, IBM Corporation increased its technical capabilities by investing USD 6.3 billion in research and development. Scientists at IBM Research, the company's research and development division, concentrate on creating cutting-edge technologies, including blockchain, artificial intelligence, nanotechnology, quantum computing, cloud computing, and post-silicon computing architectures, among others. These technologies are then supplied to a range of end-user industries, including government agencies and the manufacturing, healthcare, and financial services sectors. For 26 years running, the firm has possessed the greatest number of U.S. patents.

  • NEWGEN SOFTWARE TECHNOLOGIES LIMITED - Newgen Software Technologies Limited offers digital automation solutions with less code. The company provides services for enterprise content, business processes, workflow and process automation, document management systems, enterprise software development, and customer communication management. The platform that the organization offers comprises client engagement, content services, and process automation. Financial institutions, governmental agencies, insurance companies, and shared services centers all often employ its business solutions. The company's network of important resellers, technological partners, and worldwide system integrators and consultants is extensive. Business capabilities including low-code application development, RPA, enterprise mobility, AI-driven analytics, cloud deployment, integration ecosystem, and DevOps are made possible by the company's digital automation platform. Moreover, it facilitates the unification of several business applications and breaks down organizational silos. The firm submitted 44 patents as of March 2020; of them, 15 have been awarded in the United States and India, while 16 more patent applications are pending. The business is present in the regional marketplaces of North America, Europe, Asia Pacific, the Middle East, and Africa.

  • NINTEX UK LTD - Nintex UK Ltd is a software provider that offers companies and IT professionals workflow automation tools. The business provides a platform for process automation, process optimization, and process management. To promote ongoing process improvements, the platform's process management section offers tools for planning, mapping, visualizing, and managing business processes. The platform offers workflow and robotic process automation (RPA) bots, process mapping, process intelligence, sophisticated workflows, DocGen & eSign, forms & mobiles, and process automation. The platform's process optimization features include updating process mapping and automation-based data-driven insights, giving businesses the ability to promptly monitor business processes to detect and resolve problems, and offering data visualization tools to enhance prospective processes. Among the many divisions that Nintex UK Ltd assists in optimizing work are sales and sales operations, human resources, information technology, customer service, process excellence and transformation, and operations and shared services. Government organizations and established players in a wide range of end-use sectors and industrial verticals, including financial services, energy, health & life sciences, technology, education, food & beverage, and manufacturing, all make extensive use of the company's platform.

  • ORACLE CORPORATION - Oracle Corporation is a multinational company that offers enterprises information technology products and services. The business provides platforms, apps, and infrastructure to satisfy the needs of both startups and large corporations. The business also serves governmental organizations and academic institutions. It also provides middle-tier software systems, database development, and software for supply chain management (SCM), customer relationship management (CRM), and enterprise resource planning (ERP). Hardware, Services, and Cloud and License are the company's business segments. In 2020, the Cloud and licensing business accounted for around 83% of the company's total revenue, making it the primary revenue-generating division. Revenues from the licensing of Teo Any's software products, including Java, Oracle Database, Oracle Applications, Oracle Fusion Middleware, and Oracle Cloud services, including SaaS, PaaS, and IaaS solutions, are included in the services division. These solutions support a wide range of sectors by offering them various tools including bill of materials, cost management, and quality management to aid in production and product management.

  • PEGASYSTEMS INC. - Pegasystems Inc. is a global provider of digital process automation and customer interaction software for sales, marketing, and onboarding applications. The firm offers software products developed on its low-code Pega Platform, which enables businesses to create and expand business applications. Customer Engagement & CRM and Intelligent Automation comprise the company's product portfolio. Further divisions of intelligent automation include robotic process automation, low-code platforms, and case management & BPM. Customer Engagement & CRM, on the other hand, offers marketing, sales automation, and customer care businesses total automation and real-time AI within a single CRM platform. With the help of robotic automation, artificial intelligence (AI), and case management technologies integrated into the low-code Pega Platform, Pegasystems Inc.'s cloud architect portfolio for client engagement and digital process automation applications enables companies to quickly develop, scale, and expand their business applications to satisfy critical business requirements. The company also provides application software to support digital process automation (DPA), an architecture that lets businesses use intelligence to completely transform their operations, optimize business procedures, and enhance customer and employee experiences.

  • SOFTWARE AG - Software AG creates platforms for digital transformation and corporate integration using software and information technologies. The organization offers consulting services, business process management, and data management worldwide. Three business lines—Adabas & Natural (A&N), Digital Business Platform (DBP), and Professional Services—are used by the corporation to run its operations. Several technologies that are essential to the development of new digital business models and digital transformation are grouped in the Digital Business Platform sector. The business line underwent an internal reorganization in 2019 and was divided into three product lines: IoT & Analytics, Business Transformation, and Integration & API. Software AG released Adabas (Adaptable Database) and Natural as its initial product releases.  They are fueling state and national governments worldwide as well as banking institutions in around 30 different countries. In addition, Adabas & Natural applications are used to manage warehouse and logistics networks, as well as airlines, railroads, and freight services. The A&N and DBP business lines are supported by the company's Professional Services business line. Additionally, it helps clients with digital application design, planning, development, and implementation.

  • SOURCECODE TECHNOLOGY HOLDINGS, INC. (K2 SOFTWARE INC.) - Software for workflow and process-driven applications is developed and distributed by SourceCode Technology Holdings, Inc. The firm provides K2 Blackpearl, a business process application platform, and K2 Appit, a cloud-based workflow and forms application suite. Nintex UK Ltd. purchased workflow and process-driven application provider K2 Software Inc. in October 2020 to assist businesses in resolving process issues and streamlining operations via the use of user-friendly software solutions. The corporation is based in the United States.

  • XEROX CORPORATION - Xerox Corporation is a workplace technology firm that creates hardware, software, and digital print solutions for both small and big businesses. The business provides a variety of digital solutions, including managed print services, workflow automation services, content management, digitalization services, and multi-channel communication services. Along with digital printing presses, printers, copiers, light production devices and solutions, inkjet presses, graphic communications and production solutions, commercial printers, and a suite of software solutions called FreeFlow for print processing automation and integration, the firm also offers other products. DocuShare Enterprise, XMPie Personalize Print, Print Management, and Print Production Workflow are among the software products offered by Xerox Corporation. The company's products and services are extensively utilized in industrial settings and by leading companies in a range of end-use sectors and industry verticals, including retail, healthcare, and education. The firm also provides its services and solutions to government organizations. North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the company's geographic reach.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Workflow Management System Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Workflow Management System Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

What questions do you have? Get quick response from our industry experts. Request a Free Consultation
pdf

GET A FREE SAMPLE

bck

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

cog

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member

ISO

ISO Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon