Workflow Management System Market Size, Share, Top Companies, Growth and Opportunity 2022-2027

According to IMARC Group's latest report, titled "Workflow Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global workflow management system market reached a value of US$ 9.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.3 Billion by 2027, exhibiting a CAGR of 3.13% during 2022-2027.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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A workflow management system refers to a specialized software tool that allows an organization to streamline the routine business process and ensure optimal performance. It centralizes and monitors the data for corporate management and human resource utilization and improves the efficiency of front-line supervisors. Workflow management systems can create customized workflows that enhance the overall productivity of a firm and aid in efficient decision-making. They also prove beneficial in workforce forecast and scheduling, workflow analysis, HR management, etc. Consequently, workflow management system software tools find widespread application in numerous sectors, including Banking, Financial Services, and Insurance (BFSI), Information Technology (IT), retail, healthcare, transportation, logistics, etc.

Market Trends:

The escalating demand for automation across industries and the rising adoption of cloud-based solutions are among the key factors driving the growth of the workflow management system market. Additionally, the expanding need to reduce overall operational costs, avoid duplication of tasks, and improve the scalability of the infrastructures among the growing businesses in the emerging markets is acting as another significant growth-inducing factor. Besides this, the increasing penetration of smartphones and the emerging trend of Bring-Your-Own-Devices (BYOD) among organizations across countries are also positively influencing the market growth. Furthermore, the development of advanced technologies, such as Artificial Intelligence (AI), machine learning (ML), Big Data, etc., is expected to augment the workflow management system market over the forecasted period.

Workflow Management System Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the workflow management system market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Appian Corporation Inc.
Bizagi Group Limited
IBM Corporation
Newgen Software Technologies Ltd
Nintex Global Ltd.
Oracle Corporation
Pegasystems Inc.
Software AG
Xerox Holdings Corporation

Key Market Segmentation:

The report has segmented the global workflow management system market on the basis of component, deployment type, vertical and region.

Breakup by Component:

Software
Services

Breakup by Deployment Type:

Cloud-Based
On-Premises

Breakup by Vertical:

BFSI
Healthcare
Energy
Retail
IT and Telecom
Transportation and Logistics
Education
Others

Breakup by Region:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.