Press release
Workflow Management Systems Market Reach USD 99.9 Billion by 2032 at 26.2% CAGR
The notable factors positively affecting the workflow management systems market include rise in adoption of advanced technologies across several industries and the rise of remote and distributed workforces. Rise in the implementation of cloud-based technologies offers lucrative market opportunities for the market players.
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The global workflow management systems market was valued at USD 9.8 billion in 2022, and is projected to reach USD 99.9 billion by 2032, growing at a CAGR of 26.2% from 2023 to 2032.
The workflow management systems market is segmented on the basis of component, enterprise size, deployment mode, industry, and region. On the basis of component, the market is segmented into software and services. On the basis of enterprise size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). On the basis of deployment mode, the market is segmented into on-premise and cloud. On the basis of industry, the market is segmented into BFSI, retail, education, IT and telecom, healthcare transportation and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings of the Study
● By component, the software segment accounted for the largest workflow management systems market share in 2022.
● By enterprise size, the large enterprises segment accounted for the largest workflow management systems market size in 2022.
● By deployment mode, the cloud segment accounted for the largest workflow management systems market share in 2022.
● By industry, the BFSI segment accounted for the largest workflow management systems market share in 2022.
● Region wise, North America generated the highest revenue in 2022.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for less than one-third of the workflow management systems market revenue. The increase in the usage of workflow management system solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to manifest the highest CAGR of 28.4% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
The market players operating in the workflow management systems market analysis are Appian Corporation, Bizagi Limited, IBM Corporation, Microsoft Corporation, Newgen Software Technologies Limited., Nintex Global Limited, Oracle Corporation, Pegasystems Inc., ServiceNow, Inc., Software AG and TIBCO Software Inc.
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Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing to more than two-thirds of the Workflow Management Systems Market revenue, owing to the growing demand for workflow management system solutions in large enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 28.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.
Based on deployment mode, the cloud segment accounted for the largest share in 2022, contributing to more than three-fifths of the workflow management systems market revenue and it is projected to maintain its lead position during the forecast period. This is attributed to an increase in the need for secure and reliable data within the organization is fueling the market growth. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
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