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Workflow Management Software Market Overview 2024-2033 - Share, Size, Insights, and Forecast | Analysis
Workflow Management Software Market Overview
According to The Business Research Company's, The workflow management software market size has grown exponentially in recent years. It will grow from $8.70 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 31.3%. The growth in the historic period can be attributed to technological advancements in automation, increasing demand for efficiency and productivity, growing complexity in business processes, regulatory compliance requirements, and globalization and distributed workforce trends.
The workflow management software market size is expected to see exponential growth in the next few years. It will grow to $34.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%. The growth in the forecast period can be attributed to proliferation of remote work, integration with artificial intelligence and machine learning, emphasis on cybersecurity and data privacy, adoption of agile methodologies, and rising focus on sustainability and environmental impact. Major trends in the forecast period include democratization of workflow automation tools, increased emphasis on user experience and intuitive interfaces, convergence of workflow management with project management and collaboration tools, rise of low-code and no-code platforms for rapid development, and expansion of industry-specific solutions and vertical integration.
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Market Drivers and Trends:
The rise of remote and distributed workforces is expected to propel the growth of the workflow management software market going forward. Remote and distributed workforces refer to employees who work from locations outside of traditional office settings, often using digital technologies to collaborate and perform tasks remotely. The rise in remote and distributed workforces is due to changing attitudes toward work-life balance, and the need for flexibility in work. Remote and distributed workforce teams utilize workflow management software to coordinate tasks, streamline communication, track progress, and ensure efficiency across decentralized teams, regardless of physical location. For instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based government agency, the percentage of establishments with full-time teleworking employees rose from 37.4% in 2021 to 42.2% in 2022. Therefore, the rise of remote and distributed workforces is driving the growth of the workflow management software market.
Major companies operating in the workflow management software market are focused on developing advanced software, such as cloud-based workflow management, to gain a competitive edge. Cloud-based workflow management software is an application or platform hosted in the cloud that facilitates the automation, coordination, and optimization of business processes and workflows. For instance, in April 2024, Emerson Electric Company, a US-based automation technology and software provider, launched DeltaV Workflow Management, an innovative software service tailored to boost productivity within the life sciences sector, focusing on early-stage development companies. It offers a cloud-based, software-as-a-service solution for simple recipe authoring, execution, and electronic data capture. This cloud-based approach provides flexibility, scalability, and accessibility for life sciences companies, especially those with limited IT infrastructure. It aims to accelerate the drug development process by providing a simple and scalable solution that eliminates the need for complex coding. This advancement reduces the time required for recipe creation and automation, enabling companies to expedite the commercialization of new therapeutic medicines.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, International Business Machine Corporation, Salesforce Inc., Atlassian Corporation Plc, Zoho Corporation Pvt Ltd, MondayCom Ltd, Asana Inc, Zapier Inc., Wrike Inc., Nintex Ltd, Kissflow Inc., CANEA Partner Group, TrackVia Inc., QountHQ Inc, Mavenlink LLC, Process Street Inc., Pillir Inc, Integrify Inc., Metatask, Comindware Ltd, ProWorkflow, Cavintek Inc., Ushur Inc., TimeReaction
Workflow Management Software Market 2024 Key Insights:
• The workflow management software market size is expected to see exponential growth in the next few years. It will grow to $34.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%.
• Remote Work Expansion Fuel Workflow Management Software Market Growth
• Emerson Electric Launches DeltaV Workflow Management For Life Science Sector
• North America was the largest region in the workflow management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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