The workflow management system market size is projected to reach US$ 60.02 billion by 2031 from US$ 10.23 billion in 2023 to register a CAGR of 24.7% during 2023-2031.
NEW YORK, Oct. 10, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global workflow management system market is observing significant growth. Factors such as digitalization transformation initiatives and rising demand for reduction in high labor and operational costs are driving the workflow management system market. . The market is expected to grow during the forecast period owing to the integration of robotic process automation (RPA) with workflow management systems. The rise in demand for automation-as-a-service (AaaS) is a key trend in the market.
Global workflow management system market experiences growth due to growing number of digital transformation initiatives. Browse More Insights: https://www.theinsightpartners.com/reports/workflow-management-system-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the workflow management system market comprises a vast array of software and services which are expected to register strength during the coming years.
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Overview of Report Findings:
- Market Growth: The Workflow Management System market share was valued at US$ 10.23 billion in 2023 and is projected to reach US$ 60.02 billion by 2031; it is expected to register a CAGR of 24.7% during 2023-2031. The demand for workflow management system is being driven by the growing need to modernize corporate processes; the continuous adoption of cutting-edge technologies; the demand for digital transformation solutions; the reduction in errors facilitated by workflow management systems; and the benefits they offer in terms of cost efficiency, resource utilization, and enhanced business processes.
- Technological Innovations: Automation-as-a-Service (AaaS) is gaining traction among enterprises worldwide. There is an escalating adoption of workflow automation in the healthcare sector. By alleviating the burden of documentation and repetitive responsibilities, automation liberates healthcare professionals to redirect their attention toward critical tasks that demand expertise and strategic thinking abilities. These insights align with the growth trajectory of the workflow management system market, as businesses seek to harness automation technologies to not only optimize their processes but also to gain a competitive edge in the dynamic business landscape..
- Growing Number of Digital Transformation Initiatives: Digital transformation in workflow management systems requires foundational investments in skills, projects, and infrastructure, as well as smooth collaboration between people, machines, and business processes. It aims to radically transform the business model and the way business is conducted. The EU4Health Programme (2021-2027), supported with huge funding of US$ 6.0 million (€5.3 billion), represents the largest of the EU's health programs as well as the most significant investment in the improvement of the healthcare sector in Europe. The initiative was adopted in response to the COVID-19 pandemic to reinforce crisis preparedness in the EU. The program aims to financially support national authorities, health organizations, and other bodies through grants and public procurements; therefore, it ensures a vital support function for the effective implementation of EU health policies and initiatives.
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4. Rising Demand for Reduction in Labor and Operational Costs: Implementing a unified workforce management solution allows everyone across the enterprise to have access to relevant data as part of their natural workflow. This not only limits fatigue and repetitive work but also helps in making informed decisions. Company-wide issues with disjointed datasets are considerably difficult to resolve manually. With a modern workforce management system, companies can address employees' and managers' needs in real-time, which is crucial for reducing labor and operational costs.
5. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by APAC and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.
Market Segmentation:
- On the basis of application, the workflow management system market forecast report is segmented into software and services. The software segment held the largest share in the workflow management system market in 2023.
- On the basis of deployment mode, the workflow management system market is segmented into cloud and on-premises. The cloud segment held the largest share in the workflow management system market in 2023.
- On the basis of end user, the workflow management system market is segmented into BFSI, healthcare and life science, IT and telecom, transport and logistics, retail, food and beverages, cosmetic industry, and others. The BFSI segment held the largest share in the workflow management system market in 2023.
- The workflow management system market forecast report is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major players operating in the Workflow Management System market companies include Appian Corp, Bizagi, Newgen Software Technologies Ltd., Nintex UK Ltd, Oracle Corp, Kissflow Inc, Zapier Inc., S4BT Srl, Analysis s.r.l., Bizzmine, MasterControl Inc., Honeywell International Inc, International Business Machines Corp, Pegasystems Inc, Software AG, Dot Compliance Ltd., Integrify, Inc, Xerox Corporation, and Veeva Systems.
- Trending Topics: Workflow Automation Market and Process Orchestration Market.
Global Headlines on Workflow Management System:
- "IBM and SAP SE announced their vision for the next era of their collaboration, which includes new generative AI capabilities and industry-specific cloud solutions that can help clients unlock business value."
- "Software AG announced that Software AG Japan, the Japanese subsidiary of Software AG, has been selected by ITOCHU Corporation, a general trading company headquartered in Tokyo, to use its ARIS business process management solution."
- "Sparta Systems, a Honeywell company, announced that Biocon, a leading global biopharmaceutical company, has selected TrackWise software as its end-to-end quality management platform."
- "Kissflow Inc., a leading SaaS software company, has rolled out a more powerful & comprehensive version of its flagship product, Kissflow Workflow."
- "Zapier, the workflow automation platform for small and midsized businesses, announced that it had acquired the team behind Vowel, an AI-powered video conferencing tool, for an undisclosed amount. Vowel's CEO, Andrew Berman, will become the new Director of AI at Zapier. Through this acquisition, the Vowel team will focus on enhancing Zapier's AI automation capabilities."
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Europe held a significant workflow management system market share in 2023. In Europe, the adoption of workflow management systems within the healthcare sector is primarily ascribed to a constant need to modernize processes, optimize operational efficiencies, and establish a cohesive framework for efficient workflows. The management process encompasses the coordination of healthcare procedures from initial patient interaction to discharge, ensuring a seamless patient experience and facilitating interdisciplinary communications among healthcare professionals to bolster collaborative efforts.
Agfa HealthCare, a prominent provider of IT-driven clinical workflow and diagnostic imaging solutions, provides tailored workflow management solutions that align with the specific requirements of healthcare institutions in Europe. Its workflow management solutions focus on managing clinical processes with the goal of streamlining workflows, enhancing care coordination, and maximizing the utilization of healthcare resources, ultimately contributing to improved patient outcomes and operational efficacy within healthcare establishments across Europe.
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Conclusion:
The integration of robotic process automation (RPA) into workflow management systems has increasingly become a standard practice in contemporary business settings. This enables the automation of specific tasks as part of more significant business processes, resulting in increased operational efficiency and productivity. For instance, in 2023, Gmelius, a platform specializing in Gmail-based communication and collaboration, has adeptly employed RPA within its workflow management system to streamline business operations. In a feature by Forbes, Gmelius is noted for its recognition of the pivotal role of artificial intelligence (AI) in achieving comprehensive digital workflow automation, particularly emphasizing RPA as a prime use case for automation.
Gmelius has successfully integrated automation into a unified platform, effectively addressing common workflow challenges and presenting solutions to expedite workflow processes. This integration exemplifies the effective application of RPA within a workflow management system to improve task execution and enhance overall business operations, demonstrating the potential of RPA to automate specific tasks within broader business processes, thereby improving efficiency and scalability. Thus, the integration of robotic process automation with workflow management systems is expected to create lucrative opportunities for market growth during the forecast period.
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The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system technology integrators, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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