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Workflow Management Systems Market to Reach $99.9 Billion, by 2032 at 26.2% CAGR: Allied Market Research
[November 27, 2023]

Workflow Management Systems Market to Reach $99.9 Billion, by 2032 at 26.2% CAGR: Allied Market Research


The rise in adoption of advanced technologies across several industries and the rise of remote and distributed workforces are expected to drive the global workflow management systems market growth.

NEW CASTLE, Del., Nov. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Workflow Management Systems Market by Component (Software and Services), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), Deployment Mode (On-premise and Cloud), and Industry (BFSI, Retail, Education, IT and Telecom, Healthcare, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the workflow management system industry generated $9.8 billion in 2022 and is anticipated to generate $99.9 billion by 2032, witnessing a CAGR of 26.2% from 2023 to 2032.

Prime Determinants of Growth

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. However, high implementation costs associated with workflow management systems and complexities in integrating workflow management systems with existing systems can hinder market growth. However, rise in the implementation of cloud-based technologies offers lucrative market opportunities for the market players. 

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Report Coverage & Details:





Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$9.8 Billion

Market Size in 2032

$99.9 Billion

CAGR

26.2 %

No. of Pages in Report

494

Segments covered

Component, Enterprise Size, Deployment Mode, Industry, and Region

Drivers

Rise in adoption of advanced technologies across several industries.

Rise of remote and distributed workforces.

Opportunities

Rise in implementation of cloud-based technologies.

Restraints

High implementation costs associated with workflow management systems.

Complexities in integrating workflow management systems with existing systems.


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The software store segment to maintain its leadership status throughout the forecast period

Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the workflow management systems market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization, as it is one of the primary reasons enterprises are increasing their investment in the workflow management systems market. However, the services segment is projected to witness the highest CAGR of 28.0% from 2023 to 2032, the services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment. 

The large enterprises segment to maintain its lead position during the forecast period

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.

The cloud segment to maintain its lead position during the forecast period

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.

The BFSI segment to maintain its lead position during the forecast period

Based on industry, the BFSI segment accounted for the largest share in 2022, contributing to less than one-fourth of the workflow management systems market revenue, owing to the development of digital technologies in the BFSI sector. However, the healthcare segment is projected to manifest the highest CAGR of 30.6% from 2023 to 2032. The surge in the implementation of automation trends and the increase in the utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.

North America region to maintain its dominance by 2032

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.

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Leading Market Players: -

  • Appian Corporation 
  • Bizagi Limited 
  • IBM Corporation 
  • Microsoft Corporation 
  • Newgen Software Technologies Limited. 
  • Nintex Global Limited 
  • Oracle Corporation 
  • Pegasystems Inc. 
  • ServiceNow, Inc. 
  • Software AG
  • TIBCO Software Inc.

The report provides a detailed analysis of the key players in the workflow management systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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