The global workflow management system market is expected to grow from USD 6.6 billion in 2021 to USD 55.51 billion by 2030, at a CAGR of 30.5%. The increasing demand for automation in businesses to improve efficiency and productivity is driving the growth of the workflow management system market.
Workflow management systems (WfMs) are software applications that help organizations to automate, manage, and optimize their workflows. They can be used to track the progress of tasks, manage resources, and ensure that tasks are completed on time and within budget.
WfMs are used in a variety of industries, including healthcare, manufacturing, finance, and IT. The healthcare industry is a major driver of the market, as WfMs can be used to automate patient scheduling, insurance claims processing, and clinical trial management.
The manufacturing industry is also a major user of WfMs, as they can be used to automate production planning, quality control, and supply chain management. The finance industry is another major user of WfMs, as they can be used to automate financial reporting, risk management, and customer service.
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Some of the key players in the workflow management system market include:
- Appian Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- Software AG
- Tibco Software
- Workday, Inc.
- Oracle Corporation
- K2 Corporation
The global workflow management system market is segmented by:
- Deployment: On-premises, Cloud
- Component: Software, Services
- Vertical: BFSI, Healthcare, Manufacturing, IT & Telecom, Retail, Government, Others
- Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Top Impacting Factors
The following are the top impacting factors of the workflow management system market:
- Increasing demand for automation in businesses
- Growing need to improve efficiency and productivity
- Rising adoption of cloud computing
- Increasing need to comply with regulations
- Growing popularity of mobile devices
The key strategies adopted by the players in the workflow management system market include:
- Product innovation
- Mergers and acquisitions
- Partnerships and collaborations
- Expansion into new markets
The North American region is expected to dominate the workflow management system market in the coming years, followed by Europe and Asia Pacific. The growth of the market in North America is attributed to the increasing adoption of cloud computing and the growing need to comply with regulations. The growth of the market in Europe is attributed to the increasing demand for automation in businesses and the growing adoption of mobile devices. The growth of the market in Asia Pacific is attributed to the growing economies in the region and the increasing adoption of cloud computing.
Industry Latest News
- In January 2023, Appian Corporation announced the acquisition of Blue Prism, a leading provider of robotic process automation (RPA) software. The acquisition will help Appian to expand its RPA capabilities and offer a more comprehensive workflow management solution to its customers.
- In February 2023, Oracle Corporation announced the release of Oracle Workflow Management Cloud Service, a new cloud-based workflow management solution. The solution is designed to help businesses automate their workflows and improve their efficiency and productivity.
- In March 2023, SAP SE announced the release of SAP Workflow Management 7.5, a new version of its workflow management solution. The new version includes a number of new features and enhancements, such as improved integration with SAP S/4HANA and SAP Cloud Platform.
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