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The workflow management systems market size is estimated to grow by USD 18.10 billion at a CAGR of 30.08% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for process automation and digital transformation in various industries. The emergence of mobile WMS solutions is another major trend, enabling real-time monitoring and management of workflows from anywhere, at any time. However, the market also faces challenges related to data security and privacy issues, as the adoption of digital solutions increases the risk of data breaches. Organizations must prioritize security measures to mitigate these risks and ensure the confidentiality, integrity, and availability of their data. Additionally, the integration of artificial intelligence and machine learning technologies into WMS is expected to further enhance process efficiency and effectiveness. Overall, the WMS market is poised for continued growth, driven by the need for automation, mobility, and data security.
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The market share growth by the on premise segment will be significant during the forecast period. These systems are mainly used in large enterprises. Hence, large companies with a global footprint are expected to drive the demand during the forecast period. The main reason for the high demand is that large organizations need to control and own the operations and processes as well as the data generated and stored by their business applications.
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The on premise segment was valued at USD 2.54 billion in 2018. Deploying a workflow management system on premises provides regulatory compliance advantages over cloud-based delivery, driving organizations to deploy on-premises workflow management systems solutions. For example, businesses, especially healthcare companies, must comply with ever-growing regulations such as the Health Insurance Portability and Accountability Act (HIPAA) for processing and storing customer data in the United States. By law, healthcare companies are required to have private data centers to securely manage their data. Data transparency is also a key factor behind the adoption of enterprise on-premises deployments of workflow management systems solutions to improve visibility and control over stored data. Therefore, increasing interest in data transparency, security, and control among companies is expected to drive the growth of the on premises deployment segment of the market during the forecast period.
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North America is estimated to contribute 35% to the growth of the market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Workflow management systems adoption is on the rise due to the growing need to modernize business processes. This, coupled with the continued adoption of cutting-edge technologies in various end-user industries including BFSI, government, healthcare, legal, etc., will drive the market in the North American region during the forecast period. North American organizations are increasingly using automated solutions that collect and analyze vast amounts of data to gain insight into their workflows. Additionally, as the amount of data generated across industries such as BFSI, government, healthcare, and legal is increasing, companies in these industries are looking to integrate these solutions with other advanced technologies such as analytics. There is an increasing need to streamline the decision-making process. Increase the efficiency of your work process.
The market is expanding rapidly, driven by the need for cost efficiency and the efficient utilization of resources in organizations. These systems enhance business processes by managing large data volumes and enabling streamlined workflows. The shift towards cloud computing and mobile computing has further fueled the demand for cloud-based workflow management systems, offering flexibility and scalability. Ensuring data security is crucial for businesses across various industry verticals, leading to the adoption of strong solutions. These systems improve profitability and cash flow by optimizing business processes and reducing software development costs. However, managing the complexity and ensuring the functionality of these systems remain key challenges for the software industry as they strive to innovate and enhance their data capabilities to meet the evolving needs of businesses.
Increasing demand for process automation and digital transformation is notably driving the market growth. Automation has become a crucial element for companies looking to digitize their workflow processes. By eliminating manual intervention in complex and repetitive workflows, businesses can not only accelerate their processes but also enhance the accuracy and consistency of their results. The increasing need for businesses to automate workflows and adapt to changing customer demands is expected to drive the adoption of technologies like Robotic Process Automation (RPA) and Artificial Intelligence (AI) in the coming years. This trend is also expected to impact other areas such as cloud computing, mobile computing, cloud-based workflow management systems, organizations, and data security.
Moreover, these technologies are being deployed to enhance operational efficiency, accelerate time-to-market, deliver personalized customer experiences, and reduce operational costs. Organizations across various industries, including BFSI, retail, and manufacturing, have embraced workflow management system solutions to automate both internal and external processes, particularly those involving customers, partners, suppliers, and self-service applications. Therefore, the increasing demand for automation and digital transformation is expected to be a key driver of market growth in the forecast period.
The emergence of mobile workflow management systems solutions is a key trend influencing the market growth. Technological advances drive the adoption of connected devices and real-time data sharing for fast and reliable workflow decision-making. The increasing adoption of telecommuting models in offices, the integration of digital technologies, and the shift towards catering to consumers around the world have increased the need to perform workflow tasks anytime and anywhere. These model changes have allowed smart devices such as mobile phones, tablets, laptops, and other digital assets to be accepted into workflow processes. The increasing adoption and reliance on smart devices are accelerating the adoption of mobile workflow management systems. This enables employees to work from anywhere while being connected to corporate data in real time.
Further, integrating a mobile workflow management systems solution can help organizations improve responsiveness and productivity. Mobile workflow management systems solutions help organizations better identify and understand mobile workflows. Therefore, best practices can be identified and extended across departments as a tool for standardizing and automating processes. One of the main benefits of implementing a mobile workflow management systems solution is the reduction in time and money companies spend on optimizing their mobile workflow processes. To optimize these processes, companies use the past and current experiences of other departments to solve similar workflow challenges rather than looking at the solution as a whole. The advantages of mobile workflow management systems and the accelerating adoption of enterprise mobility are expected to drive the growth of the market during the forecast period.
Data security and privacy issues are challenging the market growth. Organizations in industries such as BFSI, healthcare, retail, and manufacturing are using technologies such as the Internet of Things (IoT) and big data analytics to increase productivity and reduce operational complexity. Companies use numerous digital sensors in their production and manufacturing systems and processes. By integrating the data generated by these sensors into workflow management systems solutions, companies can improve operational processes and make more effective decisions. However, security vulnerabilities such as malware, data theft, and hacks associated with cloud technologies can pose significant threats to the large-scale implementation of workflow management systems solutions.
However, the increasing mass deployment of IoT devices and sensors in business applications is generating large amounts of sensitive business data, such as customer information and asset and production plant monitoring data. Combining multiple technologies to support compute and storage requirements and using workflow management systems in the cloud increases concerns around data and device security. With the advent of IoT, the number of connected devices has also increased significantly. If a cyber attacker identifies every device on the IoT network, it could lead to a major data breach. Therefore, such factors are expected to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is witnessing rapid growth due to the increasing adoption of workflow management software across various industries and industry verticals. These systems are crucial for automation and streamlining of business processes, leading to enhanced business processes and cost advantages. With the shift towards cloud platforms, organizations can improve workflow management system growth while reducing maintenance costs and support costs. The market is driven by factors such as corporate processes, customer and worker interactions, and the need for modern technology infrastructure. Companies are investing in the latest technologies and cloud computing environments, focusing on migration and customizations to improve functionality and achieve better ROI.
However, in sectors like Finance and BFSI, workflow management systems are integral for supply chain & inventory management and effective utilization of IT assets, often through managed services on mobile devices. Further, in the service segment, conventional workflows in marketing, HR, and production are increasingly transitioning to suite-based workflows, with the consulting, integration, and cloud segment offering tailored solutions that integrate seamlessly with both on-premise and telecom segment. Cloud technology is revolutionizing the software segment, including ERP and CRM systems, by efficiently handling diverse workloads across the telecom sector and providing scalable cloud services to technology start-ups.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.08% |
Market growth 2024-2028 |
USD 18.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.2 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, Germany, Japan, China, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Appian Corp., Automation Anywhere Inc., Bizagi Group Ltd., Dell Technologies Inc., Fortra LLC, Fujitsu Ltd., HP Inc., International Business Machines Corp., monday.com Ltd., Newgen Software Technologies Ltd., Nintex Global Ltd., Oracle Corp., PairSoft, Pegasystems Inc., Robert Bosch GmbH, SAP SE, Software AG, Vista Equity Partners Management LLC, Xerox Holdings Corp., and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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