Workflow Management System Market Analysis Report By Component, By Software, By Service, By Deployment, By Vertical, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global workflow management system market size was accounted for revenue of USD 4.8 billion in the year 2018. It is expected to witness growth with 27.7% CAGR over the forecasted years, 2019 to 2025. This growth can be associated with the surging penetration of technologies among a wide range of industry verticals coupled with the rising need for smooth-running business processes.

Several factors like cost efficiency, maximum resource utilization, and enhanced business processes are in demand across all industrial sectors. Thus, the need for usage of WFMS services is gaining traction across the globe on account of the increasing size of companies, shifting business trends, and rapid advances in the technology sector.         

The process of workflow management assists in workflow mapping, searching redundant tasks, analyzing improvement areas, and identifying the bottlenecks. It also optimizes and generates a path for the data to carry out given processes. It can thus, reduce the redundant departments and their processes thereby increasing the accuracy and reducing the time required for performing tasks. The usage of analytics for WFMS services also enhances its usage by eliminating unnecessary costs, thereby driving market growth.

These systems are considered as matured and enhanced technologies for controlling and automating business processes. Thus, to carry out these processes, several modeling techniques are applied across organizational and non-technical systems. Further, it is being considered as a major part of the IT infrastructure that helps in automating and executing complex business processes.

Component Insights

In 2018, the segment of software held the largest share across the global market and generated revenue of USD 3.2 Billion. It is also anticipated to register the highest CAGR during the forecasted years, 2019 to 2025. Several service providers have started focusing on launching of variety of software for enhancing the business processes.

These solutions generate a platform for holding data and setting up progressive tasks to streamline the data flow. Also, the surging number of organizations using these systems for coordinating automated tasks, work processes, and tracking performance is gaining traction all over the world. It also helps in enhancing the performance and efficiency of each task and thus maintains transparency. 

Software Insights

In 2018, the segment of production workflow systems dominated the global market. It is also projected to register a 28.8% CAGR from 2019 to 2025. The suite-based workflow system software is anticipated to register the highest growth rate in the upcoming years. This software is majorly focusing on the automation of a business process that is document-driven.

These systems offer good customization and have been present in the market for a longer time. They have a number of functions and features which help them to work in a wide range of computing networks and environments. But, huge integration services and application development cost is incurred for such systems as compared to the rest.

Service Insights

The consulting services segment dominated the global workflow management systems market, in 2018. It is also expected to register the highest growth with a CAGR of 26.5% from 2019 to 2025. This can be associated with a rising need for automation among several organizations. Moreover, business process streamlining is also being considered as a major factor contributing to its growth.

Several sectors like financial service providers and banks are adopting these automation processes. The WFMS systems also offer a wide variety of services to consumers. The surging deployment of software solutions for enhancing workflow management is driving demand for integration and consultation services across the globe.

Deployment Insights

In 2018, the cloud deployment segment gained dominance with a share exceeding 66.0% across the global market. It is also anticipated to register the fastest growth with the highest CAGR from 2019 to 2025. This can be associated with the rising awareness about business automation coupled with the surging preference for cloud storage. Further, ease of data accessibility and flexibility is expected to drive the demand in the upcoming years.

This cloud deployment also enhances the organizational business by providing WFMS software to widely spread enterprises across the globe. Also, its salient features like low cost and less storage space required are expected to drive its demand. Several SMEs have also started the adoption of automation for eliminating mundane business processes.

Vertical Insights

In 2018, the BFSI segment dominated the global market with a share exceed 33.0%. This can be associated with the increasing need for automation of repetitive tasks like compliance regulations, data entry, formulation, and assembly which enhances efficiency and speed. Around 40% to 60% of the time wastage of office personals for performing tasks like search, categorize, and create can be reduced with the implementation of such systems.

The segment of IT & telecom is expected to register the highest CAGR during the forecasted period, 2019 to 2025. This can be associated with the usage of such systems for accurate tracking, reporting, and managing in IT assets including mobile and fixed telecom assets) and software.

Regional Insights

In 2018, North America dominated the global workflow management systems market with a share exceeding 48.0% market. It is anticipated to continue its growth from 2019 to 2025 on account of the surging penetration of automation and process management solutions. Further, the rising cloud technology adoption across countries like Canada and the U.S. is expected to drive the demand for WFMS in the upcoming years.

The Asia Pacific is expected to register the highest CAGR during the forecasted years, 2019 to 2025. This can be attributed to the rising BFSI sector across India and China. This is favoring online transaction demand thereby creating a requirement for business process automation. Moreover, the surging technological investments being made across China are expected to drive the demand for WFMS.

Workflow Management System Market Share Insights

The key players in this market are IBM Corporation; Software AG; Bizagi; Pegasystems Inc.; Xerox Corporation; Appian; and Oracle Corporation. They are engaged in providing a wide range of solutions for catering to the client's needs and for gaining a competitive advantage over other players. These players are also focusing on operational expansion by introducing solutions and partnerships across the globe. For example, a reseller agreement was announced between Xerox and Top Imaging Systems Ltd. in 2018.

These strategies are expected to enhance automation solutions among consumers across various industrial sectors. Such solutions will guide large organization consumers of Xerox to streamline tasks like manual data entry, consumer onboarding, and invoice processing.  As the number of new entrants in this market is increasing, the key players have started investing in R&Ds to improve the operational efficiency of their services. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2015 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global workflow management system market report based on component, software, service, deployment, vertical, and region:

• Component Outlook (Revenue, USD Million, 2015 - 2025)
    • Software
    • Services

• Software Outlook (Revenue, USD Million, 2015 - 2025)
    • Production Workflow Systems
    • Messaging-based Workflow Systems
    • Web-based Workflow Systems
    • Suite-based Workflow Systems
    • Others

• Service Outlook (Revenue, USD Million, 2015 - 2025)
    • Consulting
    • Integration
    • Training & Development

• Deployment Outlook (Revenue, USD Million, 2015 - 2025)
    • Cloud
    • On-Premise

• Vertical Outlook (Revenue, USD Million, 2015 - 2025)
    • BFSI
    • Healthcare
    • Retail
    • IT & Telecom
    • Transportation
    • Others

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa