Workflow Management Market Demand is Rising Due to Supervision of Processes During COVID-19 | Workflow Management (WFM) Market Size, Share, Trends and Analysis

Workflow Management Market Research Report- Forecast till 2022

Market Highlights

Workflow management system (WFMS) is software which provides a platform for setup, monitoring, and performance of a series of tasks. It improves the productivity of employees and enhances overall performance of the organization. The global workflow management market report by Market Research Future (MRFR) highlights salient market dynamics such as drivers, opportunities, trends, and challenges for the period of 2016 to 2022 (forecast period). The sudden outbreak of the COVID-19 virus and its disruptions in the industry has been highlighted.

Market Scope

According to MRFR, the global workflow management system market is poised to grow at an expected CAGR of over 19.14% over the forecast period. Its value can jump from USD 2.4 billion to USD 6.96 billion by 2022.

The dynamic nature of business models and the change in workforce numbers are prime drivers of the market. The shift to digitization and use of information technology for scheduling of tasks and monitoring workers are expected to influence the market. Organization of the workflow for running daily functions without hurdles for clients can lead to the adoption of the software. Increased competition across industry verticals and inclination towards automation for lowering operational expenditure are trends to influence the market in the coming years.

Advantages of workflow management software such as low business capital and risk, increased productivity, customer communication management, and governance can fuel the market growth. Development of smartphone applications owing to the trend of bring-your-own-devices (BYOD) as well as the focus on automation can lead to heavy investments in the market. This can provide a much-needed impetus to the industry demand. Recently, Delightree, a workflow management mobile application raised USD 3 million in 2019 from an assortment of venture capital firms.

The COVID-19 pandemic has disrupted processes across industries and brought targets to a halt. But the workflow management software can be used in the building and management of workflows of employees during the crisis. Recently, SysAid has launched Workflow Designer, a drag and drop builder for assignment of projects to workers. It can be used for supervision by owners and the schedule modified according to the changes of the clients.

But implementation costs and low flexibility are challenges faced by the market.

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The global workflow management market is segmented by deployment, component, and industry vertical.

By deployment, it is divided into on-premises and on-cloud.

By component, it is segmented into software and services.

By industry vertical, it is segmented into IT/telecom, healthcare, transportation, retail, BFSI, and others.

Regional Analysis

North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions of the global workflow management market.

North America is projected to dominate the market over the forecast period owing to integration of automation in various processes by conglomerates and the proliferation of internet. The streamlining of business and deployment of software for reducing errors can bode well for the market. Availability of data for improving on decision making and modernization of infrastructure can fare well for the global workflow management market. Deployment of cloud for scaling the operations of enterprises while gaining access to real-time data can drive the adoption of workflow management market software.

Competitive Outlook

Pegasystems Inc., Nintex Global Limited, SourceCode Technology Holdings, Inc., Software AG, IBM Corporation, Oracle Corporation, Bizagi, Appian, and Xerox Corporation are major players of the global workflow management market. Partnerships and acquisitions are key strategies of players in expanding their client base. Smartsheet had acquired Brandfolder in 2020 in order to integrate the software into its collaborative management platform.

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Workflow Management System Market, By Deployment (On-Cloud, On-Premises), By Component (Software, Service), By Vertical (BFSI, Healthcare, Retail, IT/Telecom). – Forecast 2022