The global workflow management software (WMS) market revenue totaled USD 8.2 Billion in 2023. The workflow management software (WMS) market is expected to reach USD 97.3 Billion by 2033, growing at a CAGR of 27.0% during the forecast period (2023 to 2033).
| Attributes | Details |
|---|---|
| Workflow Management Software (WMS) Market (2023) Value | USD 8.2 Billion |
| Workflow Management Software (WMS) Market (2033) Value | USD 97.3 Billion |
| Workflow Management Software (WMS) Market Growth Rate (2023 to 2033) | 28.0% |
| Top 5 Vendor Market Share | Around 35% |
Workflow management software (WMS) market currently accounts for around 40% of total business process management (BPM) market. Workflow management software is gaining support as businesses are undergoing digital transformation to optimize the workflow.
Besides this, emergence of business process automation and need for efficiency for managing the entire process to maintain the flow of work will boost the market. Both integrated WMS software and standalone WMS software offers scalability for multiple processes, organizational process optimization, internal process controls, real time tracking, cloud-hosted solutions and integrated process optimization.
Moreover, key companies are focusing on hyperautomation that provides unified workflow across all the functions of business including finance workflows, accounting workflows, procurement workflows, and more.
Hence, organizations in order to support their business processes and increase efficiency are adopting integrations of application software like customer relationship management (CRM), enterprise resource planning (ERP) and enterprise content management (ECM). This is expected to drive the growth in workflow management market.
| Market Statistics | Details |
|---|---|
| Jan - Jun (H1), 2021 (A) | 27.0% |
| Jul - Dec (H2), 2021 (A) | 27.2% |
| Jan - Jun (H1),2022 Projected (P) | 27.1% |
| Jan - Jun (H1),2022 Outlook (O) | 27.3% |
| Jul - Dec (H2), 2022 Outlook (O) | 27.5% |
| Jul - Dec (H2), 2022 Projected (P) | 27.4% |
| Jan - Jun (H1), 2023 Projected (P) | 12.5% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+)20 |
| BPS Change : H1,2021 (O) - H1,2021 (A) | (+)30 |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | (+)10 |
| BPS Change: H2, 2021 (O) - H2, 2022 (A) | (+)30 |
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The workflow management software demand is estimated to grow at a CAGR of 28.0% between 2023 and 2033 in comparison to the CAGR of around 25.9% recorded during historic period. According to Future Market Insights, growth in the market is attributed to the rising need for workflow automation in small and large enterprises across the globe.
Prior to digital transformation companies used to rely on traditional methods of managing business which involved manual human interventions which slowed the process with increase in errors and reduced efficiency.
With the need for rapid digitalization and streamline the routine business activities, organizations are focusing on workflow management tool to help the businesses identify redundancies, tracking uncompleted task, and others.
According to FMI, based on deployment mode, the cloud-based WMS segment in global workflow management software market is estimated to hold 56.2% of demand share in 2022.
Enterprises are likely to streamline the operations with the changing marketing ecosystem and customer demands. Companies are transforming through digitalization for robust and scalable technology. Key companies are trying to adapt automated workflows by turning themselves more responsive and agile. Hyperautomation helps the companies to automate the repetitive task by reducing redundancies and make more strategic business decisions.
By automating multiple technologies tools or platforms, hyperautomation can automate the most complex business function and provide continuous intelligence and improve efficiency of the business. With robotic process automation (RPA), hyper-automation expands automation capability and key companies are integrating with artificial intelligence (AI), process mining, and workflow analytics. It also assists in the change and manage entire life cycle from identifying automation opportunities to calculating the return on investment.
By adopting hyper-automation, industries are undergoing tremendous change to reduce technology efforts and make support teams more productive through simplified work processes, avoiding complex coding. This is expected to boost the market.
Principal Consultant
Robotic process automation (RPA) assists the organizations by achieving automation at the task level by improving productivity in specific area. RPA automates the manual task performed by the employees with the help of bots by removing the repetitive tasks.
It mainly focuses on the process that involves multiple interactions with many system of records and can be used for moving files and folders, collecting statistics, making calculations, extracting data, and other daily tasks.
RPA is extensively used in industries to reduce cost, improve productivity of the business, and improve compliance. Integration of workflow management by RPA is done by open application programming interface (API) supporting teamwork between humans and bots where a workflow task completion is handled WMS.
Burgeoning Adoption of Cloud-Based Workflow Platforms to Drive the USA WMS Market
The demand for workflow management software in the USA is expected to account for nearly 71% of North America market share by 2033. Increasing adoption of cloud-based software products in the USA will promote the growth in the market.
Growing shift from traditional solutions to the cloud-based workflow platforms in diverse industries will aid the growth in the USA WMS market. Also, surging awareness in the companies regarding data security and risks of cyberattacks will boost the adoption of cloud-based solutions.
This has resulted into increased adoption of cloud-based workflow management software to automate the internal workflow activities and increase security which has encouraged the growth of the market.
Integration of Cloud-Based Workflow Management Software in Diverse Sectors to Drive the Sales in India
India’s several industries are extensively adopting digital technologies in order to automate and streamline the businesses with a clear vision to achieve scalability, security and agile frameworks. Various sectors in India are making transitions by implementing technology and innovation with an aim to improve the existing workflows and promote the overall growth of organizations.
Numerous companies have also increased the investments on cloud-based software products and services such as AI, RPA, and collaborative applications. This has increased the need for workflow management software in India.
Also, growing need to automate the accounting and process management is another factor boosting the market.
| Countries | BPS Change (H2'22 (O) - H2'22 (P)) |
|---|---|
| USA | (+)13 |
| India | (+)14 |
| United Kingdom | (+)12 |
| Germany | (+)11 |
| China | (+)9 |
The H2’22(O) - H2’22(P) BPS change in US was of (+)45 units attributed to the growing amount of data being generated in organizations, the need for better data management has increased, leading to a rise in WMS adoption. Where as in Germany widespread adoption of cloud technology has made it easier for organizations to implement WMS, as it eliminates the need for hardware and infrastructure leading to the deviation of (+)44 units.
The increasing demand for process automation across various industries is driving the growth of the WMS market resulting in United Kingdom a BPS change of (+)43 units.
China encountered a BPS change of (+)39 units for the workflow management software (WMS) owing to the rising need for real-time data access to make informed decisions resulting in the increased adoption of WMS functionality.
India witnessed a BPS of (+)42 BPS units for the workflow management software (WMS) market attributed to the increased focus on compliance and security has made WMS an attractive solution, as it provides better control and visibility over work processes.
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Need for Cloud-Based Workflow Management Software to Rise Amid Growing Integration of Advanced Technologies
Based on deployment mode, the cloud-based workflow management software segment is expected to offer absolute USD opportunity of USD 49,051.9 Million by the end of 2033. Rising application of artificial intelligence (AI), machine learning (ML), and internet of things (IoT), is promoting the adoption of cloud-based solutions.
Hence, demand for cloud-based WMS is witnessing high growth on the back of features like scalability, real time tracking, data security, and zero code workflow design among others.
BFSI to Emerge as the Leading Industry in Workflow Management Software Market
BFSI industry dominated the market with the highest market share of around 24.2% in 2022 due to rising adoption of workflow systems to optimize the business process. Workforce management software helps the BFSI sector to meet the compliance and regulatory concerns and help to improve productivity, enhanced customer engagement and cost savings.
WMS software also assists the BFSI stakeholders by combining records managements, content management and automation of business processes. WMS solution automates all the processes of banking like account opening, closure process, credit card processing, loan processing, fraud information management, and client on-boarding in order to reduce errors in the process.
Adoption of Cloud-Based Workflow Management Software in SMEs to Improve the Growth in Market
According to the study, the small and mid-sized enterprises (SMEs) segment is expected to grow by 12.3X during the forecast period. Owing to rapid digitalization, SMEs are making rapid transformation to their business through the adoption of cloud-based WMS.
They are also adopting WMS solutions as these companies have limited budget to manage business processes. Hence, small companies generally use cloud-based applications to make their business efficient.
Prominent companies in the workflow management software market are focusing on a variety of strategies, including R&D investments to support future technologies. In addition, some companies are pursuing inorganic growth strategies such as acquisitions and partnerships with other companies to develop their own WMS to reduce churn.
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Malaysia, Indonesia, Singapore, Australia & New Zealand, GCC Countries, Turkey, North Africa and South Africa |
| Key Segments Covered | Type, Deployment Mode, Enterprise Size, Industry and Region |
| Key Companies Profiled | IBM; Salesforce; Zoho; Atlassian; Nintex; Zapier; Wrike; Mavenlink; ProWorkflow; Dapulse; Comindware Tracker; TRACKVIA; Asana; Kissflow; Integrify; CANEA Workflow; Process Street; Flokz; Cflow; Intellimas |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa |
The global workflow management software (WMS) market might create revenue of around USD 8.2 billion in 2023.
In the United States, the net worth of the total software to be adopted by 2033 could be 71% of the global market.
China is the leading market in the Asia Pacific followed by India.
The cloud-based WMS segment dominates and could witness absolute growth of USD 49,051.9 million by 2033.
The BFSI segment accounted for the top position with 24.2% market share in 2022.
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Workflow Management Software (WMS) Market
