Workflow management system market is anticipated to grow at a significant CAGR of 10.7% during the forecast period (2024-2031). The market growth is attributed to the increasing demand of streamline business procedures by continually employing innovative technology in a range of sectors and industrial verticals. Many companies across various verticals use workflow management software in an attempt to automate and optimize business operations. The market growth is also attributed to the various advantages of implementing workflow management software include improved company operations, cost-effectiveness, and optimized resource utilization.

Market Dynamics

Increasing Integration with AI and Automation

The increasing integration of Artificial intelligence (AI) and automation in workflow management systems resulted in intelligent task routing, and predictive analytics to reduce manual efforts and improve efficiency. Furthermore, by integrating a variety of digital tools (such as software robots, APIs, and robotic process automation) and coordinating the automation of repetitive operations within and between essential business processes, AI workflow automation facilitates the efficient scaling of growth.AI workflow automation uses AI's capabilities to coordinate and improve intricate organizational procedures. It is an innovative automation technique that smoothly incorporates machine learning and clever algorithms into everyday processes.

Growing Adoption of Cloud-Based Workflow Management Systems

The growing adoption of cloud-basedworkflow management systems in mobile devices and advances in information-sharing technologies are contributing towards market growth.Cloud applications have fewer integration requirements and do not need to be installed upfront, making their deployment simpler than that of traditional software. The service provider offers constant technical support, fixes for the most stable version of the application, and frequent updates for cloud apps.Cloud workflows may transform manual procedures into web-based digital workflows that do not require manual data entry or paper forms. They can also reliably automate repetitive operations. Additionally, increased performance and efficiency, greater flexibility and dependability, and a reduction in IT expenses provided by the cloud also contributes towards market growth.

Market Segmentation

Our in-depth analysis of the global workflow management system market includes the following segments software, service, and vertical.

• Based on software, the market is sub-segmented into production workflow systems, messaging-based workflow systems, web-based workflow systems, and suite-based workflow systems.

• Based on service, the market is sub-segmented into consulting, integration, and training & development.

• Based on vertical, the market is sub-segmented into BFSI, healthcare, retail, IT & telecom, and transportation.

Production Workflow Systems is Projected to Hold as the Largest Segment

Based on thesoftware,the global workflow management system market is sub-segmented into production workflow systems, messaging-based workflow systems, web-based workflow systems, and suite-based workflow systems. Among these production workflow systems sub-segment is expected to hold the largest share of the market.  The primary factor supporting the segment's high market share includes increasing advantages of production workflow systems in improving efficiency, consistent task execution, reduced bottlenecks, better visibility into tasks, and enhanced collaboration among team members.For instance, in February 2023, Ricoh USA, Inc., introduced a production workflow technology, which is a Software as a Service (SaaS) solution that empowers printers to automate their job production processes from a centralized operational control point. RICOH TotalFlow Producer automates the submission and consolidation of jobs coming from multiple sources, such as e-mail, web-to-print, and file transfer services.

Consulting Sub-segment to Hold a Considerable Market Share

Based onservice,the global workflow management systemmarket is sub-segmented intoconsulting, integration, and training & development. Among these, the consultingsub-segment is expected to holdaconsiderable share of the market.The segmental growth is attributed to the increasing demand for consulting services in various end-use industries for managing risks and identifying growth opportunities for future development. Utilizing the newest technologies, companies strive to increase performance, production, and efficiency all the time. Furthermore, a growing number of companies are beginning to use training and consulting services. For instance, in February 2023, CenTrak introduced WorkflowRT, a scalable, cloud-based platform that automates workflow and communications for additional insights to maximize real-time technologies and drive meaningful change, facilities can implement CenTrak's consulting services built to optimize clinical workflow.

Regional Outlook

The globalworkflow management system market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Increasing Adoption of Workflow Management Systems in Asia-Pacific

• A growing number of prominent technology companies and industry consortiums focusing on automated infrastructure have contributed to the demand for advanced workflow management systems and services in the region.

• Regional governments are incentivizing software companies to develop Free and Open-Source Components (FOSS) for SaaS, mobile apps, and Service-Oriented Architecture (SOA). New workflow management system development is anticipated as a result of such initiatives.

Global Workflow Management System Market Growth by Region 2024-2031

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to numerous prominent companies and workflow management systemproviders in the region. The growth is mainly attributed to the growing adoption of ERP, CRM, and cloud services. Additionally, investors in the US and Canada offer to fund companies developing workflow management systems software, and services.For instance, in December 2021, Pipefy, the low-code workflow management software platform that transforms the way teams work, announced the completion of $75.0 million in Series C funding, bringing its total funding to date to $138.7 million. Pipefy's new capital significantly accelerates its global expansion with solutions that empower teams and organizations to nimbly automate and customize their integrated workflows.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global workflow management systemmarket include HubSpot, Inc., IBM Corp., Pegasystems Inc., SAP SE, and Smartsheet Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in November 2023,DXC Technology and Service Now expanded their strategic partnership to transform service and workflow management for customers. The companies integrate ServiceNow's advanced analytics and enhanced AI capabilities from its ITSM Pro and process mining solutions into DXC Platform X, to drive new levels of innovation for joint customers.

Recent Development

• In February 2024, Pegasystems Inc. introduced the Pega GenAI Blueprint to Automate Enterprise-Grade Workflow App Designs. With generative AI help, most approaches focus solely on churning out software code instead of optimizing application workflows for efficiency or industry best practices.

• In October 2023, Relay.app introduced a workflow automation product, which combines AI assistance, human-in-the-loop collaboration, and a robust multiplayer experience to help teams save time on repeated tasks.  Relay.app enables users to add AI extraction, summarization, or text generation to any step in a workflow.

• In July 2023, EditShare®, the technology that enables storytellers to create and manage collaborative media workflows, introduced EditShare One as its unifying user experience. EditShare One gives a single, streamlined experience across all of the company’s high-performance production asset management and media storage solutions.
  

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global workflow management system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.