Overview and Scope
Workflow management software refers to a digital tool designed to streamline and automate the flow of tasks, processes, and data within organizations, optimizing efficiency and productivity. It facilitates the management, coordination, and tracking of tasks, activities, and resources involved in completing a business process from start to finish.
Sizing and Forecast
The workflow management software market size has grown exponentially in recent years. It will grow from $8.70 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 31.3%. The growth in the historic period can be attributed to technological advancements in automation, increasing demand for efficiency and productivity, growing complexity in business processes, regulatory compliance requirements, and globalization and distributed workforce trends.
The workflow management software market size is expected to see exponential growth in the next few years. It will grow to $34.25 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%. The growth in the forecast period can be attributed to proliferation of remote work, integration with artificial intelligence and machine learning, emphasis on cybersecurity and data privacy, adoption of agile methodologies, and rising focus on sustainability and environmental impact. Major trends in the forecast period include democratization of workflow automation tools, increased emphasis on user experience and intuitive interfaces, convergence of workflow management with project management and collaboration tools, rise of low-code and no-code platforms for rapid development, and expansion of industry-specific solutions and vertical integration.
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Segmentation & Regional Insights
The workflow management software market covered in this report is segmented –
1) By Type: Integrated Software, Standalone Software
2) By Deployment Mode: On-Premise, Cloud-Based
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Industry: Information Technology And Telecommunication, Banking Financial Services And Insurance, Healthcare, Manufacturing, Retail, Government, Other Industries
North America was the largest region in the workflow management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the workflow management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise of remote and distributed workforces is expected to propel the growth of the workflow management software market going forward. Remote and distributed workforces refer to employees who work from locations outside of traditional office settings, often using digital technologies to collaborate and perform tasks remotely. The rise in remote and distributed workforces is due to changing attitudes toward work-life balance, and the need for flexibility in work. Remote and distributed workforce teams utilize workflow management software to coordinate tasks, streamline communication, track progress, and ensure efficiency across decentralized teams, regardless of physical location. For instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based government agency, the percentage of establishments with full-time teleworking employees rose from 37.4% in 2021 to 42.2% in 2022. Therefore, the rise of remote and distributed workforces is driving the growth of the workflow management software market.
Key Industry Players
Major companies operating in the workflow management software market are Google LLC, Microsoft Corporation, International Business Machine Corporation, Salesforce Inc., Atlassian Corporation Plc, Zoho Corporation Pvt Ltd, MondayCom Ltd, Asana Inc, Zapier Inc., Wrike Inc., Nintex Ltd, Kissflow Inc., CANEA Partner Group, TrackVia Inc., QountHQ Inc, Mavenlink LLC, Process Street Inc., Pillir Inc, Integrify Inc., Metatask, Comindware Ltd, ProWorkflow, Cavintek Inc., Ushur Inc., TimeReaction
The workflow management software market report table of contents includes:
1. Executive Summary
2. Workflow Management Software Market Characteristics
3. Workflow Management Software Market Trends And Strategies
4. Workflow Management Software Market – Macro Economic Scenario
5. Global Workflow Management Software Market Size and Growth
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32. Global Workflow Management Software Market Competitive Benchmarking
33. Global Workflow Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Workflow Management Software Market
35. Workflow Management Software Market Future Outlook and Potential Analysis
36. Appendix
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