IMARC Group has recently released a new research study titled “Workflow Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global workflow management system market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 9.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3.03% during 2023-2028.
Workforce management (WFM) consists of a collection of processes and tools which enable an organization to centralize and monitor the data for human resource (HR) utilization. The system helps perform various functions, including HR management and workforce analysis, forecast, and scheduling. It involves several performance-based software to improve the efficiencies of corporate management, front-line supervisors, and managers and workers. WFM can also create customized workflows that help enhance overall productivity.
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Market Trends and Drivers:
One of the major factors driving the WFM system market growth is the rapid digitization of industries. This, in turn, has resulted in the adoption of cloud-based solutions by enterprises to automate workflow collaborations, manage time, and gain control access with enhanced security. Additionally, the recent COVID-19 pandemic and the consequent lockdowns imposed by governments have compelled organizations to introduce a work-from-home (WFH) corporate model, which is facilitating the demand for the service across the globe. The deployment of the WFM solution enables an employer to track task progress while providing secure access to documents. Besides this, significant technological advancements, the emerging trend of Bring-Your-Own-Devices (BYOD), and the rising penetration of smartphones are creating a positive outlook for the market.
Competitive Landscape With Key Players:
The competitive landscape of the workflow management system market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Appian Corporation Inc.
- Bizagi Group Limited
- IBM Corporation
- Newgen Software Technologies Ltd
- Nintex Global Ltd.
- Oracle Corporation
- Pegasystems Inc.
- Software AG
- Xerox Holdings Corporation
Key Market Segmentation:
The report has segmented the global workflow management system market based on component, deployment type, vertical and region.
Breakup by Component:
- Software
- Services
Breakup by Deployment Type:
- Cloud-Based
- On-Premises
Breakup by Vertical:
- BFSI
- Healthcare
- Energy
- Retail
- IT and Telecom
- Transportation and Logistics
- Education
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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