Westford USA, June 27, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the implementation of workflow management system has become increasingly prevalent across diverse industries and industry verticals as organizations strive to automate and streamline their business processes. Adopting this software offers a range of benefits that contribute to improved operational efficiency and enhanced business outcomes.
Browse in-depth TOC on "Workflow Management System Market."
- Pages - 242
- Tables - 66
- Figures – 75
Workforce management system encompasses a range of tools and processes designed to optimize and streamline an organization's human resource utilization. It involves using performance-based software and tools that enhance the efficiency and productivity of front-line supervisors, corporate management, managers, and workers.
Prominent Players in Workflow Management System Market
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Nintex Global Limited
- Pegasystems Inc.
- Appian Corporation
- ServiceNow, Inc.
- Newgen Software Technologies Limited
- SourceCode Technology Holdings, Inc.
- Comindware, Inc.
- Creatio LLC
- Kissflow Inc.
- Laserfiche
- OpenText Corporation
- Zoho Corporation Pvt. Ltd.
- ProWorkflow
- Wrike, Inc.
- KiSSFLOW
- Quixy
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BFSI Segment is Expected to Grow the Market Due to the Growing Adoption of WMS
The BFSI (Banking, Financial Services, and Insurance) segment emerged as the dominant sector in the global market for workflow management system in 2022, capturing over 65% of the total revenue share. Moreover, this segment is projected to exhibit the highest CAGR in the coming years. In the BFSI industry, workflow management systems are crucial in streamlining operations by integrating records management, content management, and business process automation.
The market in North America is projected to exhibit a robust CAGR of 25% from 2023 to 2030, driven by several key factors. The region is known for its vibrant technological startup ecosystem, which fuels innovation and contributes to adopting advanced technologies.
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Software Segment is Expected to Dominate the Market Due to its Inherent Capabilities of Workflow Management Software
The software segment of the production workflow management system market witnessed significant demand, accounting for over 30% share in 2022. This can be attributed to the inherent capabilities of workflow management software to streamline and automate complex work processes, leading to improved productivity and operational efficiency.
Regional markets in the Asia Pacific region are projected to grow substantially and emerge as the fastest-growing market in the forecast period, with a CAGR of 36.4%. This growth can be attributed to several factors, including the rising number of smartphone users and the increasing prevalence of online commerce in the region.
A comprehensive analysis of the major players in the workflow management system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Workflow Management System Market
- In May 2022, Dublin-based HR software company Personio was acquired to enhance its software portfolio and expand its presence in the industry. Personio developed Back, an employee experience platform, as part of its strategic growth plan. Back, headquartered in Berlin, specializes in streamlining essential personnel procedures through its employee platform. The acquisition enabled Personio to diversify its offerings and enter new markets, establishing two additional locations in Barcelona and Berlin. The move reinforced Personio's people workflow automation software market position, supporting its growth and expansion objectives.
- In April 2021, Software AG, a leading software provider, joined forces with Matillion, a platform supplier, to address the integration and transformation of cloud-native data. The collaboration aimed to leverage data from various sources and consolidate it into a single source, enabling businesses to extract valuable insights and drive cloud adoption and digital transformation.
Key Questions Answered in Workflow Management System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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