The global workflow management software (WMS) market revenue totaled US$ 8.2 Billion in 2023. The workflow management software (WMS) market is expected to reach US$ 97.3 Billion by 2033, growing at a CAGR of 27.0% during the forecast period (2023 to 2033).
Rising need for upgraded technologies with virtual capabilities and with the proliferation of work from home, the demand for WMS is expected to surge. Several organizations are automating the processes and are gaining advantages from the system through lesser lead times, reduction in errors, enhanced collaboration and coordination among the teams, and improved efficiency.
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The demand for workflow management software in the USA is expected to account for nearly 71% of North America’s market share by 2033. Increasing adoption of cloud-based software products in the USA will promote growth in the market.
The BFSI industry dominated the market with the highest market share of around 24.2% in 2022 due to the rising adoption of workflow systems to optimize the business process. Workforce management software helps the BFSI sector meet compliance and regulatory concerns and helps to improve productivity, enhance customer engagement, and cost savings.
Competitive Landscape:
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.
- In January 2022, Salesforce announced new innovations that would enable the companies to modernize and automate their system by developing flexible digital strategies and increasing customer connections.
- In February 2022, IBM acquired Neudesic which is a USA cloud services consultancy. This acquisition provides a portfolio of hybrid multi-cloud services expanding its cloud services to improve operational agility.
Leading Key Players:
- IBM
- Salesforce
- Zoho
- Atlassian
- Nintex
- Zapier
- Wrike
- Mavenlink
- ProWorkflow
- Dapulse
- Comindware Tracker
- TRACKVIA
- Asana
- Kissflow
- Integrify
- CANEA Workflow
- Process Street
- Flokz
- Cflow
- Intellimas
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Workflow Management Software Market Segmentation:
By Type:
- Integrated WMS Software
- Standalone WMS Software
- Production Workflow Systems
- Messaging-based Workflow Systems
- Web-based Workflow Systems
- Suite-based Workflow Systems
- Others
By Deployment Mode:
- On-premise WMS
- Cloud-based WMS
By Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Industry:
- IT & Telecom
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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