Growing Number of Digital Transformation Initiatives Boosts Workflow Management System Market Growth
According to our latest study titled “Workflow Management System Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis — by Component, Deployment Mode, and End User,” the market was valued at US$ 10.23 billion in 2023 and is projected to reach US$ 60.02 billion by 2031; it is estimated to register a CAGR of 24.7% from 2023 to 2031. The report includes growth prospects in light of current workflow management system market trends and driving factors influencing the market growth.
Digital transformation in workflow management systems requires foundational investments in skills, projects, and infrastructure, as well as smooth collaboration between people, machines, and business processes. It aims to radically transform the business model and the way business is conducted. The EU4Health Programme (2021–2027), supported with huge funding of US$ 6.0 million (€5.3 billion), represents the largest of the EU's health programs as well as the most significant investment in the improvement of the healthcare sector in Europe. The initiative was adopted in response to the COVID-19 pandemic to reinforce crisis preparedness in the EU. The program aims to financially support national authorities, health organizations, and other bodies through grants and public procurements; therefore, it ensures a vital support function for the effective implementation of EU health policies and initiatives.
Workflow Management System Market – by Region, 2023 and 2031
Workflow Management System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Software (Suite-Based Workflow Systems, Web-Based Workflow Systems, Production Workflow Systems, and Messaging-Based Workflow Systems) and Services (Integration and Implementation, Consulting, and Training and Development)], Deployment Mode (Cloud and On-Premises), End User (BFSI, Healthcare and Life Sciences, IT and Telecom, Transportation and Logistics, Retail, Food and Beverages, Cosmetic Industry, and Others), and Geography
Workflow Management System Market Size Report by 2031
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Source: The Insight Partners Analysis
The implementation of EU4Health follows the general policies of digitization and transformation in workflow management systems. The program funds digital projects and offers crisis preparedness, health promotion, prevention of diseases, health systems, and health workforce development, which closely resonate with the key targets of digital transformation in workflow management. Moreover, the Health and Digital Executive Agency (HaDEA) is in charge of the coordination of most of the general budget of EU4Health and the implementation of programs, particularly relating to calls for interest and public tenders between 2021 and 2027. This reinstates the vital importance of workflow management in handling the funds, coordinating diverse initiatives, and ensuring the workability of the EU4Health program. There is a need for optimized utilization of allocated budget, smooth operational procedures, and guidance of successful program execution with inbuilt digital workflow automation and management processes. Thus, the growing number of digital transformation initiatives contributes to the growing workflow management system market size.
The workflow management system market analysis has been carried out by considering the following segments: component, deployment mode, and end user. Based on component, the market is divided into software and services. The software segment is further sub-segmented into suite-based workflow systems, web-based workflow systems, production workflow systems, and messaging-based workflow systems and the service segment is further sub-segmented into integration and implementation, consulting, and training and development. In terms of deployment mode, the market is bifurcated into on-premises and cloud. By end user, the market is segmented into BFSI, IT & telecom, healthcare & life sciences, retail, transportation & logistics, food & beverages, cosmetic industry, and others. The BFSI segment held the largest workflow management system market share in 2023.
The scope of the workflow management system market report is primarily divided into North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
North America accounted for the largest workflow management system market share in 2023. The healthcare systems in various countries across the region experience a significant need push to refine healthcare workflow management to enhance efficiency, productivity, and profitability. Workflow management involves streamlining the roadmaps of operations to diminish redundancies, elevate patient throughput, and improve care quality, ultimately leading to enhanced patient satisfaction and clinical outcomes. All these factors boost the workflow management system market growth in the region. Moreover, the escalating complexity and extensive data generation in healthcare processes, encompassing both clinical and administrative activities, have prompted healthcare organizations to seek automated workflow management solutions and applications (apps) that simplify the routine delivery of patient healthcare. Oracle Cerner, a prominent player in the healthcare technology space, is at the forefront of providing innovative workflow management systems tailored to the specific needs of healthcare organizations in North American countries. Its workflow management systems streamline clinical workflows, improve care coordination, and enhance healthcare resource utilization, ultimately contributing to better patient outcomes and operational effectiveness within healthcare facilities across the region.
Appian Corp; Bizagi; Newgen Software Technologies Ltd.; Nintex UK Ltd; Oracle Corp; Kissflow Inc; Zapier Inc.; S4BT Srl; Analysis s.r.l.; Bizzmine; MasterControl Inc.; Honeywell International Inc.; International Business Machines Corp; Pegasystems Inc.; Software AG; Dot Compliance Ltd.; Integrify, Inc.; Xerox Corporation; and Veeva Systems Inc. are among the key players profiled in the workflow management system market report.
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