Global Workflow Management Software Market Report 2024

The workflow management software market size has grown exponentially in recent years. It will grow from $8.7 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 31.3%. The growth during 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 trends in globalization and distributed workforces.

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 the proliferation of remote work, integration with artificial intelligence and machine learning, a focus on cybersecurity and data privacy, adoption of agile methodologies, and an increasing emphasis on sustainability and environmental impact. Key trends expected in the forecast period include the democratization of workflow automation tools, a greater focus on user experience and intuitive interfaces, the convergence of workflow management with project management and collaboration tools, the rise of low-code and no-code platforms for rapid development, and the expansion of industry-specific solutions and vertical integration.

The growth of the workflow management software market is expected to be driven by the rise of remote and distributed workforces. Remote and distributed workforces consist of employees who work from locations outside traditional office settings, often using digital technologies for collaboration and task completion. This rise is attributed to shifting attitudes toward work-life balance and the need for flexibility. Workflow management software is essential for these teams to coordinate tasks, streamline communication, track progress, and maintain efficiency across decentralized teams, regardless of their physical location. For instance, according to the US Bureau of Labor Statistics, the percentage of establishments with full-time teleworking employees increased from 37.4% in 2021 to 42.2% in 2022. Consequently, the growing prevalence of remote and distributed workforces is driving the expansion of the workflow management software market.

Leading companies in the workflow management software market are focusing on developing advanced solutions, such as cloud-based workflow management, to enhance their competitive position. Cloud-based workflow management software is a platform hosted in the cloud that facilitates the automation, coordination, and optimization of business processes and workflows. For example, in April 2024, Emerson Electric Company, a US-based provider of automation technology and software, launched DeltaV Workflow Management. This innovative software service is designed to boost productivity in the life sciences sector, particularly for early-stage development companies. It offers a cloud-based, software-as-a-service solution for simple recipe authoring, execution, and electronic data capture. This approach provides flexibility, scalability, and accessibility, especially for companies with limited IT infrastructure, and aims to accelerate the drug development process by offering a simple and scalable solution that eliminates the need for complex coding. This advancement reduces the time required for recipe creation and automation, enabling companies to speed up the commercialization of new therapeutic medicines.

In October 2023, DataCore Software, a US-based provider of storage virtualization software solutions, acquired Workflow Intelligence Nexus for an undisclosed amount. This acquisition expands DataCore's Perifery business unit, which manages data across core, cloud, and edge environments for high-growth markets such as media, entertainment, and healthcare. Workflow Intelligence Nexus is a US-based company that provides workflow automation solutions.

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.

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. The countries covered in the workflow management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Workflow management software is a digital tool designed to streamline and automate the flow of tasks, processes, and data within organizations, enhancing efficiency and productivity. It helps manage, coordinate, and track tasks, activities, and resources involved in completing a business process from start to finish.

There are main types of workflow management software are integrated software and standalone software. Integrated software provides a comprehensive digital solution by combining multiple functionalities or modules into a single platform, enabling seamless interaction and data sharing among various processes. Deployment modes include on-premise and cloud-based options, and the software is suitable for both large enterprises and small and medium-sized enterprises (SMEs). Various industries utilize workflow management software, including information technology and telecommunications, banking, financial services and insurance, healthcare, manufacturing, retail, government, and others.

The workflow management software market research report is one of a series of new reports that provides workflow management software market statistics, including workflow management software industry global market size, regional shares, competitors with a workflow management software market share, detailed workflow management software market segments, market trends and opportunities, and any further data you may need to thrive in the workflow management software industry. This workflow management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The workflow management software market includes revenues earned by entities by providing services such as workflow automation, process optimization, task management, and analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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