Workforce management is a set of tools and processes that allows an organization to monitor and centralize human resource utilization information. It comprises various performance-based software and tools designed to increase the productivity of front-line supervisors, corporate management, managers, and employees across the organization. Its features include workforce forecasting and scheduling, HR management, and workforce analysis. It can also create individualized workflows that boost overall productivity and decision-making effectiveness.
Workflow management systems are becoming increasingly prevalent in end-user industries to streamline business operations. Workflow management software can significantly reduce the costs of raw materials and inventory, allowing businesses to increase their efficiency and profitability. Multiple organizations are implementing workflow management software to increase operational productivity by integrating administrative systems into a single program and streamlining routine business processes for maximum efficiency.
In addition, a workflow management system enables organizations to link departmental information and data to real-time updates, enhancing business operations' visibility. This will increase demand for workflow management system software and services among end-user industries during the forecast period.
The increasing demand for process automation and digital transformation is a prominent aspect driving the growth of the workflow management systems market. Automation has emerged as one of the most crucial factors for businesses seeking to digitize their workflow processes. The elimination of manual intervention in complex, repetitive workflows accelerates business processes and increases their accuracy and consistency.
Workflow management system solutions have been deployed by all industries, including BFSI, retail, and manufacturing, to automate internal and external processes, particularly those involving partners, customers, and self-service apps. Combining workflow management system solutions with other technologies, such as RPA and AI, can improve the fundamental capabilities of these systems. Thus, the growing demand for automation and digital transformation will create growth opportunities for the market over the forecast period.
North America is the most significant global workflow management system market shareholder and is anticipated to exhibit a CAGR of 27.8% during the forecast period. The increasing number of technology start-ups and the widespread adoption of CRM, ERP, and cloud services in North America are anticipated to accelerate the market growth for workflow management systems over the forecast period. High internet penetration in the region is a significant factor supporting market expansion. In addition, U.S. investors are financing companies that develop workflow management system software and services. Governments and businesses incorporate these solutions into their operations because they deliver content to consumers quickly and securely. For instance, in July 2019, Monday.com, a New York City and Tel Aviv-based workflow management platform provider, raised USD 150 million in Series D funding. These aspects contribute to the expansion of the market in this region.
Europe is estimated to exhibit a CAGR of 31.9% over the forecast period. Increasing investments in digital transformation, such as Industry 4.0, and process automation tools like artificial intelligence and machine learning will likely increase the demand for workflow management systems in Europe. The European Union's European Cloud Initiative aims to provide organizations eager to reap the benefits of cloud services with a digital advantage in a market driven by data. Such initiatives are anticipated to increase the demand for cloud-based workflow management systems in the region. In addition, Germany dominates the global transportation and service industries. The government and organizations are extending support for innovative transportation network transformation to maintain the nation's preeminence. This could present growth opportunities for providers of workflow management systems.
The key global workflow management system market players are Appian; Bizagi; International Business Machines Corporation; Nintex UK Ltd.; Oracle Corporation; Newgen Component Technologies Limited; Pegasystems Inc.; Component AG; Inc. (K2 Component Inc.); SourceCode Technology Holdings; and Xerox Corporation.