According to the research report titled ‘Global Workflow Management Tool Market Size study, by Deployment (On-Premises, Cloud) by Component (Software, Service) by End-Use (Retail, BFSI, IT and Telecom, Healthcare, Government Sector, Transportation, Manufacturing, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global workflow management tool market was worth USD 6.88 billion in 2019 and is projected to expand with a CAGR of 22.78% during 2020-2027.
 

Global workflow management tool market is majorly driven by shifting focus towards improving business processes and attain cost efficacy as well as growing adoption of cloud deployment models.
 

For those uninitiated, a workflow is a series of administrative, industrial, or other processes through which a part of work is passed from beginning to execution. In this context, workflow management tool is a software system that helps to setup, monitor, and execute such workflows in an organization. It also aids during automation, harmonization, and collaboration activities of business progressions. Moreover, workflow management solutions offer clarity during process & performance metrics, which is advantageous while determining if process needs enhancement and performs escalation accordingly.
 

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Surging demand for digital transformation in industrial manufacturing sector owing to favorable initiatives like Industry 4.0 are also favoring the market outlook. In fact, rise of AI (artificial intelligence) market in Spain has been witnessing swift expansion on account of government regulations which promote the digitalization.  As per Invest in Spain Organization, the Spanish government has allocated over USD 2.85 billion for this digital agenda.
 

Moreover, increasing access to information has augmented the demand for highly efficient management tools, thereby augmenting the market growth. However, hefty implementation costs associated with workflow management tools may hamper the industry expansion over the analysis period.
 

Based on deployment type, global workflow management tool market is divided into cloud and on-premises. Speaking of component, the industry is segmented into service and software. Elaborating on end-use scope, the market is categorized into manufacturing, transportation, government sector, healthcare, IT & telecom, BFSI, retail, and others.
 

From a regional perspective, North America presently holds significant market share and is slated to grow substantially over the forecast timespan. The regional growth is attributable high concentration of prominent firms and widespread adoption of workflow management technology.
 

Meanwhile, Asia Pacific workflow management tool market is projected to record remunerative growth during 2020-2027, owing to rapid industrialization and growing digitalization.
 

Leading organizations in global workflow management tool market are Newgen Software Technologies Limited, Appian Corp., Bizagi, Nintex Global Limited, Sourcecode Technology Holdings Inc., Software AG, Pegasystems Inc., Oracle Corporation, IBM Corporation, and Xerox Corporation.