At 22.4% CAGR, Europe Workflow Management System Market is Projected to be Worth US$ 12,443.66 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe workflow management system market was valued at US$ 2,474.16 million in 2023 and is expected to reach US$ 12,443.66 million by 2031, registering a CAGR of 22.4% from 2023 to 2031. Integration of robotic process automation with workflow management system and growing number of digital transformation initiatives are among the critical factors attributed to drive the Europe workflow management system market growth.

The integration of robotic process automation (RPA) into workflow management systems has increasingly become a standard practice in contemporary business settings. This enables the automation of specific tasks as part of more significant business processes, resulting in increased operational efficiency and productivity. For instance, in 2023, Gmelius, a platform specializing in Gmail-based communication and collaboration, has adeptly employed RPA within its workflow management system to streamline business operations. In a feature by Forbes, Gmelius is noted for its recognition of the pivotal role of artificial intelligence (AI) in achieving comprehensive digital workflow automation, particularly emphasizing RPA as a prime use case for automation. Gmelius has successfully integrated automation into a unified platform, effectively addressing common workflow challenges and presenting solutions to expedite workflow processes. This integration exemplifies the effective application of RPA within a workflow management system to improve task execution and enhance overall business operations, demonstrating the potential of RPA to automate specific tasks within broader business processes, thereby improving efficiency and scalability. Thus, the integration of robotic process automation with workflow management systems is expected to create lucrative opportunities for market growth during the forecast period.

On the contrary, high cost of workflow management application hampers the growth of Europe workflow management system market.

Based on component, the Europe workflow management system market is bifurcated into software and services. The software segment held 72.4% market share in 2023, amassing US$ 1,791.16 million. It is projected to garner US$ 9,234.70 million by 2031 to register 22.8% CAGR during 2023–2031.

By deployment mode, the Europe workflow management system market is bifurcated into cloud and on-premises. The cloud segment held 82.7% share of Europe workflow management system market in 2023, amassing US$ 2,047.20 million. It is estimated to garner US$ 10,490.59 million by 2031 to expand at 22.7% CAGR during 2023–2031.

In terms of end user, the Europe workflow management system market is categorized into BFSI, healthcare and life sciences, IT and Telecom, transportation and logistics, retail, food and beverage, cosmetic industry, and others. The BFSI segment held 23.7% share of Europe hearing aids market in 2023, amassing US$ 586.36 million. It is projected to garner US$ 3,690.61 million by 2031 to expand at 25.9% CAGR from 2023 to 2031.

Based on country, the Europe workflow management system market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 23.3% share of Europe workflow management system market in 2023. It was assessed at US$ 575.24 million in 2023 and is likely to hit US$ 3,436.22 million by 2031, registering a CAGR of 25.0% during 2023–2031.

Key players operating in the Europe workflow management system market are Apian Corp, Bizagi, Newgen Software Technologies Ltd, Nintex UK Ltd, Oracle Corp, International Business Machines Corp, Pegasystems Inc, Software AG, Integrify Inc, Xerox Corporation, Kissflow Inc, Zapier Inc, Bizzmine, MasterControl Inc, Honeywell International Inc, Dot Compliance Ltd, Veeva Systems Inc, PQE Group, Alten Group, Adeodata, and Pharma D&S s.r.l among others.

• In June 2024, PQE Group, a global consultancy firm specializing in the Life Science sector, proudly announces the establishment of its cutting-edge Regulated Artificial Intelligence & Data Analytics division. With over 2000 employees and a presence in 45 countries, PQE Group is poised to lead technological advancements within Life Sciences.
• In June 2024, Nintex, a leader in process intelligence and automation, announced new AI-powered improvements across the Nintex Process Platform that significantly reduce the time required to document, manage, and automate business processes. The new features add to the growing portfolio of AI capabilities across the Nintex Process Platform.

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