Report : North America Workflow Management System Market Forecast to 2031 – Regional Analysis – by Component (Software and Services), Deployment Mode (Cloud and On-Premises), and End User (BFSI, Healthcare and Life Sciences, IT and Telecom, Transportation and Logistics, Retail, Food and Beverages, Cosmetic Industry, and Others)
At 24.6% CAGR, North America Workflow Management System Market is Projected to be Worth US$ 21,592.27 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the North America workflow management system market was valued at US$ 3,716.88 million in 2023 and is expected to reach US$ 21,592.27 million by 2031, registering a CAGR of 24.6% from 2023 to 2031. Automation-as-a-service and growing number of digital transformation initiatives are among the critical factors attributed to drive the North America workflow management system market growth.
Automation-as-a-Service (AaaS) is gaining traction among enterprises worldwide. The findings from Zapier's 2021 State of Business Automation report underscore the pivotal role of automation in empowering small and medium-sized businesses to effectively compete with larger corporations. With 88% of these businesses acknowledging the transformative impact of automation, it is evident that the adoption of advanced workflow management systems is becoming increasingly essential for enhancing operational efficiency and agility. Moreover, as per the report's revelation, 65% of knowledge workers experience reduced stress levels through the automation of mundane tasks, which further emphasizes the positive influence of streamlined workflows facilitated by sophisticated management systems. For instance, in January 2024, according to LeadSquared, ~49% of healthcare personnel are currently facing feelings of burnout, with a key contributing factor being the allocation of 26–41% of their time to administrative tasks. This includes the repetitive processes of gathering patient data, dispensing prescriptions, managing billing, facilitating patient onboarding, and handling claims. While these undertakings are undeniably vital, they also prove to be exhausting to employees as well as time-intensive. There is an escalating adoption of workflow automation in the healthcare sector. By alleviating the burden of documentation and repetitive responsibilities, automation liberates healthcare professionals to redirect their attention toward critical tasks that demand expertise and strategic thinking abilities. These insights align with the growth trajectory of the workflow management system market, as businesses seek to harness automation technologies to not only optimize their processes but also to gain a competitive edge in the dynamic business landscape. Thus, automation-as-a-service (AaaS) acts as a future trend in the workflow management system market.
On the Contrary, high cost of workflow management application hampers the growth of North America workflow management system market.
Based on component, the North America workflow management system market is bifurcated into software and services. The software segment held 69.6% market share in 2023, amassing US$ 2,585.64 million. It is projected to garner US$ 15,543.43 million by 2031 to register 25.1% CAGR during 2023–2031.
By deployment mode, the North America workflow management system market is bifurcated into cloud and on-premises. The cloud segment held 79.5% share of North America workflow management system market in 2023, amassing US$ 2,953.87 million. It is estimated to garner US$ 17,559.30 million by 2031 to expand at 25.0% CAGR during 2023–2031.
In terms of end user, the North America 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 20.7% share of North America hearing aids market in 2023, amassing US$ 771.00 million. It is projected to garner US$ 5,015.70 million by 2031 to expand at 26.4% CAGR from 2023 to 2031.
Based on country, the North America workflow management system market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.6% share of North America workflow management system market in 2023. It was assessed at US$ 2,919.61 million in 2023 and is likely to hit US$ 17,229.03 million by 2031, registering a CAGR of 24.8% during 2023–2031.
Key players operating in the North America 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, and Alten Group, among others.
- In April 2024, Appian announced the latest version of the Appian Platform. The new release introduces Process HQ, a combination of process mining and enterprise AI unified with the Appian data fabric. Process HQ provides unprecedented visibility into business operations to enable data-driven decisions and process improvements. The latest version of Appian also extends the practical value of generative AI through enhancements to Appian AI Copilot and the prompt builder AI skill.
- 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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