Market Highlights
Market Research Future (MRFR)’s latest study projects that the global workflow management system market is poised to thrive exponentially striking a CAGR of 19.14% during the forecast period 2016 to 2022. The market valuation is estimated to grow from USD 2.4 Bn to USD 6.96 Bn by the end of the year 2022. The rapid changes witnessed in the nature of business and workflow in small and medium business units have paved the way for accelerated adoption of the technology. The trend is anticipated to perpetuate in the forthcoming years.
Business enterprises across different industry verticals have started deploying workflow management techniques for improving operational efficiency. The demand in the workflow management system market is expected to exhibit a steep rise through the assessment period.
Market Drivers & Key Challenges
Rapidly varying nature of business and the workflow in both small and medium business units are creating changes as well as opportunities in the procedure of the workflow management. Companies across the world of different industrial verticals are rapidly adopting the services under workflow management to streamline the entire business processes efficiently. Alongside, the factor in increasing access to information is further driving the market of workflow management system substantially.
The MRFR’s study further indicates that the surge in competitiveness owing to the technological advancement and the adoption of an automated solution is highly anticipated to contribute towards escalation in market share of workflow management system market during the assessment period. At the same time, the rapid adoption of cloud-based technology and transformation of various enterprises are also anticipated to bring in new opportunities for workflow management system market in the coming years. On the flip side, the aspect such as reduced flexibility, and cost of implementation are acting as hindrance to the market’s growth during the assessment period.
Segmentation:
The global workflow management system industry can be bifurcated with in terms of deployment, software, and verticals.
In terms of deployment: On-Cloud and On-Premises are the segments.
In terms of Component: Software and services are the segments.
In terms of vertical: BFSI, Healthcare, Retail, IT/Telecom, Transportation, and others are the segments.
Regional Outlook
By region, the global workflow management system market has been segmented into Asia Pacific, North America, Europe and Rest of the World. North America is projected to dominate the market through the forecast period. Rising adoption of IT services and automated business processes are likely to fuel demand in the regional market. The factors favoring the expansion of the workflow management system market in the region are technological advancements, massive internet penetration, etc. Europe and Asia Pacific are important growth pockets of the global workflow management system market and resonate strong opportunities for market expansion over the next couple of years.
Key Players
The well-known players in the Workflow Management System Market are listed as Xerox Corporation (U.S.), IBM Corporation (U.S.), Appian (U.S.), Bizagi (U.K.), Software AG (Germany), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Nintex Global Limited (U.S.), SourceCode Technology Holdings, Inc. (U.S.), and to name a few.
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