Market Highlights
The workflow management system market 2020 is poised to scale new heights due to the rising awareness about the product in the management level. In addition, the entry of new players and the availability of a wide range of products is also projected to motivate the large-scale adoption of these systems. In a report presented by Market Research Future (MRFR), it has been highlighted that the global workflow management system market is anticipated to earn revenues worth USD 6.96 Bn by 2022. The report further estimates the CAGR of the workflow management system market to be 19.14% over the review period 2016 to 2022. The market is supposed to witness enhanced competition due to technological innovations. This, in turn, is projected to boost the growth rate of the workflow management system market in the near future. Moreover, the product is poised to gain popularity owing to its ability to boost productivity.
The workflow management system market is likely to gain traction as it facilitates the management with the opportunity to focus on the core business. It enables efficient and effective decision making which is supposed to drive the growth of the workflow management system market. Rising adoption of technological developments is further assessed to support market growth by equipping the organization with facilities for the easy deployment of workflow management system. These factors ensure a healthy future trajectory for the global market. Apart from this, the advantaged offered by the product in streamlining activities and speeding up processes is likely to motivate the expansion of the workflow management system market. Also, the reduction of errors and re-works is one of the primary factors expected to contribute to the development of the workflow management system market. On the flip side, cost of implementation of workflow management system remains an impediment to workflow management system market growth.
Segmentation:
On the basis of deployment, the segments of the workflow management system market growth assessed in the report are on-cloud and on premise.
The segmentation of the workflow management system market, on the basis of component, covers hardware and software.
The vertical-based segments of the workflow management system market are BFSI, retail, IT/telecom, healthcare, transportation, and others.
Regional Analysis:
This MRFR report offers a detailed regional segmentation of the workflow management system market. The regions covered in detail for the study are Asia Pacific, North America, Europe and the Rest of the World. These segments are also studied on the basis of countries for detailed assessment. North America is supposed to maintain dominance over the global workflow management system market. It is because of the increasing penetration of fast internet services. Also, the innovation of technologies in the region is presumed to benefit the regional workflow management system industry. Europe is also an important growth pocket due to the rising adoption of automated business processes. It is also supposed to capitalize on the expansion of IT services. Asia Pacific is projected to witness considerable growth due to the developments being observed in the IT industry. Also, increasing popularity among SMEs is anticipated to play a key role in the expansion of the workflow management system market in the region.
Competitive Dashboard:
The workflow management system companies are IBM Corporation (U.S.), SourceCode Technology Holdings, Inc. (U.S.), Xerox Corporation (U.S.), Appian (U.S.), Oracle Corporation (U.S.), Bizagi (U.K.), Nintex Global Limited (U.S.), Pegasystems Inc. (U.S.), and Software AG (Germany), among others.
Industry News:
In January 2020, ProcessMaker, a workflow software company, has announced the launch of iBPMs, low-code intelligent business process management system. It helps in building IT workflows that solve complex designs.