Workflow Management System Market Research Report- Forecast till 2022
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.
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.
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Segmentation:
On the basis of deployment, the segments of the workflow management system market 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:
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.
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.
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Workflow Management System Market, By Deployment (On-Cloud, On-Premises), By Component (Software, Service), By Vertical (BFSI, Healthcare, Retail, IT/Telecom). - Forecast 2022
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