Workflow Management System Market 2018: Global Industry Analysis, Opportunity Assessment and Forecast to 2027
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.
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.
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The global workflow management system market 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.
The regional study of the workflow management system market is studied for the key regions such as Asia Pacific, North America, Europe and Rest of the World.
The study designates that the North America region is leading in support of factors such as surged internet penetration and technological advancements. Also the rising adoption of automated business processes is anticipated to propel the workflow management system market by the assessment period. Apart from these factors, even the increasing adoption of IT services have also impacted the Workflow Management System market is a constructive way.
The Asia Pacific region is also likely to own a substantial share of the global workflow management system market in the future. Prime countries such as China and India are considered to have a vast product demand for workflow management system solutions in support of economic development and adoption of technology, which is happening in numerous business sectors. Also, the rising investments in made China’s tech firms are paving ways for the region’s workflow management system market to bring more opportunities in the future. In case of point, in 2017, investments in the Chinese tech firms reached about USD 59 billion, and investments in India’s IT and ITES sectors reached approximately USD 167 billion in the financial year of 2017–2018.
In the end, the European manufacturing sector is among the most moneymaking end-use industry for the workflow management system market as the system help manufacturers in streamlining their supply chains, reduce additional overhead expenses, streamline complex document approval processes, improve product lifecycle development, and more. Countries like Germany, UK, and France are the foremost business destinations for market players in Europe. The swelling adoption of automation in various manufacturing processes has also broadly to rise in the growth of the European workflow management system market.
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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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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