Workflow Management System Market Emerging Audience, Segments, Sales, Profits, Analysis, Size and Statistics
Market Highlights
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 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.
Market Drivers & Key Challenges
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.
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.
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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.
Regional Outlook
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.
Segmentation:
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.
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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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