Workflow Management System Market Global Industry Size, Share, Trends, Growth Factors, and Regional Outlook To 2027
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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