Market Highlights
Business enterprises across different industry verticals have started deploying workflow management techniques for improving operational efficiency. The demand in the workflow management system market is expected to exhibit a steep rise through the assessment period.
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 competitive landscape of the market represents robust competition, thus, opening avenues for technological innovations in product offerings for gaining competitiveness. This is likely to have a positive influence on the growth of the global workflow management system market.
The adoption of cloud-based technology has opened new avenues of growth opportunities for the market participants. However, factors such as the high cost of implementation, limited flexibility, etc. are expected to hamper the growth of the market over the next couple of years.
Major Key players
- IBM Corporation (U.S.),
- Xerox Corporation (U.S.)
- SourceCode Technology Holdings, Inc. (U.S.)
- Appian (U.S.),
- Bizagi (U.K.)
- Oracle Corporation (U.S.)
- Nintex Global Limited (U.S.)
- Software AG (Germany)
- Pegasystems Inc. (U.S.)
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.
Segmentation:
By deployment, the global workflow management system market is segmented into on cloud and on premises.
By component, the workflow management system market has been segmented into software and services.
By vertical, the global workflow management system market is segmented into BFSI, healthcare, retail, IT/telecom, transportation, and others.
