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.
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.
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.
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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.),
According to the study, the global Workflow Management System Market is poised to grow at an expected CAGR of over 19.14% from 2016 to 2022. At this impressive compound annual growth rate, the global market is expected to grow from the current value of $2.4 billion to $6.96 billion by the end of the year 2022
Genpact, a global professional services firm, launched Cora Command Center. It is a cloud-based product which improves the performance of an enterprise’s digital workforce.
Crawford & Company®, provider of claims management solutions to insurance and self-insured companies, has collaborated with Claim Genius, a sophisticated image analytics company, and Artificial Intelligence (AI) company, for improving the speed and accuracy of processing automobile insurance claims. The workflow solution will be launched in the North American countries for its global clients.
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, Workflow Management System product portfolio, strategy analysis, and key innovations in Workflow Management System market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
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.
Workflow Management System market is segmented on the basis of deployment, software and verticals.
Workflow Management System by Deployment:
Workflow Management System by Component:
Workflow Management System by Vertical:
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- Cloud service providers
- IT consulting service providers
- System Integrators
- Technical University
- Original Technology Designers and Suppliers
- End users (verticals)
- Software Providers
LIST OF TABLES
Table 1 Workflow Management System Market, By Component
Table 2 Workflow Management System Market, By Deployment
Table 3 Workflow Management System Market, By Vertical
Table 4 Workflow Management System Market, By Regions
Table 5 North America Workflow Management System Market, By Component
LIST OF FIGURES
Figure 1 Research Workflow Management System
Figure 2 Workflow Management System Market: By Component (%)
Figure 3 Workflow Management System Market: By Deployment (%)
Figure 4 Workflow Management System Market: By Vertical (%)
Figure 5 Workflow Management System Market: By Region