Demand for Workflow Management System in Upcoming Years

A new research study titled, “Workflow Management System Market” has been added to the comprehensive repository of MarketsandMarkets™.According to a new market research report "Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021" published by MarketsandMarkets™, the Workflow Management System Market is estimated to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%.

Browse in-depth TOC on “Workflow Management System Market”66- Tables55- Figures 161- PagesThe major forces driving this market include increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information.

The workflow management system software and services are used across diverse industrial verticals, such as government; legal sector; Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail; IT & telecom; travel & hospitality; transportation & logistics; education; and other industries, such as life sciences and communications & media.Ask for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=81240046Production workflow systems is estimated to hold the largest market size in the workflow management system software market in 2016Production workflow systems are gaining traction among workflow management software as these systems support various functions and features that allow superior customization of business processes.

These systems run in a broad range of computing environment and network.Cloud deployment type is expected to be the largest contributor in the Workflow Management System Market during the forecast periodThe cloud deployment model is fast becoming an attractive option for the delivery of workflow management system, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance.

Furthermore, cloud deployment is a major business driver for the workflow management market, as it empowers organizations to increase their businesses by offering workflow management system software to distributed enterprises spread across the world.The North American region is expected to contribute to the maximum market share to the overall Workflow Management System MarketThe high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of workflow management software and services by the end users.

Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), owing to the increased focus on digital transformation initiatives and increase in IT investment.The major vendors in the Workflow Management System Market include Pegasystems Inc. (U.S.), Software AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), and Xerox Corporation (U.S.).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

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According to a new market research report "Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021", published by MarketsandMarkets™, the Workflow Management System Market estimated to grow from $3.51 Billion in 2016 to $9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%.Browse in-depth TOC on “Workflow Management System Market” 95- Tables 61- Figures 161- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=81240046The major forces driving this market include increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information.

The workflow management system software and services are used across diverse industrial verticals, such as government; legal sector; Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail; IT & telecom; travel & hospitality; transportation & logistics; education; and other industries, such as life sciences and communications & media.Production workflow systems estimated to hold the largest market size in 2016Production workflow systems are gaining traction among workflow management software as these systems support various functions and features that allow superior customization of business processes.

These systems run in a broad range of computing environment and network.Cloud deployment type expected to be the largest contributor in the market during the forecast periodThe cloud deployment model is an attractive option for the delivery of workflow management system, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance.

Furthermore, cloud deployment is a major business driver for the workflow management market, as it empowers organizations to increase their businesses by offering workflow management system software to distributed enterprises spread across the world.The North American region expected to contribute to the maximum market share to the overall marketThe high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of workflow management software and services by the end users.

Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), owing to the increased focus on digital transformation initiatives and increase in IT investment.The major vendors in the workflow management system market include Pegasystems Inc. (U.S.), Software AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), and Xerox Corporation (U.S.).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.

Global Workflow Management System Market was valued at USD 6.11 Bn in 2019 and is expected to reach at USD 28.70 Bn by 2027 at a CAGR of 21.32% over forecast period 2020-2027.The report covers an in depth analysis of COVID 19 pandemic impact on Global Workflow Management System Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.Global Workflow Management System Market Dynamics:Workflow management is principally a management discipline, focused on the structure of work within some organization and how teams collaborate to complete this work.

Various factors such as an enhanced concentration on business processes streamlining is driving the growth of the market, price-efficiency through the management of workflows, expended data access and growing technological utilization in the BFSI industry is are mainly driving the market growth over forecast period.However, an increasing cost for application, workflow difficulties in incorporating new and outdated systems and the reduction in the flexibility of the system are restraining the market growth over forecast period.Huge growth potential in emerging markets such as China, India and South Korea, an increasing adoption of cloud deployment model and growing focus on digital transformation initiatives are expected to lucrative opportunities for market over forecast period.Global Workflow Management System Market segmented by Software, by Service, by Deployment, by End User and by Region.By Software Type, production workflow systems held 34.65% of market share in 2019 and is expected to keep its dominance over forecast period owing to large scale adoption of workflow management systems by large scale enterprises.

These systems support different features as well as functions and can operate in a wide range of computing environment and network.By End User, the BFSI end user segment held BFSI segment held 32.54% of market share in 2019 and is expected to keep to keep its dominance over forecast period.

Furthermore, increased focus on digital transformation initiatives and increase in IT investment is expected to create lucrative opportunities for market in this region.

BFSI sector in Germany and France is gaining momentum owing to increased online transactions and growing demand for automation of business processes.Report has covers in depth analysis of key development and company profiles of market leaders, potential players and new entrants.

Some of the key players covered in this report are Xerox Corporation (US), IBM (US), Oracle (US), Pegasystem (US), Software AG (Germany), SourceCode Technology (US) and Nintex Global Limited (US) among others.