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. In principle, workflow management doesn’t require software, but in practice software tools are used to keep track of the work and to automate parts of it. 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However, an increasing cost for application, workflow difficulties in incorporating new and outdated systems and the reduction in the flexibility of the system are restraining the market growth over forecast period.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. A production workflow system is a step-by-step process that allows to understand how components must come together to produce a finished product. There are many ways to create a production workflow. 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. Workflow management systems in BFSI combine content management, records management, and business process automation. IT and Telecom end user segment held 25.65% of market share in 2019 and is expected to keep its dominance over forecast period owing to increasing demand from IT telecom sector for in workflow management services.
By geography, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these, North America held 38.10% of market share in 2019 and is expected to keep its dominance over forecast period. Increasing adoption of cloud technology in the U.S. and Canada, is one major factor responsible for the adoption of the workflow management systems. North America is followed by APAC and Europe.
APAC is expected to hold 30.64% of market share over forecast period. Growing penetration of process management and automation solutions in China, India, Japan and South Korea is expected to boost the market growth in this region. Furthermore, increased focus on digital transformation initiatives and increase in IT investment is expected to create lucrative opportunities for market in this region. Europe is expected to hold 21.65% of market share over forecast period. 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. These key players are adopting various inorganic and organic growth strategies such as merger & acquisitions, joint ventures, new product launches, collaborations, strategic alliances and expansion to increase their regional presence and business opeartions. For instance, Zoho, Inc. and Xerox are expanding their operations with partnerships and the introduction of new solutions.
Recent Development in Market
• In July 2017, Appian announced its partnership with Blue Prism. This provides a digital transformation platform that helps the enterprise for application integration along with legacy IT systems, as well as automate repetitive work. This partnership will help the Appian to remain the dominant player in the workflow management system market.
• In December 2018, Top Imaging Systems Ltd. announced a global reseller agreement with Xerox. Under this agreement, the former company’s content processing solutions will be integrated with the workflow automation suite of Xerox.
The objective of the report is to present a comprehensive analysis of the Global Workflow Management System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Workflow Management System Market dynamics, structure by analyzing the market segments and project Global Workflow Management System Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Workflow Management System Market make the report investor’s guide.
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Scope of Global Workflow Management System Market
Global Workflow Management System Market Segmentation by Software
• Production workflow systems
• Messaging-based workflow systems
• Web-based workflow systems
• Suite-based workflow systems
• Other workflow systems
Global Workflow Management System Market Segmentation by Service
• IT consulting
• Integration and implementation
• Training and development
Global Workflow Management System Market Segmentation by Deployment
• Cloud
• On-premises
Global Workflow Management System Market Segmentation by End User
• BFSI
• Public sector
• Healthcare
• Energy and utilities
• Retail
• IT and telecom
• Travel and hospitality
• Transportation and logistics
• Education
• Others
Global Workflow Management System Market Segmentation by Region
• North America
• Europe
• MEA& Africa
• APAC
• Latin America
Global Workflow Management System Market Major Players
• Xerox corporation (US)
• IBM (US)
• Oracle (US)
• Pegasystem (US)
• Software AG (Germany)
• SourceCode Technology (US)
• Nintex Global Limited (US)
• Bizagi (UK)
• Appian (US)
• Newgen Software (India)
• Appian
• Bizagi
• Software AG
• Zoho Inc.
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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.
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