Market Synopsis of Workflow Management System Market:
Workflow Management System can be defined as software program that is used in arrangement, performance, and setting up in managing the workflow. Rapidly changing nature of business and the workflow in small and medium business units are creating changes in the procedure of the workflow management. Companies across numerous industrial verticals are adopting these services to streamline business processes and increase in access to information is driving the market of workflow management system.
The study indicates that the increase in competitiveness due to the technological advancement and the adoption of automated solution is expected to contribute towards increase in market share of workflow management system market by the end of the forecasted period. Reduced flexibility, and cost of implementation are some of the factors hindering the growth of the workflow management system market. However, the rapid adoption of cloud based technology and transformation of various enterprises are expected to create new opportunities for workflow management system market..
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
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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The prominent players in the Workflow Management System Market are –
- 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.).
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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
Study Objectives of Workflow Management System Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Workflow Management System Market.
- To provide insights about factors affecting the market growth.
- To analyze the Workflow Management System Market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
The regional analysis of Workflow Management System Market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America region is dominating the Workflow Management System Market owing to factors such as increased internet penetration and technological advancements. The study also indicates that raising adoption of automated business processes is expected to propel the workflow management system market by the forecast period. Apart from it the rising adoption of IT services is also driving the Workflow Management System market.
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