Workflow Management System Market

Workflow Management System Market
Size, and Share - Global Industry
Insights, Trends, Outlook, 2016-2025
Workflow management system is a software designed to facilitate the setting up,
execution and monitoring of workflow in an organization. A workflow is a sequence or
chain of processes that can be operational, industrial or administrative wherein a work
passes through from start to execution to completion. Due to various advantages such
as reduced manual labour, improved accountability, streamlined processes, shortened
project durations have uplifted the market in various industries.
Streaming the business process and cost efficiency are among the major driving
factor for the growth of the workflow management system market.
The aim of streamlining business processes is to increase an organization’s efficiency
in terms of simplifying tasks, avoiding unnecessary steps and reducing waste. Workflow
tools are used for streamlining business processes. Through streamlined data analysis,
better processes can be put in place to take advantage of workflows that help bring all
stakeholders together, through various devices, across diverse networks, and traversing
different locations and are possible perform instantly. Hence, due to increasing demand
for streamline business processes have fuelled growth of the market globally.
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Workflow Management System: Taxonomy
By component
● Software
● Services
By system type
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Production Workflow System
Messaging-Based Workflow System
Web-Based System
Suite-Based System
Other
By deployment
● Cloud
● On-premises
The cloud deployment type is estimated to witness the highest demand as Cloud-based
helps in cutting down the cost as compared to on-premises software deployment. For
instance, WorkflowMax, a cloud-based workflow system, estimates that the company
saves an average of 628 hours of time and US$ 22,000 every year for its customers.
Moreover, cloud based workflow management system software also helps the
customers to maintain flexibility, as well as enjoy real-time access to data irrespective of
the location of the employees.
By organization size:
● Small Enterprises
● Medium Enterprises
● Large Enterprises
By verticals
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BFSI
Healthcare
Retail and Consumer goods
IT and Telecom
Media and Entertainment
Travel and Hospitality
Government
Other
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Workflow Management System Market: Regional Insights
On the basis of geography, global workflow management market is classified into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is
expected to be the largest share in the global workflow management system market
over the forecast period. This is mainly due to high adoption of cloud- based solution
and services particularly in the U.S. and Canada, which in turn increases cloud traffic.
According to Coherent Market Insights analysis, in 2015, cloud traffic in North America
was pegged at 1891 EB (Exabyte) and is estimated to reach 6844EB (Exabyte) by
2020. As the cloud has revolutionised workflow management, these exciting
technologies are continually evolving, are more accessible, and are becoming
increasingly adopted by almost every verticals. Cloud-based applications have allowed
organisations to become far more agile in their response to new opportunities for
efficiency, productivity and service delivery. Hence, increase in cloud traffic will
positively impact on the growth of workflow management in this particular region.
Global Workflow Management System: Competitive Background
Major players operating in the global workflow management system include Appian,
Bizagi, IBM Corporation, Newgen Software Technologies Ltd. Nintex Global Limited,
Oracle Corporation, Pegasystem Inc., Software AG, Source code Technology Holdings
Inc., and Xerox Corporation. For instance, in July 2017, Appian announced its
partnership with Blue Prism. This provide 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 helps the Appian to remain the dominant player in
the workflow management system market.
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North America is expected to be the largest share in the global workflow management system market over the forecast period. This is mainly due to high adoption of cloud- based solution and services particularly in the U.S. and Canada, which in turn increases cloud traffic.

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