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Workflow Management System Market by Component, Software, Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021
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
“The increased focus on streamlining businesses processes is expected to drive the workflow management system market”
The workflow management system market size is estimated to grow from USD 3.51 billion in 2016 to USD 9.87 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 23.0%. The workflow management system market is driven by factors such as increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information. However, high implementation cost constraints and difficulty in integrating new and legacy systems through workflow limit the growth of the workflow management system market.
“Suite-based workflow systems segment is expected to grow at the highest CAGR during the forecast period”
The organizations are rapidly growing their partnership networks to deploy the workflow management system software across the globe. Thus, the suite-based workflow systems segment is expected to grow at the highest CAGR during the forecast period. Suite-based workflow systems allow users to route individual desktop application files instead of folders of documents and forms. The growth in suite-based workflow systems would also be due to its offerings, such as the suite of integrated office applications - spreadsheet, word processor, email, and presentation.
“Integration and implementation services segment is expected to contribute to the largest market share during the forecast period”
The integration and implementation services segment provides end-to-end support to organizations, which is the main reason for its higher adoption. The integration and implementation services type is gaining traction in the workflow management system market as it helps organizations in identifying the project scope; designing the plan layout; optimizing data quality & delivery through testing, building, and deploying customizable designs suiting the organizational business needs; and assisting trained professionals in enabling the smooth installation of these solutions.
“Asia-Pacific is expected to have the highest growth rate during the forecast period”
Asia-Pacific (APAC) includes emerging economies, such as China, Australia, Singapore, and India, which are rapidly deploying workflow management software and services. APAC is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing number of cloud service providers, investments in infrastructure, smartphone users, and many emerging industries in the region. The North American region is expected to be the largest revenue-generating region for workflow management software and service providers in 2016. This is due to the high focus on innovation and technology adoption, especially in the developed economies of North America.
In-depth interviews were conducted with CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the workflow management system market place.
By company type: Tier 1: 34%, Tier 2: 40%, Tier 3: 26%
By designation: C-Level: 72%, Director Level: 18%, Others: 10%
By region: North America: 57%, Europe: 17%, APAC: 19%, RoW: 7%
The report includes the study of key players offering workflow management software and services: Xerox Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Software AG (Germany), SourceCode Technology Holdings, Inc. (U.S.), Nintex Global Limited (U.S.), Bizagi (U.K.), Appian (U.S.), and Newgen Software Technologies Limited (India).
The report includes in-depth competitive analysis of these key players in the workflow management system market, with their company profiles; Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis; recent developments; and key market strategies. The research report segments the workflow management system market by component (software and services), deployment type, industry vertical, and region.
Reasons to Buy the Report
The workflow management system market has been segmented by component (software and services), deployment type, industry, and region. The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the workflow management system market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the end users and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.