According to new market research,the workflow management system market is expected 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% during the forecast period. The increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information is driving the  market across all regions.

Browse 66 market data tables and 55 figures spread through 161 pages and in-depth TOC on “Workflow Management System Market"

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The cloud deployment type is expected to grow at the highest CAGR during the forecast period. The cloud deployment type is also projected to witness the highest demand due to increased cost reduction as compared to on-premises software deployment, as cloud deployed workflow management system software helps the customers to maintain flexibility, as well as, enjoy real-time access to data regardless of the location of the employees.

The workflow management system software has been deployed across various industry verticals, such as Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail: IT & telecom; travel & hospitality; transportation & logistics; and education. The IT and telecom vertical is expected to witness the highest CAGR during the forecast period, as the enhanced competitive landscape of the telecom sector in the emerging nations calls for robust workflow management solutions that provide competitive advantage by streamlining back-office processes and procedures to better serve the customers. However, BFSI is estimated to have the largest market size in 2016, as BFSI companies have the need to digitalize large number of files and other physical documents. The workflow management system enables banks to automate various activities, such as loan approval, document management, and loan management.

The North American region is expected to be the largest revenue-generating region for workflow management system software and service providers in 2016. This is mainly because there is a high focus on innovations obtained from research & development and technology adoption, especially in the developed economies of North America. The APAC region is expected to be the fastest-growing region in the workflow management system market. The growth in this region is primarily driven by the need of business efficiency and reduction in operational costs.

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The major vendors that offer workflow management system software and services across the globe are 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). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the workflow management system market.

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