The global workflow management system market size is expected to reach USD 24.8 billion by 2025 and is anticipated to exhibit a CAGR of 27.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. Workflow management systems (WFMS) facilitate seamless and automated execution of workflows. It permits the users to model and define workflows, set their budget limitations and deadlines, and decide the environments in which they are supposed to be executed. The systems then proceed with the evaluation of these inputs and implement them within the predefined constraints. These systems are majorly focused on automating document-driven business processes and ultimately improving efficiency.
Workflow management systems are increasingly being deployed across different industry verticals, including BFSI, healthcare, retail, IT & telecom, and transportation. Technological advancements in the BFSI industry is contributing to the growth of the market. The workflow management software and services help in reducing the efforts of manually entering the data and managing the business processes. Moreover, enhanced concentration on streamlining of business processes is another major factor contributing to the growth of the market. Streamlining of business processes helps in improving the efficiency of business processes along with better utilization of resources.
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Appian; IBM Corporation; Bizagi; Nintex Global Limited; Newgen Software Technologies Limited; Oracle Corporation; Pegasystems Inc.; Software AG; SourceCode Technology Holdings, Inc.; and Xerox Corporation happen to be the leading players in the market. An increasing number of companies are coming up with innovative solutions to streamline the business processes and offer everything on one single platform. For instance, in September 2019, Zoho One, an India-based cloud computing company, launched a new workflow management application. The application allows customers to manage, create, and enhance their business processes with the help of an intuitive interface. The newer version of Zoho One is devised to offer organizations all, on a unified technology platform, right from sales and marketing, operations and business intelligence, finance and HR, and more.
Companies need to experiment with the potential of these solutions and optimize workflow management software solutions accordingly to gain a competitive edge. Implementation costs happen to be a major restraining factor in the growth of the market. However, growing concerns for privacy and data security across enterprises is another major factor responsible for restraining the market growth. Also, reduced operating flexibility and difficulty in the integration of newer technologies with the outdated hardware is further responsible for restricting the market growth.
Further key findings from the report suggest:
• The software component segment dominated the market in 2018 with more than 65.0% market share and is projected to continue to dominate the market by 2025
• The consulting services segment dominated the market and accounted for more than 39.0% of market share in 2018 and is anticipated to grow at the highest CAGR over the forecast period
• The cloud deployment segment dominated the market in 2018 with more than 66.0% market share and is anticipated to grow at the highest CAGR of over the forecast period
• North America accounted for the largest share of over 48.0% in 2018. On the other hand, Asia Pacific is anticipated to expand at the highest CAGR over the forecast period.
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Grand View Research has segmented the global workflow management systemmarket on the basis of component, software, service, deployment, vertical, and region:
WFMS Component Outlook (Revenue, USD Million, 2015 - 2025)
WFMS Software Outlook (Revenue, USD Million, 2015 - 2025)
WFMS Service Outlook (Revenue, USD Million, 2015 - 2025)
• Training & Development
WFMS Deployment Outlook (Revenue, USD Million, 2015 - 2025)
WFMS Vertical Outlook (Revenue, USD Million, 2015 - 2025)
• IT & Telecom
WFMS Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.