[161 Pages Report] The workflow management system market size is estimated to grow from USD 3,511.8 million in 2016 to USD 9,875.1 million by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%. A workflow management system defines, executes, and manages workflows through the use of software. It runs on workflow engines, which can deduce the process definition and intermingle with workflow participants. Workflows generally automate a business process. Major growths drivers of the workflow management system market include the increased focus on streamlining business processes, achieving cost-efficiency through workflow management, and increased access to information. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

By Software Type, production workflow systems type is estimated to hold the largest market size during the forecast period

he workflow management system market on the basis of software type comprises of production workflow systems, messaging workflow systems, web-based workflow systems and suite based workflow systems. The production workflow systems software type is estimated to have the largest market size in 2016, due to the largescale adoption of workflow management systems worldwide. Increased desire for automation of business operations and its collaboration is driving the production workflow systems market.

By Vertical, the IT and Telcom vertical is expected to grow at highest rate during the forecast period

Workflow management system can be used for various applications across industry verticals. The vertical segment of the workflow management system market is further segmented into BFSI, public sector, healthcare, energy and utilities, retail, IT and telecom, travel and hospitality, transportation and logistics and education. The IT and telecom is expected to grow at highest rate due to the demand for IT consulting experts required in workflow management services.

North America to account for the largest market size during the forecast period.

North America is expected to hold the highest market share and dominate the Workflow management system market during the forecast period. The major driver for this region is the high penetration rate in BFSI, manufacturing, and healthcare verticals. Even the data deluge is high due to the increase in the usage of mobile devices and broadband technology. Most of the companies in the workflow management system market are from the U.S. and their first aim is to penetrate the domestic market.

Market Dynamics

Increased focus on streamlining business processes

Workflow management system offers many advantages to organizations in terms of lesser lead times, reduced errors in work handoffs, and microscopic insights into process execution. The coordination and collaboration of work among teams become easier, quality work is delivered as it is executed efficiently, and the whole process becomes flexible. Workflow management system streamlines and coordinates business processes and the tasks associated with them to enhance the overall agility of the business. This system is also effective in providing total transparency of all activities across teams and organizations, as well as increasing customer satisfaction and shortening the time required for products and services to reach the market.

High implementation costs associated with workflow management system

The implementation of workflow management systems requires robust IT infrastructure and support. The systems are complex in nature and involve high costs for the procurement of workflow software, network development & management, implementation of application, and product augmentation. Organizations that do not possess adequate IT infrastructure and capital are less likely to adopt workflow management systems.

Huge growth potential in emerging markets

There is an increasing realization of the benefits of workflow management such as cost-effectiveness, process automation, and process integration, among others. Growing businesses with a clear understanding of these benefits and the usability of the workflow management system would help to gather tremendous opportunity for the adoption of workflow management software.

Less awareness about workflow management system

Although workflow management system speeds up the process of modern business drastically, a majority of the users, consisting of business owners, corporate executives, and the workforce in general, are still unaware about the benefits of proper workflow management and are less enthusiastic about the adoption of its software. The regions of North America and Europe are advanced in the areas of workflow management and make productive use of the software; however, regions such as MEA and Latin America have less knowledge about workflow management and its benefits and are thus less inclined to adopt workflow management system. Continued education about the benefits of the workflow management system is essential to drive its adoption.

Scope of the report

Report Metric Details Market size available for years 2014�2021 Base year considered 2015 Forecast period 2016�2021 Forecast units Value (USD Million) Segments covered Component, Deployment Type, Vertical, and Region Geographies covered North America, Europe, APAC, MEA, and Latin America Companies covered It includes 15 major vendors, namely, Xerox Corporation (US), IBM (US), Oracle (US), and Pegasystem (US), Software AG (Germany), SourceCode Technology (US), Nintex Global Limited (US), Bizagi (UK), Appian (US), Newgen Software (India)

The research report categorizes the workflow management system market to forecast the revenues and analyze the trends in each of the following subsegments:

By component

By Software

Production workflow systems

Messaging-based workflow systems

Web-based workflow systems

Suite-based workflow systems

Other workflow systems

By Service

IT consulting

Integration and implementation

Training and development

By Deployment

Cloud

On-premises

By Industry Vertical

Banking, financial services, and insurance

Public sector

Healthcare

Energy and utilities

Retail

IT and telecom

Travel and hospitality

Transportation and logistics

Education

Others

By Region

North America

Europe

MEA

APAC

Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company�s specific needs. The following customization options are available for the report:

Product Analysis

Product matrix that gives a detailed comparison of the product portfolio of each company

Geographic Analysis

Further breakdown of the North American workflow management system market

Further breakdown of the European market

Further breakdown of the APAC market

Further breakdown of the MEA market

Further breakdown of the Latin American market

Company Information

Detailed analysis and profiling of additional market players

Recent Developments

In April 2016, Oracle acquired Textura. This acquisition would enable Oracle to offer workflow automation, transparency, and cloud-based capabilities for complex construction projects.

In September 2016, IBM, with its partner Box, launched a new workflow solution, Box Relay. Box Relay would facilitate employees in a business to build, manage, and track custom or pre-built workflows.

In August 2016, Xerox launched Xerox DocuMate 6440 scanner powered by Visioneer OneTouch technology which facilitates automation of workflow with one easy touch.

Critical questions the report answers:

Where will all these developments take the industry in the long term?

What are the upcoming trends for the workflow management market?

Which segment provides the most opportunity for growth?

Who are the key vendors operating in this market?

What are the opportunities for new market entrants?

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