DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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" report to their offering.
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.
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.
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 (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.
Market Dynamics
Drivers
- Increased Focus on Streamlining Business Processes
- Achieving Cost-Efficiency Through Workflow Management
- Increased Access to Information
Restraints
- High Implementation Costs Associated With Workflow Management System
- Difficulty in Integrating New and Legacy Systems Through Workflows
Opportunities
- Huge Growth Potential in Emerging Markets
- Increased Adoption of Cloud Deployment Model
- Increased Focus on Digital Transformation Initiatives
Challenges
- Less Awareness About Workflow Management System
- Concern Among Employees Due to Workflow Management System Implementation
Companies Mentioned
- Appian
- Bizagi
- IBM Corporation
- Newgen Software Technologies Limited
- Nintex Global Limited
- Oracle Corporation
- Pegasystems Inc.
- Software AG
- Sourcecode Technology Holdings, Inc.
- Xerox Corporation
For more information about this report visit http://www.researchandmarkets.com/research/3mfp7l/workflow
