Workflow management system is a software support used by various end sectors to manage and coordinate with work process and operations allocated to departments. Distribution system, coordination system, web based workflow systems, and production based workflow systems are some of the example of workflow management systems. With growing advancement in technology, business are demanding for more feature based workflow management systems such as graphical modelling, flexible workflow patterns, visual representation of task status, and workflow analytics.
The major growth driver of workflow management system market includes high focus of industries in restructuring their business operations, high penetration rate of smartphones especially in developing regions, and increasing cloud technology market. However, lack of technical expertise, high initial costs, and high adoption of pirated software by organizations are some of the major factors hindering the growth of Workflow Management System Market.
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Major Key Players
IBM Corporation (U.S.),
Xerox Corporation (U.S.),
SourceCode Technology Holdings, Inc. (U.S.),
Oracle Corporation (U.S.),
Nintex Global Limited (U.S.),
Software AG (Germany),
Pegasystems Inc. (U.S.), among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Workflow Management System Market.
According to the study, the global Workflow Management System Market is poised to grow at an expected CAGR of over 19.14% from 2016 to 2022. At this impressive compound annual growth rate, the global market is expected to grow from the current value of $2.4 billion to $6.96 billion by the end of the year 2022
February 2018 – Heritage valley health system partnership with XchangePoint, an integrated workflow management system, to implement workflow management for their patient care process. The MedLink console of XchangePoint is designed to provide accurate data coverage of pharmacy-led medication reconciliation.
September 2017 – Muller Martini, a Switzerland based paper manufacturer, introduced “Connex”, a workflow management system. The new product is developed connecting capabilities throughout the printing process. Management with minimal operator intervention, and embedded barcodes are some other features of Connex.
The global Workflow Management System market is estimated to grow at a promising rate in upcoming years. North America is expected to dominate the market globally due to high technology advancement and high rate of cloud technology adoption in the region. Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. Increasing technology adoption, high adoption of smartphones & cloud technology are expected to drive the growth of Workflow Management System market in the region. However, technical limitation in the market is expected to hamper the market growth in coming years.
The Workflow Management System Market can be classified into 4 key segments as follows:
Segmentation by Deployment: On-cloud and on-premise.
Segmentation by Component: Software and Services.
Segmentation by End-Users: BFSI, public sector, healthcare, IT & Telecom, retail, utilities, and transportation among others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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- Cloud service providers
- IT consulting service providers
- System Integrators
- Technical University
- Original Technology Designers and Suppliers
- End users (verticals)
- Software Providers
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