The global Workflow Management System Market size is anticipated to reach USD 24.8 billion until 2025. It is anticipated to register growth with 27.7% CAGR during the forecasted period, 2019 to 2025. This growth can be associated with its surging usage for automating business processes and workflows. Further, features like user-defined models, setting up deadlines, and budget limitations coupled with the selection of environments are anticipated to drive the market growth of WFMS in the upcoming years.
The consulting services segment held the largest share across the global market in 2018 due to the surging need for automation among several organizations. The software segment is being widely used by financial service providers and banks on account of the need for process automation to reduce redundant time and efforts.
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The BFSI vertical segment held a dominant share of 33% in 2018 on account of the increasing need for automation of repetitive tasks like compliance regulations, data entry, and formulation. While, the IT & telecom segment is projected to witness the fastest growth during the forecasted years, 2019 to 2025 owing to the usage of such systems for accurate tracking, reporting, and managing in IT assets.
North America held the largest share of 48.0% across the global market in 2018 due to surging penetration of automation and process management solutions. On the other hand, Asia Pacific is anticipated to witness the highest CAGR from 2019 to 2025 owing to rising BFSI sector across developing countries like India and China.
The Workflow Management Systems market includes key players such as IBM Corporation, Xerox Corporation, Software AG, Bizagi, Pegasystems Inc., and Appian. They are implementing several marketing strategies like partnerships, mergers, and acquisitions to gain competitive advantage and widen their global reach. Also, expanding operational facilities is gaining traction among these players.
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Further key findings from the report suggest:
• The segment of cloud deployment registered highest share of 66.0% in 2018 and is expected to witness fastest growth in the upcoming years.
• The BFSI vertical segment held a dominant share of 33% in 2018 across the global market.
• North America held a share of around 48.0% across the global workflow management systems market.
• The key players in this market are IBM Corporation; Software AG; Bizagi; Pegasystems Inc.; and Xerox Corporation.
Million Insights has segmented the global workflow management systems market 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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