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Market Research Future Insights
According to MRFR analysis, the global Workflow Management System Market is expected to register a CAGR of ~ 30.5% from 2021 to 2030 and hold a value of over ~USD 55.35 billion by 2030.
Workflow management systems are in advanced acceptance in the market as they help in improving efficiency and falling operational costs. Furthermore, the systems optimize automation, workflow, and processes, thus, dropping the need for unnecessary rework and manual effort. Several benefits such as workload reduction, better return on investment, and improved effectiveness, after the use of workflow management solutions, are estimated to further propel the market growth over the estimated period.
COVID-19 had a huge impact globally and led to a stoppage in the economic, political, and social growth of countries worldwide. Several businesses and industries were impacted by lockdowns, and businesses slowed down. However, the Workflow Management System market was modest; rather, it expanded owing to the rapid utilization of cloud computing and the use of online modes for work. In this critical time of COVID-19, the Workflow management system helps to improve organizational processes. All companies adopted workflow system markets to maintain the continuity of data and human errors.
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Regional Analysis
North America dominates the global workflow management system market globally. Factors such as the growing adoption of WFMS solutions & services and the initial adoption of advanced technologies such as AI, cloud computing, and machine knowledge drive the market growth.
Europe is the second-largest market for workflow management systems. The market growth is mainly led by the increasing use of security workflow management tools and the vast adoption of digital workplace solutions in midsized businesses.
Market Segmentation
The global Workflow Management System Market has been segmented into Deployment and component
Based on Deployment, the global Workflow Management System market has been segmented into on-premise, cloud, and hybrid. On-premise deployment means changing the present workflows on the company’s system. Cloud deployment deals with deploying web services on the cloud making the highest revenue producer for the market. A hybrid deployment is for combining the existing workflow and using them further to be deployed on the cloud.
Based on the component, the global Workflow Management System Market has been segmented into software and services. Software used to generate algorithms and workflow as per company dynamics and services like SOA, Web, OBIEE, etc. that are deployed on the cloud for constant availability.
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Key Players
Some of the key market players are IBM Corporation (US), Oracle Corporation (US), Xerox Corporation (US), Nintex Global Limited (US), Source Code Technology Holdings Inc. (US), Software AG (Germany), Appian (US), Pegasystems (US), and Bizagi (UK)
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