Summary of the Report:
Global Workflow Management System Market, By Component (Service and Software), By System Type (Messaging-Based Workflow System, Production Workflow System, Suite-Based System, and Web-Based System), By Deployment (On-premises and Cloud), By Organization (SMEs (Small and Medium Enterprises) and Large Enterprises), By Verticals (IT & Telecom, Healthcare, Travel & Hospitality, BFSI (Banking, Financial Services, and Insurance), Government, Retail & Consumer goods, and Media & Entertainment), and By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)
Market Overview:
A Workflow Management System (WMS) can automate tasks and create a sequential plan for a project. It also provides a centralized platform for communication and collaboration among team members. This type of software is ideal for companies that want to improve the utilization rate of team members and increase their billable hours. A workflow system can make work easier by automatically filling in data fields. It can also help users standardize their work processes. Companies can authenticate users using their existing systems. Some workflow management tools even support Single Sign-On with a SAML provider. The most important thing to look for in a WMS is its ability to offer fine-grained access control.
Competitive Landscape:
Major companies contributing to the global workflow management system market include Nintex Global Limited, Pegasystem Inc., Newgen Software Technologies Ltd., Bizagi, Appian, Xerox Corporation, IBM Corporation, Source Code Technology Holdings Inc., Software AG, and Oracle Corporation.
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Market Drivers:
Increasing adoption across SMEs (small and medium enterprises) and large enterprises to improve and monitor business operations is expected to propel the growth of the workflow management system market throughout the forecast period.
In addition to this, growing demand for automation solutions to improve data accessibility for making business decisions is expected to further cushion the growth of the workflow management system market over the forecast period.
Geographically, the report examines production, consumption, revenue, market share, growth rate, and forecasts for the following regions:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria)
Summary of the COVID-19 Debacle:
The global workflow management system market responded positively due to the onset of the COVID-19 pandemic. Soon after the imposition of lockdowns, the corporate world switched to remote-working models to continue their business operations. On top of that, demand for workflow management systems has peaked in parallel to the increased cyber-attacks since the arrival of the pandemic.
Some of the important questions answered in this report include:
What are the top five Workflow Management System Market players?
What will the Workflow Management System Market look like in the following years?
Which product and application will dominate the Workflow Management System Market?
What are the Workflow Management System Market’s drivers and restraints?
Which regional market will represent the highest growth?
What will be the CAGR and market size of the Workflow Management System Market over the forecast period?
What is the present market size, what will it be in 2029, and what will be the growth rate?
What are the constraints to market growth?
What market opportunities and risks do the key companies face?
Who are the main competitors, and what is their strategic approach?
What are the market’s entry challenges for new players?
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Detailed TOC of Workflow Management System Market Forecast Report:
1 Workflow Management System Market Overview
1.1 Product Overview and Scope of Workflow Management System Market
1.2 Segment by Type
1.3 Global Segment by Application
1.4 Global Market, Region Wise (2017-2022)
1.5 Global Market Size of Workflow Management System Market (2017-2029)
2 Global Workflow Management System Market Landscape by Player
2.1 Global Workflow Management System Market Sales and Share by Player (2017-2022)
2.2 Global Revenue and Market Share by Player (2017-2022)
2.3 Global Average Price by Player (2017-2022)
2.4 Global Gross Margin by Player (2017-2022)
2.5 Manufacturing Base Distribution, Sales Area and Product Type by Player
2.6 Market Competitive Situation and Trends
3 Workflow Management System Market Upstream and Downstream Analysis
3.1 Industrial Chain Analysis
3.2 Key Raw Materials Suppliers and Price Analysis
3.3 Key Raw Materials Supply and Demand Analysis
3.4 Manufacturing Process Analysis
3.5 Market Concentration Rate of Raw Materials
3.6 Downstream Buyers
3.7 Value Chain Status Under COVID-19
Market Segment Analysis:
By component
- Software
- Services
By system type
- Production Workflow System
- Messaging-Based Workflow System
- Web-Based System
- Suite-Based System
- Other
By deployment
- Cloud
- On-premises
By organization size:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By verticals
- BFSI
- Healthcare
- Retail and Consumer goods
- IT and Telecom
- Media and Entertainment
- Travel and Hospitality
- Government
- Other
Key Takeaways:
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The workflow management system market is anticipated to grow at a during the forecast period owing to newer government regulations on income tax and increasing adoption in the corporate and IT sectors. For instance, in February 2022, Avalara, Inc., a tax-related automation software provider for businesses, introduced 20 newly certified integrations for business applications such as ecommerce, CRM software, accounting, and ERP.
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In geographical news, the North American region is a treasure island for the global workflow management system market in view of early adoption of IoT (Internet of Things) and BYOD (bring-your-own-device) solutions coupled with the growing popularity of green buildings.
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Bubbling under the top spot, the Asia Pacific region is another hot favorite for the global workflow management system market on account of growing demand for energy management systems (EMS) combined with a booming IT sector.
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The post Workflow Management System Market places a strong emphasis on business efficiency, with widespread adoption in a variety of industries, Competitive Landscape: IBM Corporation, Source Code Technology Holdings Inc. appeared first on Gatorledger.
