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Workflow Management System Market Worth 9.87 Billion USD by 2021

 

January 11, 2017 --

PUNE, India, January 11, 2017 /PRNewswire/ --

According to a new market research report "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", published by MarketsandMarkets, the market is estimated to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%.

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Browse 66 market data Tables and 55 Figures spread through 161 Pages and in-depth TOC on "Workflow Management System Market"

http://www.marketsandmarkets.com/Market-Reports/workflow-management-system-market-81240046.html

Early buyers will receive 10% customization on this report. 

The major forces driving this market include increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information. The workflow management system software and services are used across diverse industrial verticals, such as government, legal sector, Banking, Financial Services, and Insurance (BFSI), public sector, healthcare, energy & utilities, retail, IT & telecom, travel & hospitality, transportation & logistics, education, and other industries, such as life sciences and communications & media.

Production workflow systems is estimated to hold the largest market size in the workflow management system software market in 2016 

Production workflow systems are gaining traction among workflow management software as these systems support various functions and features that allow superior customization of business processes. These systems run in a broad range of computing environment and network.

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Cloud deployment type is expected to be the largest contributor in the Workflow Management System Market during the forecast period 

The cloud deployment model is fast becoming an attractive option for the delivery of workflow management system, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance. Furthermore, cloud deployment is a major business driver for the workflow management market, as it empowers organizations to increase their businesses by offering workflow management system software to distributed enterprises spread across the world.

The North American region is expected to contribute to the maximum market share to the overall Workflow Management System Market 

The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of workflow management software and services by the end users. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), owing to the increased focus on digital transformation initiatives and increase in IT investment.

The major vendors in the Workflow Management System Market include Pegasystems Inc. (U.S.), Software AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), and Xerox Corporation (U.S.).

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About MarketsandMarkets 

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

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