Global Workflow Management System Market By Component (Software, Services) By Deployment Type (Cloud, On-Premises) Industry Vertical (Banking Financial Services and Insurance, Public Sector, Healthcare, Energy and Utilities, Retail, IT and Telecom, Travel and Hospitality, Transportation and Logistics, Education, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Workflow Management System Market
Global workflow management system market is set to witness a healthy CAGR of 21.03% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed to rising business process, streamlining expended data access and growing technological utilization in the BFSI.
Market Definition: Global Workflow Management System Market
Managing the workflow is coordinating the tasks that make up the work and organization. A workflow's aim is to accomplish some outcome, and workflow management's aim is to accomplish stronger outcomes according to a number of objectives. Workflow management is primarily a practice of leadership that focuses on a job framework within a certain organization and how groups operate together to finish this job. Workflow management may not involve software, however software tools are used in exercise to monitor the work and optimize aspects of it.
- Enhanced concentration on business processes streamlining is driving the growth of the market,
- Price-efficiency through the management of workflows is propelling the growth of the market
- Expended data access is boosting the growth of the market
- Growing technological utilization in the BFSI industry is contributing to the growth of the market
- An increased cost for application is restricting the growth of the market.
- Workflow difficulties in incorporating new and outdated systems is hindering the growth of the market
- The reduction in the flexibility of the system act as the restraint in the growth of the market
Segmentation: Global Workflow Management System Market
- Production Workflow Systems
- Messaging-Based Workflow Systems
- Web-Based Workflow Systems
- Suite-Based Workflow Systems
- IT Consulting
- Integration and Implementation
- Training and Development
By Deployment Type
By Industry Vertical
- Banking Financial Services and Insurance
- Public Sector
- Energy and Utilities
- IT and Telecom
- Travel and Hospitality
- Transportation and Logistics
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In March 2019, CWT ERM introduced a new travel workflow management platform variant. This enables businesses to use a single tool to handle complicated transport requirements. ERM Mobility binds everything together, making it easy to move. The ERM mobility platform also provides clean, accurate financial statement data; effective governance of workforce and travel expenditure segmentation.
- In June 2016, Intelenet created a creative workflow management tool aimed for the travel & hospitality industry. ISafe is designed to address the problems faced by customers of Intelenet. One of the primary characteristics allows customers to communicate throughout five distinct global distribution systems (GDS) and thus reduces the operating costs and increases the user experience.
Global workflow management system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of workflow management system market for global, Europe, North America, Asia Pacific and South America.,
Major Market Players
Few of the major competitors currently working in the global workflow management system market are. Xerox Corporation., IBM Corporation, Oracle, Software AG, SourceCode Technology Holdings, Inc., Pegasystems Inc., Nintex UK Ltd, Bizagi, Appian., Newgen Software Technologies Limited., FUJITSU, TIBCO Software Inc., Microsoft, SAP SE, monday.com, bpm'online., Wrike, Inc., Kissflow Inc., ProjectManager.com, Inc., Pelago.
Research Methodology: Global Workflow Management System Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved