Workflow Management System Market Set to Register a CAGR of 30.5% over 2030

Press Release/- Market Research Future Published a Half-Cooked Research Report on Workflow Management System Market Research Report.

Market Insights:

Market Research Future (MRFR)’s latest study projects that the global workflow management system market is poised to thrive exponentially striking a CAGR of 30.5% during the forecast period 2022 to 2030. The market valuation is estimated to grow from USD 2.4 Bn to USD 55.51 Bn by the end of the year 2030. The rapid changes witnessed in the nature of business and workflow in small and medium business units have paved the way for accelerated adoption of the technology. The trend is anticipated to perpetuate in the forthcoming years.

Business enterprises across different industry verticals have started deploying workflow management techniques for improving operational efficiency. The demand in the workflow management system market is expected to exhibit a steep rise through the assessment period.

The competitive landscape of the market represents robust competition, thus, opening avenues for technological innovations in product offerings for gaining competitiveness. This is likely to have a positive influence on the growth of the global workflow management system market.

The adoption of cloud-based technology has opened new avenues of growth opportunities for the market participants. However, factors such as the high cost of implementation, limited flexibility, etc. are expected to hamper the growth of the market over the next couple of years.

Market Segmentation:

By deployment, the global workflow management system market is segmented into on cloud and on premises.

By component, the workflow management system market has been segmented into software and services.

By vertical, the global workflow management system market is segmented into BFSI, healthcare, retail, IT/telecom, transportation, and others.

Regional Analysis:

By region, the global workflow management system market has been segmented into Asia Pacific, North America, Europe and Rest of the World. North America is projected to dominate the market through the forecast period. Rising adoption of IT services and automated business processes are likely to fuel demand in the regional market. The factors favoring the expansion of the workflow management system market in the region are technological advancements, massive internet penetration, etc. Europe and Asia Pacific are important growth pockets of the global workflow management system market and resonate strong opportunities for market expansion over the next couple of years.

Competitive Dashboard:

Some of the key players profiled in the report include IBM Corporation (U.S.), Pegasystems Inc. (U.S.), Appian (U.S.), Bizagi (U.K.), Oracle Corporation (U.S.), Nintex Global Limited (U.S.), Xerox Corporation (U.S.), SourceCode Technology Holdings, Inc. (U.S.), and Software AG (Germany).

Industry Developments:

In September 2018, Vocera Communications, Inc., a recognized leader in clinical communication and workflow solutions, announced the deployment of Vocera interoperability software by Allina Health for simplification of clinical workflows.

In September 2018, Genpact, a global professional services firm, launched Cora CommandCenter. It is a cloud-based product which improves the performance of an enterprise's digital workforce.

In September 2018, Crawford & Company®, provider of claims management solutions to insurance and self-insured companies, has collaborated with ClaimGenius, a sophisticated image analytics company, and Artificial Intelligence (AI) company, for improving the speed and accuracy of processing automobile insurance claims. The workflow solution will be launched in the North American countries for its global clients.