This report segments the workflow management system market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the end users and regions.
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The workflow management system market size is estimated to grow from USD 3.51 billion in 2016 to USD 9.87 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 23.0%.
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The key players in the Workflow Management System Market include – Xerox Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Software AG (Germany), Source Code Technology Holdings, Inc.
(U.S.), Nintex Global Limited (U.S.), Bizagi (U.K.), Appian (U.S.), and Newgen Software Technologies Limited (India).
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The report includes in-depth competitive analysis of these key players in the workflow management system market, with their company profiles; Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis; recent developments; and key market strategies. The research report segments the workflow management system market by component (software and services), deployment type, industry vertical, and region.
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The workflow management system market size is estimated to grow from USD 3.51 billion in 2016 to USD 9.87 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 23.0%. The workflow management system market is driven by factors such as increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information.
However, high implementation cost constraints and difficulty in integrating new and legacy systems through workflow limit the growth of the workflow management system market.
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The organizations are rapidly growing their partnership networks to deploy the workflow management system software across the globe. Thus, the suite-based workflow systems segment is expected to grow at the highest CAGR during the forecast period.
Suite-based workflow systems allow users to route individual desktop application files instead of folders of documents and forms. The growth in suite-based workflow systems would also be due to its offerings, such as the suite of integrated office applications - spreadsheet, word processor, email, and presentation.
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