Workflow Management System Market – Overview:
Workflow management system is a software support used by various end sectors to manage and coordinate with work process and operations allocated to departments. Distribution system, coordination system, web based workflow systems, and production based workflow systems are some of the example of workflow management systems. With growing advancement in technology, business are demanding for more feature based workflow management systems such as graphical modeling, flexible workflow patterns, visual representation of task status, and workflow analytics.
The major growth driver of workflow management system market includes high focus of industries in restructuring their business operations, high penetration rate of smartphones especially in developing regions, and increasing cloud technology market. However, lack of technical expertise, high initial costs, and high adoption of pirated software by organizations are some of the major factors hindering the growth of Workflow Management System Market.
According to the study, the global Workflow Management System Market is poised to grow at an expected CAGR of over 19.14% from 2016 to 2022. At this impressive compound annual growth rate, the global market is expected to grow from the current value of $2.4 billion to $6.96 billion by the end of the year 2022
IBM Corporation (U.S.), Xerox Corporation (U.S.), SourceCode Technology Holdings, Inc. (U.S.), Appian (U.S.), Bizagi (U.K.), Oracle Corporation (U.S.), Nintex Global Limited (U.S.), Software AG (Germany), Pegasystems Inc. (U.S.), among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Workflow Management System Market.
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February 2018 – Heritage valley health system partnership with XchangePoint, an integrated workflow management system, to implement workflow management for their patient care process. The MedLink console of XchangePoint is designed to provide accurate data coverage of pharmacy-led medication reconciliation.
September 2017 – Muller Martini, a Switzerland based paper manufacturer, introduced “Connex”, a workflow management system. The new product is developed connecting capabilities throughout the printing process. Management with minimal operator intervention, and embedded barcodes are some other features of Connex.
The global Workflow Management System market is estimated to grow at a promising rate in upcoming years. North America is expected to dominate the market globally due to high technology advancement and high rate of cloud technology adoption in the region. Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. Increasing technology adoption, high adoption of smartphones & cloud technology are expected to drive the growth of Workflow Management System market in the region. However, technical limitation in the market is expected to hamper the market growth in coming years.
The market position analysis is derived by considering various factors such as financial position, segmental R&D investment, brand value, Workflow Management System product portfolio, strategy analysis, and key innovations in Workflow Management System market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
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- Cloud service providers
- IT consulting service providers
- System Integrators
- Technical University
- Original Technology Designers and Suppliers
- End users (verticals)
- Software Providers
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