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Workflow Management System Market Overview - Trends and Forecasts
The workflow management systems solutions manage information, conceptualize and build the model for work processes, and automate the business procedures for organizations. These systems streamline the complex business operations and the task flow involved in the functioning of organizations. These systems also manage the information and provide real-time access to it. Hence, this enhances the productivity of the organization.
Many organizations have iterative work activities whose repeated execution reduces efficiency. The organizations face dynamic complexities which need to be addressed. For this, access to real-time information is imperative. Workflow management provides automated business activities, real-time access to comprehensive information that aids in efficient decision making, and increases efficiency of the organization. It also supports the emerging mobility trend, and work from home culture with ensured security to critical corporate information.
Presently, the workflow management solution providers offer cloud-based deployment as the primary product or as a variant with on premise solutions. The cloud-based deployments are easy to implement and involve less cost for deployment and maintenance. Thus, this encourages its uptake among small and medium businesses and enterprises.
Workflows are critical to an organization and hence, its management becomes top priority. The automation in flow of activities facilitates the productivity and helps in resolving the diverse needs of the customers.
The driving factors for workflow management systems are process reengineering, automated tasks, enhanced efficiency of the organizations, efficient decision making, and ever changing business environments. North America is expected to have the largest market share in the overall workflow management systems market followed by Europe and APAC in 2014, and the same trend is projected for 2019.
However, there are few restraints in workflow management systems market such as high investment in IT infrastructure, and difficulty in integration with the existing workflows. The global workflow management systems market is expected to grow from $1.56 billion in 2014 to $5.53 billion in 2019 at a CAGR of 28.9% during the forecast period 2014-2019.
Workflow Management System Market by Workflow System Types (Production, Messaging-based, Web-based, Suite-based, Others), Users (SMBs, Enterprises), Deployment Model (Cloud, On-premise) - Market Forecasts and Analysis (2014-2019)
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