The "Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021", estimated to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%.
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The major forces driving this market include increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information. The workflow management system software and services are used across diverse industrial verticals, such as government; legal sector; Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail; IT & telecom; travel & hospitality; transportation & logistics; education; and other industries, such as life sciences and communications & media.
Production workflow systems estimated to hold the largest market size in 2016
Production workflow systems are gaining traction among workflow management software as these systems support various functions and features that allow superior customization of business processes. These systems run in a broad range of computing environment and network.
Cloud deployment type expected to be the largest contributor in the market during the forecast period
The cloud deployment model is an attractive option for the delivery of workflow management system, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance. Furthermore, cloud deployment is a major business driver for the workflow management market, as it empowers organizations to increase their businesses by offering workflow management system software to distributed enterprises spread across the world.
The North American region expected to contribute to the maximum market share to the overall market
The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of workflow management software and services by the end users. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), owing to the increased focus on digital transformation initiatives and increase in IT investment.
The major vendors in the workflow management system market include Pegasystems Inc. (U.S.), Software AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), and Xerox Corporation (U.S.).
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