New York, NY, Feb. 15, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Workflow Management System Market by Deployment (On-Premises and Cloud), by Component (Software and Services), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Government Sector, Transportation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global workflow management system market was valued at USD 5.2 billion in 2018 and is expected to reach USD 22.1 billion by 2025, at a CAGR of 22.9% between 2019 and 2025.
The increasing use of technology in the BFSI sector is likely to drive the workflow management system market over the forecast time period. Several players are focusing on providing solutions that are specifically developed for the BFSI sector. The workflow management systems help banks and other financial institutes to automate manual processes, centralize data, and enhance communication and sharing processes. In 2018, the overall bank IT spending in North America grew by about 5% and reached nearly USD 104 billion. JP Morgan revealed that it spent more than USD 9.5 billion on technology in 2016, i.e., about 16% of their overall expenses. Goldman Sachs also reported spending USD 809 million on technology and communications.
Browse through 84 Tables & 28 Figures spread over 126 Pages and in-depth TOC on “Global Workflow Management System Market: By Deployment, Share, Industry Size, Applications, Segments, Analysis and Forecast, 2018–2025”.
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The increasing online shopping has led the retailers to opt for solutions that streamline their delivery processes. In 2017, e-commerce sales across the globe were valued USD 2,304 billion in comparison to USD 1,845 billion in 2016. This number is projected to rise in the future, owing to the growing trend of mobile shopping. Furthermore, the acceptance of artificial intelligence (AI) by various retailers is likely to further pave the way for the workflow management system market globally over the estimated timeframe. The integration of AI with workflow systems offers numerous benefits to the retailers, such as cost reduction, repetitive task elimination, risk analysis, and maintaining schedule and budget. However, integrating the workflow management software with old systems may act as a major constraint in the market growth. Alternatively, the adoption of “Internet of Things” (IoT) is likely to generate new growth opportunities in the workflow management system market in the future.
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By deployment, the global workflow management system market is bifurcated into on-premises and cloud. The cloud segment is expected to hold a prominent market share globally in the future, owing to its numerous benefits. Software and services comprise the component segment of the global workflow management system market. The end-use industry segment includes retail, BFSI, IT and telecom, healthcare, government sector, transportation, manufacturing, and others. On the basis of the component, the workflow management system market is segmented into software and services. The government sector is anticipated to grow notably in the future, owing to the increasing adoption of technology to simplify services offered by government various departments.
North America is anticipated to be the most attractive region for the workflow management system market in the upcoming years. Country wise, the U.S. is a major contributor toward the North American workflow management system market. Various retailers are opting to use online platforms to increase their sales. The U.S. e-commerce sales in 2018 were valued USD 504.6 billion as compared to USD 446.8 billion in 2017. With increasing e-commerce sales rapidly, retailers are opting for solutions to streamline their business processes. Furthermore, the major players, such as Xerox Corporation, Oracle Corporation, and IBM Corporation, are headquartered in North America, which is anticipated to further drive the region’s workflow management system market over the forecast timeframe.
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The Asia Pacific region is anticipated to hold a substantial share of the global workflow management system market in the future. China and India are considered to have a huge product demand for workflow management system solutions in this region, owing to economic development and adoption of technology in numerous business sectors. The rising investments in made China’s tech firms are paving the way for the region’s workflow management system market. In 2017, investments in the Chinese tech firms reached about USD 59 billion. Furthermore, investments in India’s IT and ITES sectors reached about USD 167 billion during the financial year 2017–2018. The country’s IT spending in 2018 was about USD 87 billion, i.e., 9% more than in 2017.
The European manufacturing sector is among the most profitable end-use industry for the workflow management system market. The workflow management systems help manufacturers in streamlining their supply chains, reduce additional overhead expenses, streamline complex document approval processes, improve product lifecycle development, etc. Germany, UK, and France are the major business destinations for market players in Europe. The increasing adoption of automation in various manufacturing processes has led to an increase in the growth of the European workflow management system market. In 2016, about 58% and 66% of manufacturers based in the UK and Germany, respectively invested in automating their business processes.
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The Middle Eastern and African region is anticipated to make notable contributions to the global workflow management software market over the estimated timeframe. This can be attributed to the rising technological investments made by numerous financial institutes. ”Mubadala Investment Company,” one of UAE’s top funding organizations contributed about USD 15 billion in technology. Furthermore, the number of fintech startups is increasing annually in this region. The total startup deals in 2017 were valued at USD 66.6 million.
Some key players of the global workflow management system market are Xerox Corporation, Oracle Corporation, Software AG, Pegasystems Inc., IBM Corporation, Nintex Global Limited, Source code Technology Holdings, Inc., Appian, Bizagi, and Newgen Software Technologies Limited, among others.
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This report segments the global workflow management system market into:
Global Workflow Management System Market: Deployment Analysis
- On-Premises
- Cloud
Global Workflow Management System Market: Component Analysis
- Software
- Production Workflow Systems
- Messaging-Based Workflow Systems
- Web-Based Workflow Systems
- Suite-Based Workflow Systems
- Others
- Services
- IT Consulting
- Integration and Implementation
- Training and Development
Global Workflow Management System Market: End-Use Industry Analysis
- Retail
- BFSI
- IT and Telecom
- Healthcare
- Government Sector
- Transportation
- Manufacturing
- Others
Global Workflow Management System Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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