The Workflow Management System Market has been aggressively growing and is further set to grow in the next five years, thus enabling the stakeholders to retain their old customers, attract new clients, and provide enhanced business values for users. MarketsandMarkets forecasts the global Workflow Management System Market to grow to USD 9.87 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period.
Users such as corporates, education firms, and governments are adopting the workflow management system software to integrate, analyze, and streamline business processes as per the customer requirements. Workflow management system services are mainly provided by the service vendors operating across a wide range of industry verticals who help users to effectively integrate and implement the deployed software. The workflow management software offers information management, document management, real-time visibility, better decision-making, and reduction in lead times, which further helps in reducing the operational budget of organizations. This necessity to achieve cost efficiency acts as the major driving factor for the worldwide adoption of workflow management software and services. Moreover, the increased global focus on streamlined business processes and increased access to information are enabling the fast adoption of workflow management software and services.
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The CAGR of suite-based workflow systems software is expected to be the highest among the workflow management software during the forecast period of 2016–2021. This is mainly due to the fact that suite-based workflow systems enable users to route individual desktop application files instead of folders of documents. Moreover, it also offers a suite of integrated office applications such as spreadsheet, word processor, email, and presentation. The IT consulting services type is expected to create enough opportunities for growth in the workflow management system market. The IT consulting services type provides technical expertise in order to increase business efficiency, owing to which this service type has the highest adoption rate.
The cloud deployment type is expected to witness the fastest growing CAGR during the period of 2016–2021 compared to on-premises deployment, as the cloud workflow management system offers flexibility, less cost, and real-time access to data regardless of the location of employees. Vendors would aggressively pursue cloud deployment type by researching about and innovating advanced workflow management system software, which would be deployed on the cloud.
On the basis of verticals, the IT and telecom vertical is projected to have the highest CAGR for the period of 2016–2021. However, other industry verticals, such as retail, education, transportation, and logistics sectors are expected to contribute significantly to the workflow management system market due to the increased need for better automation of business processes.
Asia-Pacific is expected to be the fastest growing region in the workflow management system market during the forecast period, mainly due to the increasing number of cloud service providers, investments in infrastructure, growing number of smartphone users, and many emerging industries in the region.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=81240046