Workflow Management System – An Innovative Way to Fast Track Day-to-Day Work

Work places are not same as few years back, they are more interactive, innovative, and technology driven. To achieve these developments, workflow management system has played a crucial role. Workflow management solution provides increased focus on amplified access to information, streamlined business processes, and cost efficiency. Banking, financial services, and insurance (BFSI), energy and utilities, IT and telecom, transportation and logistics, and healthcare all are the key end-use industries where workflow management system is employed.  Key vendors providing workflow management systems include Appian, Nintex Global Limited, Bizagi, Software AG, Pegasystems Inc., IBM Corporation, Oracle Corporation, and Xerox Corporation.

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Some of the other benefits of employing workflow management system include:

  • With rapidly changing demand from consumer demand, workflow management solution provides superior customer experience, and assists in reduced job completion time that benefits companies at a large. Additionally, it also helps in meeting the growing need for fragmented customer base.
  • Emergence of the culture of flexible working hours increased the popularity of work-from-home and mobile workforce in which workflow management system play a vital role.
  • Growing popularity of cloud computing further augmented the growth of cloud-based workflow systems. All enterprises large, Medium, and small prefer cloud-based systems. This system provide infrastructure as a solution, as its deployment do not involve high investment cost.
  • Reduction in paper work and streamlining work with access to file and data has further boosted growth in the workflow management system market.
  • Countries were use of advanced technologies is high are the ones rapidly adopting workflow management system. North America is considered to be the leading and the most preferred region by the players for deploying workflow management system. Whereas, Asia Pacific and MEA are considered as emerging market for the growth the workflow management system market.

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Emergence of Cloud Computing to Augment Global Workflow Management System Market

The global workflow management system market is anticipated to display a notable CAGR during the forecast period from 2017 to 2025 while banking upon several supporting factors, for example, expanded spotlight on intensified access to data, cost effectiveness, and streamlined business models. The surge in IT consulting administrations could be key for the progression of the services segment market that is likely to grandstand a high significance among end users and welcome unmistakable development prospects. With a suite of email, presentation, word processor, spreadsheet, and other coordinated office applications, suite-based workflow systems programming could enroll an exponential CAGR in the segments market.

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The IT and telecom area is likewise conceived to offer rewarding business prospects to players inferable from its strengthened focused scene in developing nations that asks for offering better administrations to users. As a result, workflow management systems are anticipated to be exceptionally useful with respect to streamlining the back-office methods and procedures of users.

A workflow is alluded to as a course of action of industrial, administrative, and other distinctive procedures by means of which a specific work goes to execution from initiation. A workflow management system is a kind of programming system that empowers course of action, execution, and observing of workflows in foundations and associations. It further aides in the organization, coordination, and robotization of a single or numerous specialty unit handling. It likewise gives perceivability to exhibitions and procedures to help decide the requirement for development all the while and requirement for important execution acceleration. The excess and iterative business activities that are completed each time an activity is carried out, prompts a reduction in authoritative efficiency. Workflow management systems in this way help during the time spent digitizing certain activities on request to encourage an surge in the profitability of the firm and guarantee the follow-up of certain infrastrutural solutions.

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Workflow Management System Market Prophesied to Grow at a Faster Pace by 2025

Global Workflow Management System Market: Overview 

The global workflow management system market is predicted to exhibit a commanding CAGR during the forecast period 2017–2025 while riding on durable driving factors such as increased focus on amplified access to information, cost efficiency, and streamlined business processes. The rise in IT consulting services could be key for the advancement of the services component market that is prognosticated to showcase a high importance value among end users and invite tangible growth prospects. With a suite of presentation, email, word processor, spreadsheet, and other integrated office applications, suite-based workflow systems software could register a loftier CAGR in the components market.

A wide gamut of end-use industries including banking, financial services, and insurance (BFSI), IT and telecom, energy and utilities, healthcare, and transportation and logistics is prophesied to set the tone for a considerable demand in the global workflow management system market. Amongst these, BFSI could secure a larger share under its belt on account of the need to digitalize an outsized count of files and other physical documents in BFSI organizations. Moreover, various banking activities such as loan management, document management, and loan approval could be effectively managed and executed with the deployment of workflow management systems.

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The IT and telecom sector is also envisaged to offer lucrative business prospects to vendors owing to its intensified competitive landscape in developing countries that demands offering better services to customers. In this regard, workflow management systems are foreseen to be highly beneficial on the part of streamlining the back-office procedures and processes of customers.

Global Workflow Management System Market: Snapshot 

A workflow is referred to as an arrangement of administrative, industrial, and other different processes via which a particular work passes to execution from commencement. A workflow management system is a type of software system that enables arrangement, execution, and monitoring of workflows in institutions and organizations. It further helps in the partnership, coordination, and automation of a single or multiple business unit processing. It also provides visibility to performances and processes to help determine the need for improvement in the process and need for necessary performance escalation. The redundant and iterative business operations that are carried out every time a task is done leads to a decrease in organizational productivity. Workflow management systems thus help in the process of automating certain tasks on order to facilitate a rise in the productivity of the organization and assure the follow-up of certain undone tasks. Workflow management system has applications in hotel industry and the IT industry for the purpose of providing infrastructural solutions.

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The market intelligence publication delves into the possible growth opportunities for the global workflow management system market and the chronological growth of the market throughout the forecast period. It also uniquely provisions required data related to facers such as dynamics influencing the progress in all possible retrospective manner. Several ubiquitous and non-ubiquitous trends have also been mentioned in the study. An outlook of extensive nature keeping in mind the Porter’s five forces analysis has been provided to make the vendor landscape transparent to the reader. The report further reaches out to point out accomplishments related to R&D, acquisitions, mergers, and crucial partnerships and verifications. The companies in limelight have been analyzed on market shares, products, and key strategies.

Global Workflow Management System Market: Trend Insights 

Workflow management systems assist organizations to integrate detailed technical changes to gain competitive advantage. Growing need to achieve the ever altering demands of the patrons by providing greater customer experience and abridged job conclusion time among others are some other main factors driving the growth of the market. Moreover, there is an augmented stress to cater to the requirements of an uneven consumer base which is a key driver for the growth of this market. Rise of the flexible working hour culture has made the ideas of mobile staff and work-from-home common. It has developed an essential place to provide data access to such a mobile personnel, regardless of their position.

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The implementation of cloud computing procedures has simplified the growth of cloud-based workflow systems. Organizations and Small and Medium Businesses (SMBs) favor such cloud-based systems that deliver infrastructure as an answer as their placement does not claim high investment in IT. These systems also support for significantly plummeting the paperwork in an association. The chief restraints in hindering the workflow management system in existing organizational workflows are shooting technical costs and occurring difficulties. Application of these systems are likely to be problematic if the limitations between errands undergo frequent fluctuations. They are top suited only for companies that have procedures made of clearly defined jobs.

Global Workflow Management System Market: Regional Overview 

Geographically, the market in North America is expected to rake in a subsequent share of the pie for the region owing to growing focus on innovation, research and development, and adoption of technology. The region likely to exhibit strong growth is Asia Pacific owing to need for low operational costs and high efficiency.

Global Workflow Management System Market: Vendor Landscape 

Some of the key vendors in the market are Appian, Bizagi, Nintex Global Limited, Pegasystems Inc., Software AG, Oracle Corporation, IBM Corporation, and Xerox Corporation.

High Efficiency and Affordability to Drive Global Market

San Francisco, California, October 12, 2017:Workflow Management System Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” is the latest report added by TMR Research which speaks about the present competitive market landscape of the distribution transformer market along with its micro and macro-economic directives, mandates, and regulations that monitor the global market. The study report also provide extensive information on both quantitative as well as qualitative evaluation of the global distribution transformer market by inspecting the information collected from key market companies and industry professionals.

The global market for workflow management system is expected to show a commanding growth rate over the course of the given forecast period of 2017 to 2025 on the back of durable factors driving factors such as rising focus on the amplified access to data, streamlines business procedures, and cost efficiency. The advent of IT consulting services is also expected to play an important role in the overall development of the global workflow management system market. This is also projected to showcase high value of significance amongst end users and attract lucrative growth prospects for the global market. With a suit of word processor, presentation emails, spreadsheets, and other embedded office applications, suit based workflow management systems are expected to witness a loftier growth rate over the coming years.

A wide range of end-use industries such as banking and financial services and insurance (BFSI), telecom and IT, healthcare, utilities and energy, and logistics and transportation are expected to set a tone for the significant demand for workflow management systems and thus fuelling the market growth. Among the mentioned sectors, the BFSI could emerge as leading sector owing to its requirement to digitalize the vast volumes of files, physical documents, loan approval papers, and document management. This huge volumes of data can be effectively managed with the help of workflow management systems and thus boosting the overall development of the market.

The IT and telecom segment is also expected to present lucrative opportunities for the growth of the global workflow management systems market thanks to its fierce competitive landscape in the emerging countries that demands higher quality services to the consumers. On these terms, the workflow management systems are projected to be highly advantageous in the regard of streamlining the processes of back-office and consumer procedures as well.

Workflow management systems helps enterprises to embed thorough technical changes to take a competitive advantage. Increasing need to comply with the consistently changing demands of users by offering them a higher user experience and shorten the job conclusion period among others are some of the key factors responsible for the development of the global workflow management market. Furthermore, there is an increased stress to cater to the needs of an uneven user base which is an important driver for the development the global market. Emergence of the culture of flexible working hours has made the ideas of work from home and mobile staff pretty common. It has led to an increased requirement to offer data access to such personnel regardless of their stature.

The global workflow management system market can be segmented into key regions such as Latin
America, North America, Europe, Middle East and Africa, and Asia Pacific. Out of these mentioned regional markets, North America market is expected to play a leading role in the global market owing to the increasing focus on research and development, adoption, and innovation of technology. Asia Pacific is expected to show most promising growth rate thanks to the high efficiency and low cost of operations.

Some of the key companies in the global workflow management system market include names such as Bizagi, IBM Corporation, Oracle Corporation, and Xerox Corporation among others.

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