Workflow Management System Market, by Component (Software, Services), by System (Production, Messaging-Based, Web-Based, and Suite-Based, and Other), by Deployment (Cloud and On-premises) by Organization Size (Small, Medium, and Large), by Verticals(BFSI, Healthcare, Retail and Consumer goods, IT and Telecom services, Government, Healthcare, Media and Entertainment , Travel and Hospitality and other),and by Geography - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Workflow management system is a software designed to facilitate the setting up, execution and monitoring of workflow in an organization. A workflow is a sequence or chain of processes that can be operational, industrial or administrative wherein a work passes through from start to execution to completion. Due to various advantages such as reduced manual labor, improved accountability, streamlined processes, shortened project durations have uplifted the market in various industries.

Streaming the business process and cost efficiency are among the major driving factor for the growth of the workflow management system market.

The aim of streamlining business processes is to increase an organization’s efficiency in terms of simplifying tasks, avoiding unnecessary steps and reducing waste. Workflow tools are used for streamlining business processes. Through streamlined data analysis, better processes can be put in place to take advantage of workflows that help bring all stakeholders together, through various devices, across diverse networks, and traversing different locations and are possible perform instantly. Hence, due to increasing demand for streamline business processes have fuelled growth of the market globally.   

Workflow Management System: Taxonomy

By component

  • Software
  • Services

By system type

  • Production Workflow System
  • Messaging-Based Workflow System
  • Web-Based System
  • Suite-Based System
  • Other

By deployment

  • Cloud
  • On-premises

The cloud deployment type is estimated to witness the highest demand as Cloud-based helps in cutting down the cost as compared to on-premises software deployment. For instance, WorkflowMax, a cloud-based workflow system, estimates that the company saves an average of 628 hours of time and US$ 22,000 every year for its customers. Moreover, cloud-based workflow management system software also helps the customers to maintain flexibility, as well as enjoy real-time access to data irrespective of the location of the employees.

By organization size:

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By verticals

  • BFSI
  • Healthcare
  • Retail and Consumer goods
  • IT and Telecom
  • Media and Entertainment
  • Travel and Hospitality
  • Government
  • Other

Workflow Management System Market: Regional Insights

On the basis of geography, global workflow management market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to be the largest share in the global workflow management system market over the forecast period. This is mainly due to high adoption of cloud-based solution and services particularly in the U.S. and Canada, which in turn increases cloud traffic. According to Coherent Market Insights analysis, in 2015, cloud traffic in North America was pegged at 1891 EB (Exabyte) and is estimated to reach 6844EB (Exabyte) by 2020. As the cloud has revolutionized workflow management, these exciting technologies are continually evolving, are more accessible, and are becoming increasingly adopted by almost every verticals. Cloud-based applications have allowed organizations to become far more agile in their response to new opportunities for efficiency, productivity and service delivery. Hence, increase in cloud traffic will positively impact on the growth of workflow management in this particular region.

Global Workflow Management System: Competitive Background

Major players operating in the global workflow management system include Appian, Bizagi, IBM Corporation, Newgen Software Technologies Ltd. Nintex Global Limited, Oracle Corporation, Pegasystem Inc., Software AG, Source code Technology Holdings Inc., and Xerox Corporation. For instance, in July 2017, Appian announced its partnership with Blue Prism. This provides a digital transformation platform that helps the enterprise for application integration along with legacy IT systems, as well as automate repetitive work. This partnership will help the Appian to remain the dominant player in the workflow management system market.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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