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Global Workflow Management System Market Set to Grow with CAGR of 21.03% By 2026

Global Workflow Management System Market By Component (Software, Services) By Deployment Type (Cloud, On-Premises) Industry Vertical (Banking Financial Services and Insurance, Public Sector, Healthcare, Energy and Utilities, Retail, IT and Telecom, Travel and Hospitality, Transportation and Logistics, Education, Others)

Market Analysis: Global Workflow Management System Market

Global workflow management system market is set to witness a healthy CAGR of 21.03% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed to rising business process, streamlining expended data access and growing technological utilization in the BFSI.

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Market Definition: Global Workflow Management System Market

Managing the workflow is coordinating the tasks that make up the work and organization. A workflow’s aim is to accomplish some outcome, and workflow management’s aim is to accomplish stronger outcomes according to a number of objectives. Workflow management is primarily a practice of leadership that focuses on a job framework within a certain organization and how groups operate together to finish this job. Workflow management may not involve software, however software tools are used in exercise to monitor the work and optimize aspects of it.

Market Drivers:

  • Enhanced concentration on business processes streamlining is driving the growth of the market,
  • Price-efficiency through the management of workflows is propelling the growth of the market
  • Expended data access is boosting the growth of the market
  • Growing technological utilization in the BFSI industry is contributing to the growth of the market

Market Restraints:

  • An increased cost for application is restricting the growth of the market.
  • Workflow difficulties in incorporating new and outdated systems is hindering the growth of the market
  • The reduction in the flexibility of the system act as the restraint in the growth of the market

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Segmentation: Global Workflow Management System Market

By Component

  • 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

By Deployment Type     

  • Cloud
  • On-Premises

By Industry Vertical

  • Banking Financial Services and Insurance
  • Public Sector
  • Healthcare
  • Energy and Utilities
  • Retail
  • IT and Telecom
  • Travel and Hospitality
  • Transportation and Logistics
  • Education
  • Others

Key Developments in the Market:

In March 2019, CWT ERM introduced a new travel workflow management platform variant. This enables businesses to use a single tool to handle complicated transport requirements. ERM Mobility binds everything together, making it easy to move. The ERM mobility platform also provides clean, accurate financial statement data; effective governance of workforce and travel expenditure segmentation.

In June 2016, Intelenet created a creative workflow management tool aimed for the travel & hospitality industry. ISafe is designed to address the problems faced by customers of Intelenet. One of the primary characteristics allows customers to communicate throughout five distinct global distribution systems (GDS) and thus reduces the operating costs and increases the user experience.

Competitive Analysis

Global workflow management system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of workflow management system market for global, Europe, North America, Asia Pacific and South America.

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