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 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.
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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.
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.