Workflow Management System Market Insights | Key Players : Kronos, IBM, Xerox Corporation, Oracle and Pegasystems Inc

According to recent research "Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021", The workflow management system market is estimated to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0%.

Browse 66 market data tables and 55 figures spread through 161 pages and in-depth TOC on “Workflow Management System Market"
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The major forces driving this market include increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information. The workflow management system software and services are used across diverse industrial verticals, such as government; legal sector; Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail; IT & telecom; travel & hospitality; transportation & logistics; education; and other industries, such as life sciences and communications & media.

Production workflow systems is estimated to hold the largest market size in the workflow management system software market in 2016

Production workflow systems are gaining traction among workflow management software as these systems support various functions and features that allow superior customization of business processes. These systems run in a broad range of computing environment and network.

Cloud deployment type is expected to be the largest contributor in the workflow management system market during the forecast period

The cloud deployment model is fast becoming an attractive option for the delivery of workflow management system, as it enables organizations to decrease the cost associated with IT infrastructure and its maintenance. Furthermore, cloud deployment is a major business driver for the workflow management market, as it empowers organizations to increase their businesses by offering workflow management system software to distributed enterprises spread across the world.

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The North American region is expected to contribute to the maximum market share to the overall workflow management system market

The high adoption of cloud technology in North America, particularly in the U.S. and Canada, is the major reason for the continuous adoption of workflow management software and services by the end users. Furthermore, the market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East & Africa (MEA), owing to the increased focus on digital transformation initiatives and increase in IT investment.

The major vendors in the workflow management system market include Pegasystems Inc. (U.S.), Software AG (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), and Xerox Corporation (U.S.).

Kronos is one of the leading players in the WFM market. The company adopted both organic as well as inorganic strategies to enhance its presence in this market. It entered into various expansions and acquisitions with local as well as global players. For instance, in January 2017, Kronos acquired Financial Management Solutions Inc., a leading provider of the WFM application. This acquisition is aimed at extending Kronos’ offerings for the financial services vertical. In October 2016, Kronos acquired Datamatics Management Services Inc., a leading provider of time management and labor management solutions & services. This acquisition extended the product portfolio of Kronos.

IBM is another major provider of the WFM market. In August 2014, IBM launched a new cloud-based solution and a talent & change consulting practice to help organizations use analytics and WFM. This increases the employee engagement and manages changes in the software. In May 2015, IBM formed a strategic alliance with SAP, initiating cloud-to-cloud integration of the HR software and services of both the companies to help customers improve their business processes and manage their workforce as well.

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