According to Goldstein Research, “Rising need within businesses to automate, manage, and improve the processes that govern interpersonal management and collaboration are the major factors for the growth of workflow management software market.”Further, growing e-commerce industry across the globe has significantly augmented the demand for efficient management of logistics and transportation operations, which is propelling the growth of workflow management software market.
“Global Workflow Management Software Market Outlook 2024”
Workflow Management Software Market is segmented based on deployment, by components, by organization type, and by end users. Deployment type segment is further bifurcated into on-cloud and on-premises. Through 2016, growth in on-cloud deployment, which accounted for 28% percent of the global workflow management software market in 2016, will outpace that in on-premises deployment.
According to the study by Goldstein Research, the global workflow management software market is poised to grow at an expected CAGR of over 17.1% from 2016 to 2024. At this remarkable compound annual growth rate, the global market is projected to grow from the current value of USD 1.8 billion to USD 6.4 billion by the end of the year 2024.
Asia-Pacific (APAC) region includes emerging countries, such as China, Australia, Singapore, and India, which are promptly positioning workflow management software and services. APAC is expected to grow at the highest CAGR of +19% during the forecast period. This is primarily due to the rising number of cloud service providers, huge investments in infrastructure development and many emerging industries in the region.
Advancement in Workflow Management Software: Major Breakthrough
Bringing IT into the workflow management will help streamline and get maximum efficiency out of every task companies carries out. Additionally, incorporation of advanced technologies such as cloud-computing and artificial intelligence are further helping companies to gain maximum out the business operations. By building artificial intelligence and machine learning into workflow management systems, computers will be able to calculating how to improve processes and performance on their own, thereby diminishing the risk of human error or people slowing down tasks. On the back of these advanced technologies, workflow management software market is likely to flourish in the coming years.
“Global Workflow Management Software Market Outlook 2024” contains a detailed overview of the global Workflow Management Software market in terms of market segmentation by deployment type, by components, by organization type, and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Workflow Management Software Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as: Pegasystems Inc., Software AG, IBM Corporation, Oracle Corporation, Source Code Technology Holdings Inc.etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global workflow management software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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