Workflow Management System Market Analysis, Size, Growth, Share, Demand Outlook & Forecast to 2025
The global workflow management system market size is expected to reach USD 24.8 billion by 2025 and is anticipated to exhibit a CAGR of 27.7% from 2019 to 2025, according to a new report by Grand View Research, Inc. Workflow management systems (WFMS) facilitate seamless and automated execution of workflows. It permits the users to model and define workflows, set their budget limitations and deadlines, and decide the environments in which they are supposed to be executed. The systems then proceed with the evaluation of these inputs and implement them within the predefined constraints. These systems are majorly focused on automating document-driven business processes and ultimately improving efficiency. Workflow management systems are increasingly being deployed across different industry verticals, including BFSI, healthcare, retail, IT & telecom, and transportation. Technological advancements in the BFSI industry is contributing to the growth of the market. The workflow management software and services help in reducing the efforts of manually entering the data and managing the business processes. Moreover, enhanced concentration on streamlining of business processes is another major factor contributing to the growth of the market. Streamlining of business processes helps in improving the efficiency of business processes along with better utilization of resources. Appian; IBM Corporation; Bizagi; Nintex Global Limited; Newgen Software Technologies Limited; Oracle Corporation; Pegasystems Inc.; Software AG; SourceCode Technology Holdings, Inc.; and Xerox Corporation happen to be the leading players in the market. An increasing number of companies are coming up with innovative solutions to streamline the business processes and offer everything on one single platform. For