Sarasota, FL -- (SBWIRE) -- 03/05/2019 -- Zion Market Research has published a new report titled "Workflow Management System Market by Deployment (On-Premises and Cloud), by Component (Software and Services), and by End-Use Industry (Retail, BFSI, IT & Telecom, Healthcare, Government Sector, Transportation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025''. According to the report, the global workflow management system market was valued at USD 5.2 billion in 2018 and is expected to reach USD 22.1 billion by 2025, at a CAGR of 22.9% between 2019 and 2025.

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The increasing use of technology in the BFSI sector is likely to drive the workflow management system market over the forecast time period. Several players are focusing on providing solutions that are specifically developed for the BFSI sector. The workflow management systems help banks and other financial institutes to automate manual processes, centralize data, and enhance communication and sharing processes. In 2018, the overall bank IT spending in North America grew by about 5% and reached nearly USD 104 billion. JP Morgan revealed that it spent more than USD 9.5 billion on technology in 2016, i.e., about 16% of their overall expenses. Goldman Sachs also reported spending USD 809 million on technology and communications.

The increasing online shopping has led the retailers to opt for solutions that streamline their delivery processes. In 2017, e-commerce sales across the globe were valued USD 2,304 billion in comparison to USD 1,845 billion in 2016. This number is projected to rise in the future, owing to the growing trend of mobile shopping. Furthermore, the acceptance of artificial intelligence (AI) by various retailers is likely to further pave the way for the workflow management system market globally over the estimated timeframe. The integration of AI with workflow systems offers numerous benefits to the retailers, such as cost reduction, repetitive task elimination, risk analysis, and maintaining schedule and budget. However, integrating the workflow management software with old systems may act as a major constraint in the market growth. Alternatively, the adoption of "Internet of Things" (IoT) is likely to generate new growth opportunities in the workflow management system market in the future.

By deployment, the global workflow management system market is bifurcated into on-premises and cloud. The cloud segment is expected to hold a prominent market share globally in the future, owing to its numerous benefits. Software and services comprise the component segment of the global workflow management system market. The end-use industry segment includes retail, BFSI, IT and telecom, healthcare, government sector, transportation, manufacturing, and others. On the basis of the component, the workflow management system market is segmented into software and services. The government sector is anticipated to grow notably in the future, owing to the increasing adoption of technology to simplify services offered by government various departments.

By region, the Asia Pacific region is anticipated to hold a substantial share of the global workflow management system market in the future. China and India are considered to have a huge product demand for workflow management system solutions in this region, owing to economic development and adoption of technology in numerous business sectors. Latin America is likely to witness significant growth in the workflow management system market over the estimated timeframe, owing to the lucrative investments made for technological advancements in Brazil and Argentina.

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Some key players of the global workflow management system market are Xerox Corporation, Oracle Corporation, Software AG, Pegasystems Inc., IBM Corporation, Nintex Global Limited, Source code Technology Holdings, Inc., Appian, Bizagi, and Newgen Software Technologies Limited, among others.

This report segments the global workflow management system market into:

Global Workflow Management System Market: Deployment Analysis

On-Premises
Cloud

Global Workflow Management System Market: Component Analysis

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

Global Workflow Management System Market: End-Use Industry Analysis

Retail
BFSI
IT and Telecom
Healthcare
Government Sector
Transportation
Manufacturing
Others

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Global Workflow Management System Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa