Workflow Management Systems Market to Receive overwhelming hike in Revenues by 2021

Workflow management system is defined as a software package used to support management, definition, and execution of workflow processes. Workflow management refers to integration of workflow systems, and applications which ensures integration of programs and people in the framework of a defined business process. Workflow management systems have evolved due to frequent changes and increased complexity in the business processes. The basic idea behind workflow management system is focus on logistics of processes and disintegration of applications, resources, and processes to ensure proper management for goal accomplishment. Workflow management is advantageous over traditional workflow management as it provides cost savings, intangible benefits, and hidden savings. Direct cost savings lead to logging and tracking, reporting, delivery, and fast recovery from problems. Hidden savings lead to better control of work, professional productivity, and management. Intangible benefits focus on ensuring employee satisfaction, better decisions, privacy, security, and improve service. All the benefit combined together result in effective workflow management system. Every functional area which includes human resources, marketing and sales, financial, manufacturing, and product development has different processes which collectively lead towards proper workflow management.

In order to reduce iterative work procedures which lead to low efficiency and transformation of conventional workflows is expected to contribute towards increased market share for workflow management systems. Workflow management system automates the functioning of business processes, and assists in effective decision making. Workflow is simply defined as efficient movement of tasks and document through a business process. Thus, workflow management systems analyze and measure the execution of processes in order to do improvements at every stage which leads to proper balancing of workloads for short term goal congruence and redefining the portions of workflow processes in the long run. By integrating workflow systems with others systems namely databases, document management systems, production application, and e-mail, among others provide a streamlined structure to organization.

Factors such as increased competitiveness due to technological advancements, adoption of automated solutions which help in increasing productivity are expected to drive the demand for workflow management systems market during the forecast period. Reduced flexibility and implementation costs are identified as key factors hindering the market growth. However, rapid adoption of cloud-based workflow management systems and enterprise transformation are expected to create foundation for new opportunities which can be leveraged by companies operating in workflow management systems market. Some of the companies offering workflow management systems are focused on developing “cloud-based solutions” combined with mobile devices due to the rising trend of smart phones globally.

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Workflow management systems market is segmented on the basis of type, users, application, and deployment model. Based on type, the classification includes web-based workflow systems, production workflow systems, suite-based workflow systems, and others. The users segment is classified as enterprises, and SMB (Small and Medium Businesses). The applications of workflow management systems include healthcare, telecommunications, retail, manufacturing, and others. The deployment model segment is broadly classified as cloud, and on premise. The prominent players of the workflow management systems market include IBM, Tibco Software, SAP, Microsoft, HP, Oracle, and Fujitsu among others.

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