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Kenneth Research, in its repository of market research reports, have recently added a report on Workflow Management Tool Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Workflow Management Tool Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Workflow Management Tool Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Workflow Management Tool Market is valued approximately at USD 6.88 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.78% over the forecast period 2020-2027. A workflow is a sequence of industrial, administrative or other processes by which a section of work passes from commencement to execution. A workflow management tool is a software system that aids in the setup, execution and monitoring of such workflows in an association. It helps in the collaboration, harmonization and automation of one or more business progressions. It provides perceptibility into process and performance metrics which benefits in determining whether a process desires improvement, and if necessary, performs an escalation on it. The Workflow management tool market is on the surging trend considering the global scenario.
The Workflow management tool market is primarily driven owing to surging focus on streamlining business processes, aim to achieve cost efficiency by workflow management along with escalating adoption of cloud deployment model considering the global scenario. Also, the escalating demand for digital transformation specially in the industrial manufacturing sector through Industry 4.0 initiatives drives the market growth. For Instance: In Spain, the rise of artificial intelligence market in Spain is emerging owing to the government funding's to support digital agenda. According to the Invest in Spain Organization, government of Spain has allocated funds around USD 2.85 billion to fulfill digital agenda. Furthermore, rising access to Information provides a boost to the market growth as with the increase in access to information the high efficiency management tools the required. However, high implementation costs impede the growth of the market over the forecast period of 2020-2027. Although, surging adoption of Cloud Deployment Model presents a lucrative opportunity for the market.
The regional analysis of global Workflow Management tool market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early adoption of technology and presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising industrialization along with increasing digitalization would create lucrative growth prospects for the Workflow Management tool market across Asia-Pacific region.
Major market player included in this report are:
Xerox Corporation
IBM Corporation
Oracle Corporation
Pegasystems Inc
Software AG
Sourcecode Technology Holdings Inc
Nintex Global Limited
Bizagi
Appian
Newgen Software Technologies Limited
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment:
On-Premises
Cloud
By Component:
Software
Service
By End-Use:
Retail
BFSI
IT and Telecom
Healthcare
Government Sector
Transportation
Manufacturing
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Workflow Management tool Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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About Kenneth Research:
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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