Case Management Market Worth 7.62 Billion USD by 2022
PUNE, India, February 19, 2018 /PRNewswire/ --
According to a new market research report "Case Management Market by Component (Solution and Services), Service (Professional Services and Managed Services), Business Function, Deployment Mode (Cloud and On-premises), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 4.79 Billion in 2017 to USD 7.62 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. The major forces driving the Case Management Market growth are the ongoing trend of digitalization in the IT industry and increasing demand for software automation and innovative applications.
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The solution segment is estimated to have the larger market share in the Case Management Market in 2017.
The demand for case management solutions is increasing in organizations, irrespective of the organization size. The deployment of case management solutions varies according to the different needs of the end-users. The large enterprises segment is estimated to dominate the market with the larger market size, as large organizations in industries, such as banking and government, have various complex business processes.
The retail vertical is expected to grow at the highest CAGR in the Case Management Market during the forecast period.
The retail vertical is expected to witness the fastest growth rate, as the vertical has increased its spending in Customer Relationship Management (CRM) to manage customers' needs, thereby helping enterprises in the vertical increase the efficiency of their business processes. IT has become an essential part of every retail business and has streamlined customer-centric processes in the retail vertical. Companies are trying to improve their competitive edge, exceed customer expectations, and increase revenues.
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North America is expected to contribute to the largest market share, whereas Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period.
North America is expected to have the largest market share and dominate the Case Management Market during the forecast period, due to the high number of early technology adopters in this region. Specific budget allocations and mandated case management policies are expected to make North America the most lucrative region for the growth of case management vendors. The increasing demand for case management solutions in major verticals, such as government; Banking, Financial Services, and Insurance (BFSI); and retail, is expected to be a major factor supporting the overall growth in the region. The market in APAC is expected to grow at the highest CAGR during the forecast period. The main reason for this high growth is the widespread adoption of case management solutions in both Small and Medium-sized Enterprises (SMEs) and large enterprises to simplify their business processes.
The major vendors in Case Management Market include Pegasystems (US), Appian (US), IBM (US), Newgen Software (India), DST Systems (US), Dell Technologies (US), AINS (US), Pulpstream (US), and Kofax (US).
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