Cloud Workflow Market

[127 Pages Report] The cloud workflow market was valued at USD 1.25 billion in 2017 and is expected to reach USD 3.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The base year considered for the study is 2017 and the forecast period considered is 2018–2023.RTD

Objectives of the Study

• To determine and forecast the global cloud workflow market by type, organization size, business workflows, vertical, and region from 2018 to 2023, and to analyze various macroeconomic and microeconomic factors that affect market growth
• To forecast the size of the market’s segments with respect to 5 main regions, namely, North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East and Africa (MEA)
• To provide detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the cloud workflow market
• To analyze each submarket with respect to the individual growth trends, prospects, and contributions to the total market
• To analyze the market opportunities for stakeholders by identifying the high-growth segments in the market
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and research and development (R&D) activities in the market

The research methodology used to estimate and forecast the cloud workflow market began with capturing data from the key vendors’ revenue and market size of the individual segments through secondary sources, industry associations, and trade journals, such as the World Analytics Association and the Cloud Native Computing Foundation. The bottom-up procedure was employed to arrive at the overall market size of the cloud workflow market from the individual segments. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key industry personnel, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.

The breakdown of the profiles of the primary participants is depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

The cloud workflow market ecosystem includes players such as SAP (Germany), IBM (US), Appian (US), Pegasystems (US), Micro Focus (UK), Microsoft (US), Ricoh (US), Nintex (US), PNMsoft (England), TrackVia (US), Flokzu (Uruguay), Bitrix (US), Zoho (US), Decisions (US), K2 (US), BP Logix (US), KISSFLOW (India), VIAVI Solutions (US), Cflow (India), Integrify (US), ProcessMaker (US), Process Street (US), Zapier (US), Accelo (US), and bpm'online (US).

Key Target Audience

• Cloud workflow software vendors
• Cloud workflow consulting companies
• Cloud workflow service providers
• System integrators
• Value-added resellers
• Cloud workflow investors
• Business process management providers
• Cloud workflow automation investors
• Technology consultants

Scope of the Cloud Workflow Market Report

The study includes market segments, such as type, organizations size, business workflow, vertical, and region to arrive at the market size of the global cloud workflow market during the forecast period.

By Type

• Platform
• Services
  • Consulting
  • System Integration and Deployment
  • Support and Maintenance

By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

By Business Workflow

• HR
• Accounting and Finance
• Sales and Marketing
• Customer Service and Support
• Procurement and Supply Chain Management
• Operations
• Others (legal and R&D)

By Vertical

• BFSI
• Telecommunication and IT
• Retail and eCommerce
• Healthcare
• Government
• Manufacturing
• Others (transportation and logistics, energy and utilities, and education)

By Region

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• APAC
  • Australia and New Zealand             
  • China    
  • Japan    
  • Rest of APAC       
• MEA
  • Kingdom of Saudi Arabia (KSA)      
  • United Arab Emirates (UAE)            
  • South Africa         
  • Rest of MEA        
• Latin America
  • Brazil     
  • Mexico  
  • Rest of Latin America       

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific requirements. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of the additional market players

The cloud workflow market is expected to grow from USD 1.75 billion in 2018 to USD 3.85 billion by 2023, at a CAGR of 17.1% during the forecast period. It is expected to witness significant growth, due to factors such as the increasing adoption of cloud-based workflows, increasing adoption of cloud-based workflow from the SMEs, and the growing focus on streamlining workflows and business processes. The rising use of Artificial Intelligence (AI) presents new business opportunities, and growing focus on digital transformation initiatives are expected to provide growth opportunities for cloud workflow vendors.

Cloud workflow helps enterprises administer, define, and coordinate business processes without the need of a base platform. The cloud workflow platform offers functionalities such as real-time visibility, and improved efficiency and performance. With the increasing competition and growing regulations around the globe, enterprises are looking for process improvement solutions that not only drive processes but also help enterprises keep pace with the growing regulations. Traditionally, processes were carried out manually, consumed a large amount of time and money, and were prone to errors as manual labor was involved. With the emergence of cloud workflow solutions, enterprises can automate processes, resulting in higher efficiency.

The cloud workflow market is gaining traction owing to the growing need for streamlined business processes. Organizations are burdened with repetitive work procedures that reduce the efficiency and prolong the time required to accomplish business operations, which is why they are increasingly considering the transformation of conventional cloud workflows to automate the functioning of business processes and assist the management in efficient decision-making.

Cloud workflow solutions offer information management and document management and blend seamlessly with existing operations. Organizations are receptive toward the adoption of cloud workflow as it provides several benefits, such as enhanced employee collaboration and communication, as well as, real-time secured access to information. These benefits enhance the decision-making process and help organizations gain a competitive advantage over others, which is essential to face the dynamic business landscape.

The global cloud workflow market has been segmented based on types, business workflows, organization size, verticals, and regions. Based on types, the market is segmented into cloud workflow platform and services. The services comprise consulting, system integration and deployment, and support and maintenance. Cloud workflow platforms and services help clients streamline their business processes, improve accountability, reduce the project duration, improve communication, and reduce manual efforts. The platform helps business workflows improve efficiency and strengthen the security of business information. The emergence of this platform has been beneficial for the main stakeholders in the ecosystem. Cloud workflow platform providers have expanded their offerings and have also been influential in boosting stakeholder revenues across different markets.

Based on business workflow, the market is segmented into human resource (HR), accounting and finance, sales and marketing, customer service and support, procurement and supply chain management, operations, and others (legal and R&D). Based on organization size, the cloud workflow market is categorized into SMEs and large enterprises. Based on verticals, the market is divided into Banking, Financial Services, and Insurance (BFSI); telecommunication and IT; manufacturing; retail and eCommerce; healthcare; government; and others (transportation and logistics, energy and utilities, and education). The regions covered include North America, Europe, APAC, MEA, and Latin America.

Based on type, the services segment is expected to grow at a higher CAGR during the forecast period. The overall services segment has a major influence on the cloud communication platform market. These services help in reducing costs, increasing the overall revenue, and improving performance. With the help of these services, an organization can track, evaluate, and analyze the requirement of the enterprises so that they can make informed decisions.

The cloud workflow market has been segmented on the basis of organization size into large enterprises and SMEs. With the option of deploying workflow solutions on cloud, the market has witnessed an increase in the deployment of cloud-based workflow solutions by SMEs and large enterprises. The SMEs segment is expected to have the larger market size and grow at a higher CAGR during the forecast period, as an increasing number of SMEs are deploying the cloud workflow solution to save the initial investment that is required to deploy workflow solutions at their own premises and enhance their business processes.

Based on business workflow, the operations segment is expected to grow at a higher CAGR during the forecast period. The operations business process utilizes a cloud computing model to assist companies in outsourcing their operational activities. It helps enterprises in enhancing their operational excellence. It also supports enterprises combine the right operational model, right business strategies, right technologies, and right execution paths.

Based on vertical, the telecommunication and IT segment is expected to have the larger market size during the forecast period. This segment is increasingly adopting cloud workflow solutions, due to their reduced operational costs and assistance in improving overall customer satisfaction. The benefits of cloud workflow automation for IT and telecommunication companies include centralization and consolidation of request management systems for enhanced efficiency, improved transparency, visibility for service functions, automation of request Service-Level Agreement (SLA) reporting, and reduction of manual efforts.

Asia Cloud Computing Association (ACCA) revealed in its 2016 Cloud Readiness Index that APAC is in a strong position to lead the next wave of global innovation and technology. Among regions, Asia Pacific is expected to grow at the highest CAGR in the cloud workflow market during the forecast period. This can be attributed to the increasing adoption of new technologies, rising investment for digital transformation, and the growing Gross Domestic Product (GDPs) in APAC countries. Majority APAC countries such as Australia, Singapore, China, and Japan are rapidly investing in technology transformation.

The cloud workflow market has been demonstrating considerable growth, but the lack of a secure cloud may restrain the growth of this market.

Key players operating in the cloud workflow market include SAP (Germany), IBM (US), Appian (US), Pegasystems (US), Micro Focus (UK), Microsoft (US), Ricoh (US), Nintex (US), PNMsoft (England), TrackVia (US), Flokzu (Uruguay), Bitrix (US), Zoho (US), Decisions (US), K2 (US), BP Logix (US), KISSFLOW (India), VIAVI Solutions (US), Cflow (India), Integrify (US), ProcessMaker (US), Process Street (US), Zapier (US), Accelo (US), and bpm'online (US). These companies focus on the adoption of various growth strategies, including new product launches, product enhancements, partnerships, and collaborations, to strengthen their position in the cloud workflow market.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst