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. Major factors that are expected to drive the growth of the cloud workflow market across the globe include the increasing adoption of cloud, rising adoption of cloud-based workflows among SMEs, and growing focus on streamlining workflows and business processes.
The scope of this report covers the analysis of the cloud workflow market based on types, business workflows, organization size, verticals, and regions. The rising use of Artificial Intelligence (AI) technology and growing focus on digital transformation initiatives are expected to offer growth opportunities for cloud workflow vendors. Although AI is in the developmental phase, it is paving the way for many untapped opportunities in any technological space. AI-embedded workflow solutions would be able to execute a wide range of workflow-related functions such as faster workflow scheduling, reduced data processing time, and better analytical capabilities. The application of AI technologies would enable process-flow pattern detection, and process and business metrics predictions.
Under types, the platform segment is expected to lead the cloud workflow market from 2018 to 2023. The cloud workflow platform manages the series of workflows, such as set-up, performance monitoring of defined sequence of tasks, integrating content, and automating whole or parts of business processes, depending on the needs of the organization. This platform helps organizations efficiently track, manage, and automate critical business processes as well as operational workflows by enhancing the way information flows between data and systems.
By organization size, the SMEs (Small and Medium-Sized Enterprises) segment is expected to grow at a higher CAGR during the forecast period. SMEs are swiftly advancing toward cloud workflow solutions to achieve better operational productivity, considering the lower operational cost associated with them. With the increasing number of SMEs and its cost-effective benefits, the adoption of cloud workflow solutions is expected to increase.
Under business workflows, the HR segment is estimated to lead the cloud workflow market during the forecast period. This segment is one of the key business processes within enterprises. The increasing demand for globalized solutions and standardized processes and the growing need for cost-cutting are expected to increase the market size of the HR segment. The increase in the demand for cloud-based HR systems is expected to have driven cloud workflow platform vendors to launch cloud HR services with pre-deployment, deployment, and post-deployment services.
Among verticals, the government segment is expected to grow at the highest CAGR during the forecast period. This vertical uses cloud workflow solutions to automate its workflow activities, analyze data, improve record keeping, boost productivity, and improve efficiency. Governments across the globe are facing increasing demand for public services and dealing with scarce resources. The cloud workflow platform enables government agencies to accelerate government workflows, boost productivity, improve the workers’ productivity, and automate compliance with process-driven applications, forms, and workflows.
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).
North America is estimated to lead the cloud workflow market during the forecast period. The region is expected to hold the largest market size, due to the early adoption of the workflow management technology, the presence of top players, and globalization of cloud services in the region. Moreover, this region is significantly advanced in terms of technologies and their application deployment. Additionally, government agencies operating in the region can streamline their internal and external workflows with the help of cloud workflow solutions.
