Cloud Workflow Market: Global Industry Analysis and Forecast (2023-2029)

Cloud Workflow Market size was valued nearly US$ 3.66 Bn. in 2022 and is expected to grow at a CAGR of 16.5 % over 2022-2029, to account for US$ 12.44 Bn. in 2029.
Cloud Workflow Market Overview:
Cloud Workflow aids in business developments without the help of the base platform. It has a number of benefits, including improved performance, real-time visibility, and efficiency. Cloud Workflow helps the organization in decreasing burden by minimising repetitive workload, which is why businesses are exploring the transformation of cloud workflows in automating business processes, which also aids in the functioning of business processes and decision making.

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Cloud Workflow Market Dynamics:
Industrial growth in developed and developing countries, a shift in government policy toward digitization, and an increase in cloud use to save costs are all important factors driving the global industry forward. Another factor projected to drive market expansion during the forecast period is SMEs' increased usage of cloud services in order to streamline workflows and business operations. Another factor projected to assist market expansion is the growing acceptance of cloud services by major organisations, owing to its ability to provide employees with real-time monitoring and resource efficiency features.

During the projected period, technological developments and increased investment by major companies for greater security and enhanced cloud services are expected to provide new revenue opportunities for companies operating in the target market. Furthermore, increasing merger and acquisition activity among regional and multinational companies is likely to provide new chances, which would help the market grow to some level. However, a major factor projected to stifle worldwide market growth is a lack of knowledge about cloud-based workflow solutions. Furthermore, a lack of security standards is another factor that is predicted to impede global market growth to a certain level.
Cloud Workflow Market Segmentation:
The MMR report covers all segments in the Cloud Workflow market such as Type, Organization Size, Business Workflow and Vertical.

SMEs Segment is expected to account for the Largest 12.44 Market Share By 2029.

Based on the organization size, the Small and Medium-sized Enterprises (SMEs) is projected to grow at the highest CAGR of 16.5% to reach US$12.44 Bn. by 2029. Small businesses are mostly migrating to the cloud from on premise applications. With the ability to employ workflow solutions on the cloud, the Cloud Workflow Market has seen a surge in the use of cloud-based workflow solutions by SMEs and large organisations. According to RightScale Inc., businesses typically run a larger share of their workloads in a private cloud (46%) and a lesser portion (33%) in a public cloud. Small and medium-sized enterprises, on the other hand, choose to use the public cloud (43%), rather than the much more expensive private cloud (35%).



Telecommunication and IT Expected to Hold Significant Share:

By Vertical, the Telecommunication and IT segment is projected to witness the highest CAGR of 16.84% during 2022-2029. Thanks to their lower operational costs and ability to improve overall customer happiness, this market is increasingly adopting cloud workflow solutions. The benefits of cloud process automation for IT and telecommunications organisations include centralising and consolidating request management systems to improve performance, accountability, visibility for service functions, automation of Service-Level Agreement (SLA) reporting requests, and manual effort reduction. According to a Cisco poll, 69% of IT decision-makers see BYOD as a real interest to workplace policies because it saves time for operators.

BYOD use has increased 44.42 % in the US IT sector over the last three years, according to reports. With the growing number of mobile workers in enterprises and workplaces, the amount of data generated and managed has skyrocketed. This is expected to boost the growth of the cloud workflow market throughout the forecast period.
Cloud Workflow Market Reginal Analysis:
North America accounted for the largest market share in 2021, with a market value of US$ XX Bn; the regional market is expected to register a CAGR of 16.5% during 2022-2029. This growth is attributed to well-developed IT organisation and presence of major players operating in the economies in this region. This might be ascribed to the region's well-developed IT infrastructure and the presence of key companies in the market. Furthermore, increasing merger and acquisition activity among regional and international firms is projected to promote market expansion in this region. Due to increased usage from various industrial verticals, increased government expenditure on IT infrastructure development, and the presence of significant companies operating in this region, the Asia Pacific market is likely to rise at a faster rate.

Competitive Landscape:

The competitive landscape section in the  market offers a deep dive into the profiles of the leading companies operating in the global market landscape. It offers captivating insights on the key developments, differential strategies, and other crucial aspects about the companies having a stronghold in Cloud Workflow market globally. Such as, in June 2021, Pegasystems Company announced Pega Process Fabric, a new cloud based software architecture designed to streamline the way the organizations drive work across distributed enterprise technologies. With minimal deployment effort, this ‘platform for platforms’ breaks down technology silos to unify work across the enterprise and help improve user experiences for customers, partners and employees.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamic, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Cloud Workflow Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $4.27 Bn.


Forecast Period 2022 to 2029 CAGR:
16.5 %
Market Size in 2029:
US $ 12.44 Bn.


 Segments Covered:
by Organization Size
Small and Medium-sized Enterprises (SMEs)
Large Enterprises


by Type
Platform
Services
Consulting
System Integration and Deployment
Support and Maintenance


by Business Workflow
HR
Accounting and Finance
Sales and Marketing
Customer Service and Support
Procurement and Supply Chain Management
Operations
Others


by Vertical
BFSI
Telecommunication and IT
Retail and eCommerce
Healthcare
Government
Manufacturing
Others



Global Cloud Workflow Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Cloud Workflow Market Key Players
1.SAP
2.IBM
3.Pega
4.Microsoft
5.Appian
6.Micro Focus
7.Ricoh USA
8.Nintex
9.Pnmsoft
10.K2
11.Kissflow
12.Bp Logix
13.Viavi Solutions
14.Cavintek
15.Integrify
16.Processmaker
17.Process Street
18.Zapier
19.Accelo
20.Bpm'online
21.Trackvia
22.Flokzu
23.Bitrix
24.Decisions LLC
25.Zoho

Frequently Asked Questions:

1] What segments are covered in the Cloud Workflow Market report?
Ans. The segments covered in the Cloud Workflow Market report are based on Type, Organization Size, Business Workflow and Vertical,

2] Which region is expected to hold the highest share in the Cloud Workflow Market?
Ans. North America region is expected to hold the highest share in the Cloud Workflow Market.

3] What is the market size of the Cloud Workflow Market by 2029?
Ans. The market size of the Cloud Workflow Market by 2029 is US$ 12.44 Bn.

4] What is the forecast period for the Cloud Workflow Market?
Ans. The forecast period for the Cloud Workflow Market is 2023-2029.

5] What was the market size of the Cloud Workflow Market in 2022?
Ans. The market size of the Cloud Workflow Market in 2022 was US$ 4.27 Bn.