According to a new market research report "Cloud Workflow Market by Type (Platform and Services), Business Workflow (HR, Accounting & Finance, Sales & Marketing, Customer Service & Support, Operations), Organization Size, Vertical, and Region -Global Forecast to 2023", published by MarketsandMarkets™, the Cloud Workflow Market size is estimated to be USD 1.75 billion in 2018 and expected to reach USD 3.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
The major factors expected to drive the growth of the Cloud Workflow Market include the increasing adoption of cloud, rising adoption of cloud-based workflows among SMEs, and growing focus on streamlining workflows and business processes.
Among types, the cloud workflow platform segment is estimated to account for the largest market sharein 2018
The cloud workflow platform segment is estimated to account for the largest market share in 2018. Cloud workflow platform is a no-code (with pre-built templates) or low-code based software that can be deployed on cloud. This 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. It 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.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period
SMEs are rapidly moving their traditional on-premises solutions to cloud. With the option of deploying workflow solutions on cloud, the Cloud Workflow 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 the increasing number of SMEs are deploying cloud workflow solutions. SMEs deployed cloud workflow solutions as they save the initial investment that is required to deploy workflow solutions at their own premises and to enhance their business processes.
The operations segment is estimated to account for the largest market sharein 2018
The operations segment is estimated to account for the largest market share in 2018. The operations business process utilizes a cloud computing model to assist companies in outsourcing their operational activities. It helps enterprises enhance their operational excellence and combine the right operational model, right business strategies, right technologies, and right execution paths. The features involved in the operations process include operational efficiency and the ability to modify business solutions with custom-designed data collection, analysis, reporting, data management, and quality assurance.
Among verticals, the government vertical is expected to grow at the highest CAGR during the forecast period
The government vertical uses cloud workflow solutions to automate its workflow activities, analyze data, improve record keeping, boost productivity, and improve efficiency. The cloud workflow platform enables government agencies to accelerate government workflows, boost productivity, and automate compliance with process-driven applications, forms, and workflows. It can also enhance the ability to provide staff with real-time monitoring and resource efficiency features.
By region, North America is expected to account for the largest market share during the forecast period
North America accounts for the major chunk of the Cloud Workflow Market. It is one of the most advanced regions in terms of cloud adoption. It constitutes developed economies such as the US and Canada. It is expected to hold the largest market size, due to the early adoption of 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 deployments.
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