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. Some of the major factors expected to drive the growth of the cloud workflow market includes 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 share in 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.
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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.
Companies 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) offer cloud workflow products and services for different verticals. These players have adopted various growth strategies, such as collaborations, partnerships, acquisitions, and new product launches and enhancements, to strengthen their positions in the market. New product launches and product enhancements account for more than half of the share of the total growth strategies adopted by these players from October 2015 to July 2018.
SAP is one of the leading vendors in the cloud workflow market. The company provides this architecture through its SAP Cloud Platform Workflow. Currently, SAP is working toward enhancing its market share and presence by adopting the new product launches and enhancement strategy in various regions across the globe. For instance, in February 2017, it expanded the SAP Cloud Platform, formerly known as the SAP HANA Cloud Platform, by adding new capabilities and enhancements to provide industry-leading Platform-as-a-Service (PaaS). The SAP Cloud Platform Workflow service was also added to the platform. The service aims to redefine enterprise business functions by connecting them within a graphical interface to help business analysts create new composite workflows for business processes.
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IBM, an established company in the market, has adopted both organic and inorganic growth strategies to provide the best customer experience by offering upgraded products and services through collaborations and acquisitions of third-party businesses. In line with its organic growth strategies, in March 2018, IBM launched an enhanced version of IBM Business Automation Workflow. Version 18.0 can combine with IBM Business Process Manager (BPM) and IBM Case Manager into one workflow offering. This enhancement combines information, processes, and users to deliver a 360° view of business tasks. For instance, in September 2016, IBM, in partnership with Box (US), launched a new workflow solution, Box Relay. Box Relay helps employees in a business build, manage, and track custom or pre-built workflows.
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