The market for Cloud Workflow is forecast to reach $5.3 billion by 2025, growing at a CAGR of 18.2% from 2020 to 2025. The increasing adoption of cloud-based workflow among SMEs, increasing cloud adoption, and a rising emphasis on streamlining workflow and business processes are expected to foster growth in the Cloud Workflow Market. According to Cisco, Cloud data centers will connect 94% of workloads in 2021, whereas Forbes says, 83% of business workloads will be in the cloud by 2020. The growing use of Artificial Intelligence (AI) provides new market opportunities and it is expected that rising emphasis on digital transformation initiatives will provide growth opportunities for cloud workflow vendors.
Organization Size – Segment Analysis
The Cloud Workflow Market is segmented into SMEs and large enterprises by organization size. Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher growth rate of around 21.7% during the forecast period 2020 – 2025. SMEs are predominantly switching their conventional on-premise applications to the cloud. The Cloud Workflow Market has seen an increase in the implementation of cloud-based workflow solutions by SMEs and large organizations with the ability to use workflow solutions on the cloud. According to RightScale Inc. usually, enterprises run a more significant part of their workloads in a private cloud (46%) and a smaller portion (33%) in the public cloud. Small to medium sized businesses, on the other hand, prefer to use a public cloud (43%), instead of arguably more expensive private solutions (35%).
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Vertical – Segment Analysis
Based on vertical, the telecommunication and IT segment is expected to have the largest market share of 21% in 2019. This segment is increasingly adopting cloud workflow solutions, due to their reduced operational costs and assistance in improving overall customer satisfaction. For IT and telecommunications organizations, the advantages of cloud process automation include centralizing and consolidating request management systems to increase performance, improve accountability, visibility for service functions, automation of Service-Level Agreement (SLA) reporting requests, and reduction of manual effort. A survey by Cisco stated that 69% of the IT decision-makers support BYOD as a real interest to workplace policy as it saves operators time. In the United States’ IT sector, it was stated that in the past three years, BYOD adoption saw 44.42% growth. With the expanding number of mobile workers in businesses and workplaces, there has been a exponential increase in the data generated and managed. This is supposed to encourage the cloud workflow market’s growth over the forecast period.
Geography – Segment Analysis
Global Cloud Workflow Market is dominated by North America with a share of 41% in 2019 as countries in this region are widely adopting cloud workflow. This is transforming industrialized economies like the US and Canada. In addition, countries such as U.S. are witnessing wide adoption due to the increasing adoption of the new innovations, rising investments in digital transformation and expanding North American gross domestic products (GDPs) in the IT sector. Through research and development, some of the notable players in the region have been able to further the technology. For instance, in February 2018, Google inaugurated its first Google Cloud Platform (GCP) field in Canada, with decreased rates for Google Cloud Storage infrequent access and cold storage classes, as well as its Nearline Storage features, for users in the region. Countries in the region, such as U.S. and Canada, are advancing rapidly in technology transformation. The expanding adoption of cloud computing among companies, coupled with the growing competition, is expected to propel the market.
Drivers – Cloud Workflow Market
Rise in adoption of Cloud workflow solutions
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.
Surge in need for streamlined business processes
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 productivity and extend the time required to complete business operations, which is why they are increasingly considering transforming modern cloud workflows to simplify the functioning of business processes and assist management in making effective decisions. 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.
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Challenges – Cloud Workflow Market
Lack of Secure Cloud and Complex infrastructure
Cloud computing poses many particular problems and security issues. Data is processed in the cloud with a third party provider and accessed over the internet. This means there is little access and control of the data. Organizations face a crucial challenge when selecting the right infrastructure to deploy cloud workflow solutions as per their needs. Also, users in the MEA and Latin American regions are not extremely familiar and aware of the benefits and potential of cloud workflow.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Cloud Workflow Market. Cloud Workflow driver market is expected to be dominated by major 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) among others.
June 2020 – Pegasystems Inc. 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 employees, customers, and partners.
April 2019 – Amazon and Microsoft are competing for a USD 10 billion military cloud contract called JEDI (Joint Enterprise Defense Infrastructure). JEDI is designed to upgrade legacy systems with newer cloud services. According to the original proposal, JEDI Cloud will provide enterprise-level, commercial IaaS and PaaS to the Department and any mission partners for all Department business and mission operations.
Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher growth rate of around 21.7% during the forecast period 2020 – 2025 due to increase in the implementation of cloud-based workflow solutions by SMEs.
Global Cloud Workflow Market is dominated by North America with a share of 41% in 2019 as countries in this region are widely adopting cloud workflow.
The cloud workflow market is gaining traction owing to the growing need for streamlined business processes.
Lack of secure cloud is one of the major obstacles hindering the market growth during the forecast period 2020 – 2025.
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