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(Wireless-NewsWire.Com, January 21, 2019 ) 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.
[127 Pages Report] The cloud workflow market was valued at USD 1.25 billion in 2017 and is expected to reach USD 3.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The base year considered for the study is 2017 and the forecast period considered is 2018–2023.RTD
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The major vendors covered in the cloud workflow market include 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 bpmonline (US).
North America accounts for the major chunk of the cloud workflow market. It is considered to be 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.
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.
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