$3.85 Bn Cloud Workflow Market - Global Forecast to 2023: Rising Use of the AI Technology & Growing Focus on Digital Transformation Initiatives
DUBLIN, Oct. 17, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
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.
It is expected to witness significant growth, due to factors such as the increasing adoption of cloud-based workflows, increasing adoption of cloud-based workflow from the SMEs, and the growing focus on streamlining workflows and business processes. The rising use of Artificial Intelligence (AI) presents new business opportunities, and growing focus on digital transformation initiatives are expected to provide growth opportunities for cloud workflow vendors.
Cloud workflow helps enterprises administer, define, and coordinate business processes without the need of a base platform. The cloud workflow platform offers functionalities such as real-time visibility, and improved efficiency and performance. With the increasing competition and growing regulations around the globe, enterprises are looking for process improvement solutions that not only drive processes but also help enterprises keep pace with the growing regulations. 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.
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 the efficiency and prolong the time required to accomplish business operations, which is why they are increasingly considering the transformation of conventional cloud workflows to automate the functioning of business processes and assist the management in efficient decision-making.
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.
The cloud workflow market has been demonstrating considerable growth, but the lack of a secure cloud may restrain the growth of this market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Global Cloud Workflow Market
4.2 Market By Service Type, 2018 vs 2023
4.3 Market By Organization Size, 2018 vs 2023
4.4 Market By Vertical, 2018 vs 2023
4.5 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Cloud
5.2.1.2 Rising Adoption of Cloud-Based Workflows Among SMEs
5.2.1.3 Growing Focus on Streamlining Workflows and Business Processes
5.2.2 Restraints
5.2.2.1 Lack of Secure Cloud
5.2.3 Opportunities
5.2.3.1 Rising Use of the AI Technology
5.2.3.2 Growing Focus on Digital Transformation Initiatives
5.2.4 Challenges
5.2.4.1 Enterprises' Inclination Toward Bpm Solutions
5.2.4.2 Lack of Awareness of Cloud-Based Workflow Solutions
5.3 Use Cases
6 Cloud Workflow Market, By Type
6.1 Introduction
6.2 Platform
6.3 Services
6.3.1 Consulting
6.3.2 System Integration and Deployment
6.3.3 Support and Maintenance
7 Market By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.3 Large Enterprises
8 Cloud Workflow Market, By Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance
8.3 Telecommunications and IT
8.4 Manufacturing
8.5 Retail and Ecommerce
8.6 Healthcare
8.7 Government
8.8 Others
9 Market By Business Workflow
9.1 Introduction
9.2 Human Resources
9.3 Accounting and Finance
9.4 Sales and Marketing
9.5 Customer Service and Support
9.6 Procurement and Supply Chain Management
9.7 Operations
9.8 Others
10 Cloud Workflow Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis for the Cloud Workflow Market
11.3 Competitive Scenario
11.3.1 New Product Launches
11.3.2 Business Expansions
11.3.3 Mergers and Acquisitions
11.3.4 Agreements, Collaborations, and Partnerships
12 Company Profiles
12.1 Introduction
12.2 SAP
12.3 IBM
12.4 Pega
12.5 Microsoft
12.6 Appian
12.7 Micro Focus
12.8 Ricoh USA
12.9 Nintex
12.10 Pnmsoft
12.11 K2
12.12 Kissflow
12.13 Bp Logix
12.14 Viavi Solutions
12.15 Cavintek
12.16 Key Innovators
12.16.1 Integrify
12.16.2 Processmaker
12.16.3 Process Street
12.16.4 Zapier
12.16.5 Accelo
12.16.6 Bpm'online
12.16.7 Trackvia
12.16.8 Flokzu
12.16.9 Bitrix
12.16.10 Decisions LLC
12.16.11 Zoho
For more information about this report visit https://www.researchandmarkets.com/research/vkfmc6/3_85_bn_cloud?w=5
Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article