Global Cloud Workflow Market – Industry Trends and Forecast to 2029

Global Cloud Workflow Market, By Type (Platform, Services), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Manufacturing, Retail and Ecommerce, Healthcare, Government, Others), Business Workflow (Human Resources, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain Management, Operations, Others) – Industry Trends and Forecast to 2029.

Cloud Workflow Market Analysis and Size

Cloud workflow helps businesses grow without relying on the base platform. It provides several advantages, including improved performance, real-time visibility, and efficiency. Cloud workflow reduces burden on organisations by reducing repetitive workload, which is why businesses are exploring the transformation of cloud workflows in automating business processes, which also aids in functioning business processes and decision making.

Data Bridge Market Research analyses that the cloud workflow market was valued at USD 3.05 billion in 2021 and is expected to reach the value of USD 11.16 billion by 2029, at a CAGR of 17.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Cloud Workflow Market Scope and Segmentation

Market Definition

Cloud workflow facilitates business processes without relying on the base platform. It provides numerous advantages, including improved performance, real-time visibility, and increased efficiency. It assists the organisation in reducing workload by reducing repetitive workload, which is why organisations are considering the transformation of cloud workflows in automating business processes, which also aids in functioning business processes and decision making.

Global Cloud Workflow Market Dynamics

Drivers

• High incorporation of cloud services by the industries

Industrial development in developed and developing countries, a shift in government policy toward digitization, and an increase in cloud use to save money are all important factors propelling the global industry forward. Another factor that is expected to drive market growth during the forecast period is SMEs' increased use of cloud services to streamline workflows and business operations. Another factor that is expected to aid market growth is the growing acceptance of cloud services by major organisations, owing to their ability to provide employees with real-time monitoring and resource efficiency features.

• Process automation in the industries is creating market demand

The cloud workflow market is gaining traction as a result of the growing demand for streamlined business processes. Organizations are burdened with repetitive work procedures that reduce productivity and lengthen the time required to complete business operations; as a result, they are increasingly considering transforming modern cloud workflows to simplify business processes and assist management in making effective decisions. Processes were traditionally carried out manually, which took a long time and money and was prone to errors due to the manual labour involved. With the advent of cloud workflow solutions, businesses can now automate processes, resulting in increased efficiency.

Opportunity

During the forecasted period, major corporations' technological advancements and increased investment in greater security and enhanced cloud services are expected to provide new revenue opportunities for target market companies. Furthermore, increased merger and acquisition activity among regional and multinational corporations is likely to provide new opportunities, assisting the market to grow to some extent.

Restraints

People's lack of awareness, combined with the lack of security standards, are acting as market restraints for cloud workflow during the forecasted period. The increasing demand for BPM solutions will be the market's most difficult challenge.

This cloud workflow market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cloud workflow market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Cloud Workflow Market

Many businesses operated successfully prior to the COVID-19 pandemic; the outbreak prompted even more businesses to accelerate digital adoption and implement best practises that were previously considered "nice to have." Simply put, the COVID-19 pandemic marked the end of the digital deferral period, acting as a spark plug for the digital revolution. Companies that were not prepared were forced to compress five years of digital adoption into six months. The pandemic imposed numerous restrictions such as travel restrictions, shop and market closures, and work from home, import-export bans, and others across all major economies. All major industries were affected by the COVID-19 pandemic, including manufacturing, trade, hospitality, leisure, oil and gas, tourism, automotive, and transportation. To deal with the pandemic situation, industries adopted various strategies, with cloud workflow strategy gaining prominence across organisations.

Recent development

• In June 2020 Pegasystems Inc. announced Pega Process Fabric, a new cloud-based software architecture designed to simplify how organisations drive work across distributed enterprise technologies. This "platform for platforms" breaks down technology silos to unify work across the enterprise and help improve user experiences for employees, customers, and partners with minimal deployment effort.
• April 2019 - Amazon and Microsoft are competing for a USD 10 billion military cloud contract called JEDI (Joint Enterprise Defense Infrastructure). JEDI is intended to replace older cloud services 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.

Global Cloud Workflow Market Scope

The cloud workflow market is segmented on the basis of type, organization size, vertical, and business workflow. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type  

• Platform
• Services
• Consulting
• System integration and deployment
• Support and maintenance

Organization size

• Small and medium sized enterprises
• Large Enterprises

Vertical

• Banking Financial Services and Insurance (BFSI)
• Healthcare
• Government
• IT Enabled Services and Telecommunication
• Retail and Ecommerce
• Manufacturing
• Others

Business workflow

• Human Resources
• Accounting and Finance
• Sales and Marketing
• Customer Service and Support
• Procurement and Supply Chain Management
• Operations
• Others

Cloud Workflow Market Regional Analysis/Insights

The cloud workflow market is analysed and market size insights and trends are provided by country, type, organization size, vertical, and business workflow as referenced above.

The countries covered in the cloud workflow market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America accounted for the largest market share. This expansion is attributed to well-developed IT organisations and the presence of major players operating in the region's economies. This might be ascribed to the region's well-developed IT infrastructure and the presence of key companies in the market. Furthermore, rising merger and acquisition activity among regional and international firms is expected to spur market growth in this region.

Asia Pacific market is likely to rise with highest growth due to increased usage from various industrial verticals, increased government expenditure on IT infrastructure development, and the presence of significant companies operating in this region,

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cloud Workflow Market Share Analysis

The cloud workflow market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cloud workflow market.

Some of the major players operating in the cloud workflow market are:

• Amdocs (U.S.)
• Telefonaktiebolaget LM Ericsson (Sweden)
• Huawei Technologies Co., Ltd. (China)
• Netcracker (U.S.)
• Oracle (U.S.)
• Hewlett Packard Enterprise Development LP (U.S.)
• Optiva Inc., (Canada)
• Nokia (Finland)
• CSG (U.S.)
• ZTE Corporation (China)
• Comarch SA (Finland)
• Subex (India)
• STL.Tech (India)
• TEOCO (U.S.)
• IBM Corporation (U.S.)
• InfoVista (U.S.)
• Comviva (India)
• CERILLION EMEA (U.K.)
• Tecnotree Corporation (Finland)
• Whale Cloud Technology Co., Ltd. (China)
• Bill Perfect, Inc. (U.S.)
• Telgoo5 (U.S.)