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.
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.
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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.
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.
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
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