Cloud Workflow Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cloud Workflow Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cloud Workflow Market is expected to grow at a CAGR of 17.5% over the forecast period 2021 to 2026. The growing adoption of cloud-based workflow among SMEs, rising adoption of cloud, and a developing focus on streamlining workflow and business processes are supposed to encourage the growth of the cloud workflow market. According to Cisco, Cloud data centers will concoct 94% of workloads in 2021, whereas Forbes says, 83% of business workloads will be in the cloud by 2020.

Key Highlights

• SMEs are quickly migrating their traditional on-premises solutions to the cloud. With the option of using workflow solutions on the cloud, the Cloud Workflow Market has seen an improvement in the deployment of cloud-based workflow solutions by SMEs and large enterprises.
• According to RightScale, large 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 businesses, prefer to use a public cloud (43%), instead of private solutions (35%).
• Furthermore, increasing adoption of cloud services from government vertical, to automate the workflow activities, analyze data, improve record-keeping, boost productivity, and improved efficiency is another factor expected to support the growth of the market to a certain extent.
• According to Macquarie Telecom Group, a Significant part of government agencies' workload is already in the cloud – between 20-60% for most agencies. This entails high average spending for cloud services. Most government agencies spend between USD 2 million and USD 3 million per year.
• North America accounts for a significant part of the Cloud Workflow Market. It is one of the most advanced areas in terms of cloud adoption. It is expected to hold the most prominent market size, due to the immediate adoption of workflow management technology, the presence of topmost players, and the globalization of cloud services in the region.
• The cloud workflow market has been exhibiting substantial growth, but the rarity of a secure cloud and lack of secure cloud may hinder the growth of the market. Besides, factors like the increasing use of AI technology and growing focus on digital transformation initiatives provide growth opportunities for the market.
• The COVID-19 pandemic has upended many lives and businesses on an unprecedented scale. However, the cloud computing industry has emerged stronger from this event. For instance, according to a Microsoft blog post from March 2020, its team collaboration product saw a monthly usage spike of 775% in Italy shortly after stay-at-home orders were issued across the country.
• The market growth is connected to an increased usage of SaaS solutions as companies demand to support a remote workforce. Growing adoption of digital payment, online shopping, and OTT streaming services additionally anticipated assisting market growth.

Key Market TrendsSmall and Medium-sized Enterprises (SMEs) Segment is Expected to Grow at a Higher Growth Rate

• SMEs are quickly moving their traditional on-premises solutions to the cloud. With the choice of using workflow solutions on the cloud, the Cloud Workflow Market has witnessed an increase in the deployment of cloud-based workflow solutions by SMEs and large enterprises.
• 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 businesses, on the other hand, prefer to use a public cloud (43%), instead of arguably more expensive private solutions (35%).
• According to OpsRamp, Inc., Small and medium businesses benefit the most, as they spend 36% less money on IT that way. According to Forbes, bigger enterprises spend more money on cloud computing. Companies employing more than 1,000 people spent an average of USD 3.5 million. In contrast, the average spending of smaller companies was USD 889,000.
• The SME segment is expected to have a 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.

North America to Account for the Largest Market Share

• North America considers the significant chunk of the Cloud Workflow Market. It is one of the most forward-looking regions in terms of cloud adoption. It forms developed economies such as the US and Canada. Besides, North America accounts for the largest market share, due to the growing adoption of the latest technologies, growing investments for digital transformation, and expanding Gross Domestic Products (GDPs) in North American countries.
• 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.
• 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 anticipated that in the past three years, BYOD adoption saw 44.42%. With the expanding number of mobile workers in businesses and workplaces, there has been a consequent increase in the data generated and managed. This is supposed to encourage the cloud workflow market’s growth over the forecast period.
• Countries in the region, such as America, Canada, are quickly advancing in technology transformation. The expanding adoption of cloud computing amongst companies, coupled with the mounting competition, is anticipated to propel the market. It is expected to hold the highest market size due to the new selection of workflow management technology, the residence of top players, and the globalization of cloud services in the region. Furthermore, this region is significantly developed in terms of technologies and their application deployments.

Competitive Landscape

The Cloud Workflow Market is moderately competitive, owing to the presence of significant players such as Microsoft, IBM, and Oracle. Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over others. Through strategic partnerships, research and developments, and mergers & acquisition, these players have been able to increase a higher footprint in the market.

• 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
SAP SE
Pegasystems Inc.
IBM Corporation
Microsoft Corporation
Appian Corporation
Ricoh Company, Ltd.
Micro Focus International PLC
K2 Software, Inc.
Nintex UK Ltd
Viavi Solutions
BP Logix, Inc.
Kissflow Inc.
Cavintek Software Private Limited
Integrify Inc.

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