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The rapidly changing nature of the business operations and workflows has escalated the demand for efficient workflow management systems from the past few years. The cloud-based business workflow management solution helps organizations to increase business process efficiency by reducing manual data entry and paper-work. Cloud workflow is a centralized, customizable, scalable platform that offers trustworthy solutions at a considerably lower cost. Increasing focus of organizations to streamline business processes and business workflows is anticipated to drive the cloud workflow market growth. The growing acceptance of cloud-based business solutions is the key factor responsible for driving market growth across small and medium organizations. The increasing trend of digitalization is further supporting the global cloud workflow market growth.
Cloud workflow helps vendors to co-ordinate and manage business approaches efficiently without the need for a base platform. It offers document management, information management, and extended functionalities such as real-time operational visibility, improved performance, and efficiency. The global cloud workflow market is experiencing unprecedented growth as the small and medium enterprises (SMEs) have focused on automating their business operations. Also, the substantial adoption of cloud-based business process management is further escalating the demand for cloud workflow systems across SMEs. Further, with the growing use of artificial intelligence, the market is likely to showcase lucrative growth opportunities.
Cumulative adoption of cloud-based services from the government to enhance productivity, automate workflow activities, improve efficiency, and analyze data is another key factor that is likely to support market growth. Also, the increasing trend of online shopping, digital payment, and OTT streaming services would further drive substantial market growth over the years.
Key Market Driver -
• Increasing demand for cloud-based business solutions would drive the adoption • Migration of businesses from on-premise to cloud-based operations to accelerate the market growth
Key Market Restraint -
• Security concerns might hamper the market growth
The key market players are focusing on providing a diverse portfolio to meet each customer's best needs. Vendors such as Xerox Corporation, Zoho, Inc., are adopting business expansion strategies such as partnerships and collaborations. These business strategies help businesses to expand their business as well as product portfolio. In December 2018, Top Imaging Systems Ltd. signed up an agreement with the Xerox Corporation to integrate its content processing solutions with the Xerox Corporation patented workflow automation suite. Several companies are launching featured products and solutions to sustain their market competence. With the growing market competition, enterprises are increasingly focusing on augmenting their solution and service offerings.
Prominent companies included in the global cloud workflow market are SAP SE, IBM Corporation, Pegasystems Inc., Microsoft, Appian., Micro Focus, Ricoh USA, Inc., Nintex UK Ltd, K2 Software, Inc., Kissflow Inc., BP Logix, Inc., VIAVI Solutions Inc., Cavintek, Inc, Integrify, ProcessMaker., Process Street, Zapier Inc., Accelo, TrackVia., Flokzu, and among others.
North America would be likely to emerge as a dominating region in the global cloud workflow market due to substantial cloud workflow adoption across North America. The market growth can also be attributed to the presence of significant market players and well-developed IT infrastructure in this region. Besides, countries such as the United States and Canada are leading in the adoption of innovative technologies, which supports the market growth. The growing adoption of cloud-computing services among North American businesses is further anticipated to propel the cloud workflow market.
The substantial adoption of cloud computing coupled with the increasing competition is probable to drive the market growth in Europe.
The Asia-Pacific is likely to showcase significant market growth during the forecast period, owing to the cumulative adoption of advanced technologies across the region. Significant investments supportive of digital transformation would further likely to fuel the market growth. Increasing demand for cloud-based services from small and medium businesses would positively impact market growth. Investments made by the major Asian countries, such as China, Japan, Australia, and Singapore, for the technology transformation would further boost cloud workflow adoption. Thus, the Asia-Pacific is expected to experience exclusive market growth opportunities during the forecast period.
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