Management of repetitive processes and tasks which occur in a specific order is known as a workflow. Additionally, the mechanism by which an organization carries out its work such as product manufacturing, providing services, information processing and other value generated activities is also known as a workflow. Simplification and optimization of a business process in an organization are done with the help of workflow management software. Task such as elimination of paper forms and manual data entry, conversion of manual processes to digital workflows can be automated with the help of cloud workflow. The workflow efficiency of an organization can be increased with the help of cloud workflow solutions. It has advantages such as scalability, customization of processes, provides a centralized platform, and is less dependent on IT department, more secure, and accessible from anywhere. Because of these reasons, many SMEs and large enterprises are rapidly adopting cloud-based workflow for their business process which is therefore contributing towards the market growth.
COVID-19 Scenario Analysis:
- The emergence of COVID-19 has forced the largest companies to shift their workforce to remote working globally.
- Furthermore, lockdown and restrictions have caused many organizations to shut down their operations and manufacturing processes thereby disrupting their supply chain.
- However, the dependency on technology is increasing across many sectors such as healthcare, banking, IT, retailers, manufacturing.
- To ensure proper working in the organization many enterprises have started adopting cloud computing technology rapidly.
- Cloud computing provides the organization with flexibility as organizations need changes and also allows organizations to scale up or scale down operations and storage facilities according to their needs. Additionally, the pay as pre-use pricing policy allows not only large enterprises to leverage cloud computing advantages but also allows SMEs to leverage cloud computing solutions.
- Furthermore managing and maintaining the cost of IT systems in an organization is reduced as organizations shift their traditional workflow to cloud-based workflow processes.
- Therefore the cloud workflow market is expected to grow during and post-pandemic period as more and more organizations shift their traditional workflow methods to cloud workflow solutions.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Business processes can be administered, coordinated and defined without any need of base platforms with the help of cloud workflow. It provides features such as real-time visibility, improved performance and efficiency. As competition and regulations are increasing across the globe, organizations are looking for solutions that will not only improve the process drive but also help the organizations to keep up with the regulations imposed. Traditional processes which were carried out manually were prone to errors and consumed a huge amount of time and money. Enterprises could automate processes which resulted in generating higher efficiency with the help of the cloud workforce. Because of all these advantages, organizations are shifting their traditional workflow to automated cloud-based workflow which is thereby increasing the market share of cloud workflow services. Additionally, companies to gain a competitive edge in the market have started adopting advanced technology such as artificial intelligence and machine learning to upscale their skills. By providing cost efficiency and improved performance, artificial intelligence has affected the workflow management industry by optimizing business processes. Furthermore, analyzing the activities of users and how they deal with tasks differently is carried out with the help of machine learning. With this process, strong patterns can be identified and automation of the process with the help of machine learning can be achieved for efficient management of workflow. Therefore, technologies such as artificial intelligence and machine learning provide a great opportunity for the cloud workflow market. However, as data processes on the cloud are accessed over the internet, it is vulnerable to cyber security threats. Therefore, the absence of a secure platform can restrain the market growth of cloud workflow services.
Key Benefits of the Report:
- This study presents the analytical depiction of the cloud workflow industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the cloud workflow market share.
- The current market is quantitatively analyzed to highlight the cloud workflow market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed cloud workflow market analysis based on competitive intensity and how the competition will take shape in the coming years
Questions Answered in the Cloud Workflow Market Research Report:
- Which are the leading market players active in the cloud workflow market?
- What are the detailed impacts of COVID-19 on the market?
- What are the current trends that will influence the cloud workflow market in the next few years?
- What are the driving factors, restraints, and opportunities in the cloud workflow market?
- What are the projections for the future that would help in taking further strategic steps?
Cloud Workflow Market Report Highlights
By Business Workflow
By Enterprise Size
By Industry Vertical
Key Market Players
Verint Systems Inc., SAP SE, IBM Corporation, WorkForce Software, LLC, Ascentis Corporation, Ultimate Software, The Hackett Group, Inc, Synel, Workday, Inc., MPEX Solutions, TALOS Workforce Solutions