In 2023, the global workflow-as-a-service market size reached a total revenue of USD 5,455.1 million. The market is expected to surge at 9.7% CAGR from 2023 to 2033. It is anticipated to reach around USD 13,668.5 million by 2033.
Workflow-as-a-service (WaaS) is a type of cloud-based service that enables organizations to automate and manage their business processes. WaaS provides a platform to build, deploy, and manage workflows that automate complex processes and tasks.
A few of these tasks include document approval, customer onboarding, and data integration. WaaS offers a wide range of benefits, including cost savings, scalability, and improved efficiency. Workflow-as-a-service holds around 55% of the total workflow solution market.
WaaS allows organizations to scale their workflow needs up or down quickly and easily. They don’t have to invest in additional hardware or software with this feature. It enables organizations to be agile in responding to market changes or fluctuations in demand.
WaaS providers are responsible for maintaining the security and compliance of their platform, which can be a significant burden for organizations. By using WaaS, organizations can benefit from the security and compliance measures that the provider has in place.
With the rise of remote work in 2020, organizations need to be able to provide their employees with access to their workflow processes from anywhere. WaaS enables employees to access their workflows from any location, on any device, as long as they have an internet connection.
WaaS also automates several manual tasks, enabling organizations to optimize their workflow processes and reduce the time it takes to complete them. It can lead to increased productivity and efficiency.
WaaS can easily scale to meet the needs of businesses of all sizes, from small startups to large enterprises. It further allows them to expand and adapt to changing market conditions without the need for significant investment in infrastructure or IT staff. Businesses can instead use a cloud-based WaaS provider that offers a pay-as-you-go model, allowing them to scale up or down as needed.
Attributes | Key Insights |
---|---|
Workflow-as-a-service Market Estimated Size (2023E) | USD 5,455.1 million |
Projected Market Valuation (2033F) | USD 13,668.5 million |
Value-based CAGR (2023 to 2033) | 9.7% |
Collective Value Share: Top 5 Vendor Market Share | 40% |
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The global workflow-as-a-service industry is expected to surge from 8.7% CAGR between 2018 and 2022 to 9.7% CAGR from 2023 to 2033. Rising need for cloud-based services and growing demand for automation are likely to fuel workflow-as-a-service sales.
Increasing desire for cost-effective solutions is another prominent factor that is anticipated to aid demand. Rising adoption of digital transformation efforts by organizations is also set to boost growth in the market for workflow-as-a-service by 2033.
Rise of sophisticated technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) is projected to propel the workflow-as-a-service industry even further. Growing demand for workflow-as-a-service solutions to optimize corporate processes is likely to drive market expansion.
Presence of Tech-giants like Amazon and Google in the United States to Fuel Workflow-as-a-service Application
The United States has a prominent workflow-as-a-service market share due to the presence of several leading providers in the country. The country is home to few of the world’s most renowned companies such as Microsoft, Amazon, and Google.
These companies have invested heavily in workflow-as-a-service offerings. The United States also has a strong culture of innovation and entrepreneurship. It has enabled the development of new and innovative workflow solutions for businesses.
The country has a large and diverse customer base. It has enabled providers to tailor their services to meet the needs of a wide range of customers. It is projected to help the United States generate a market share of 23.5% in 2023.
Rising Digitization in India to Spur Demand for Workflow-as-a-service Management
Increasing adoption of cloud computing, automation, mobile technology, customer experience management, and digitalization in India are expected to fuel the workflow-as-a-service industry. Cloud access data in the cloud reduces costs and increases efficiency. Automation further helps organizations to reduce their manual processes and increase efficiency.
Mobile technology enables organizations to access their workflow services from anywhere, anytime. Customer experience management helps organizations understand customer needs and provide better services.
Digitalization further enables organizations to automate their processes and increase efficiency. Computing enables businesses to store and analyze data. India is hence projected to exhibit a CAGR of 11.0% during the forecast period.
Rising Number of Start-ups in China to Augment Need for Cloud-based Workflow Management
The workflow-as-a-service industry in China is expanding rapidly. The market is expected to surge at a CAGR of 11.2% in the forecast period. Its growth is driven by increasing demand for workflow automation and growing number of businesses embracing digital transformation.
Increasing investment in cloud computing and development of mobile applications would contribute to growth. Rising number of start-ups is also driving growth in the China workflow-as-a-service market by 2033.
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Workflow-as-a-service Cloud Platforms to Experience High Demand Globally
Workflow-as-a-service (WaaS) cloud platform has a key market share in the global workflow-as-a-service market. It provides a wide range of advantages over traditional on-premise solutions.
WaaS cloud platforms offer a faster time to market and cost savings, as well as scalability, flexibility, and ease of use. They are also more secure, as they provide a secure, managed environment for data and applications.
WaaS cloud platforms are more accessible, as they can be accessed from anywhere with an internet connection. WaaS cloud platforms offer a wide range of features such as automated workflow execution, real-time monitoring, and analytics. The segment hence generated a market share of 64.8% in 2022.
Consulting services, on the other hand, have a prominent market share. They provide a comprehensive suite of services that can help businesses design, implement, and manage their workflow processes.
Consulting services are able to leverage their expertise and experience. They aim to provide customized solutions that are tailored to a company's specific needs.
Consulting services can also provide guidance and support throughout the entire workflow process, right from initial design to implementation and ongoing maintenance. It can help businesses save time and money while ensuring that their workflow systems are optimized for maximum efficiency. The consulting services segment accounted for a share of 44.1% in 2022.
IT & Operations Workflow Management to Witness Surging Need through 2033
The IT & operations workflow management segment is expected to flourish in the WaaS market. Its ability to streamline & automate business processes, reduce errors & costs, and improve customer service would help the segment to expand.
It can also enable organizations to improve operational efficiency, increase productivity, and reduce operational costs. WaaS solutions allow for easier scalability, thereby supporting growth and flexibility as the business needs change.
IT & operations workflow management can further help organizations to become more agile and responsive to changing needs. It would allow them to remain competitive in a rapidly evolving market. The segment is anticipated to witness a CAGR of 11.2% over the forecast period.
Small & Medium Enterprises to Demand Cloud Workflow Applications across the Globe
The small & medium enterprises (SMEs) segment is expected to rise in the market for WaaS due to increasing demand for cost-effective and efficient IT solutions. SMEs are increasingly turning to WaaS solutions to reduce their IT costs and increase their operational efficiency.
WaaS solutions provide SMEs with the ability to access enterprise-level applications and services without the need for costly hardware & software investments. WaaS solutions are often more secure and reliable than traditional IT solutions, which makes them an attractive option for SMEs. The segment is set to witness a CAGR of 10.5% over the forecast period.
The workflow-as-a-service market is highly competitive and fragmented with various vendors offering a wide range of products and services. These companies are continuously innovating, investing in research & development, and introducing new products & services to meet high demands.
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Attribute | Details |
---|---|
Estimated Market Size (2023) | USD 5,455.1 million |
Projected Market Valuation (2033) | USD 13,668.5 million |
Value-based CAGR (2023 to 2033) | 9.7% |
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | Value (USD million) |
Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; and the Middle East & Africa |
Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, Gulf Cooperation Council Countries, Türkiye, and South Africa |
Key Segments Covered | The solution, Business Workflow, Enterprise Size, Industry, and Region |
Key Companies Profiled | IBM Corporation; Micro Focus; Ricoh; TrackVia; Flokzu; Bitrix; Zoho; Integrify; KISSFLOW; VIAVI Solutions; Cflow; ProcessMaker; Nintex |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The net worth of the market is USD 5,455.1 million in 2023.
The net revenue is likely to surpass USD 13,668.5 million by 2033.
China is leading the Asia Pacific region and could follow 11.2% CAGR through 2033.
The WaaS cloud platform segment had nearly 64.8% market share in 2022.
IT & operations applications are expected to drive the market with 11.2% CAGR till 2033.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Pricing Analysis 5. Global Market Demand (Value in USD million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Market Background 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Solution 7.1. WaaS Cloud Platform 7.2. Services 7.2.1. Consulting Services 7.2.2. Business Workflow & Integration Services 7.2.3. Support & Maintenance 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Business Workflow 8.1. HR Workflow Management 8.2. IT & Operations Workflow Management 8.3. Sales & Marketing Workflow Management 8.4. Finance & Accounting Workflow Management 8.5. Customer Service Workflow Management 8.6. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 9.1. IT & Telecom 9.2. BFSI 9.3. Retail 9.4. Manufacturing 9.5. Healthcare 9.6. Education 9.7. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 10.1. Small & Medium Enterprises 10.2. Large Enterprises 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia Pacific 11.6. Middle East and Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Key Countries Analysis-Market 19. Market Structure Analysis 20. Competition Analysis 20.1. IBM Corporation 20.2. Micro Focus 20.3. TrackVia 20.4. Flokzu 20.5. Bitrix 20.6. Zoho 20.7. Integrify 20.8. KISSFLOW 20.9. VIAVI Solutions 20.10. Cflow 20.11. ProcessMaker 20.12. Nintex 21. Assumptions and Acronyms Used 22. Research Methodology
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