In 2023, the global workflow-as-a-service market size reached a total revenue of US$ 5,455.1 million. The market is expected to surge at 9.7% CAGR from 2023 to 2033. It is anticipated to reach around US$ 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) | US$ 5,455.1 million |
Projected Market Valuation (2033F) | US$ 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.
For instance:
Attribute | Details |
---|---|
Estimated Market Size (2023) | US$ 5,455.1 million |
Projected Market Valuation (2033) | US$ 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 (US$ 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 US$ 5,455.1 million in 2023.
The net revenue is likely to surpass US$ 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 | Workflow-as-a-service Market 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Pricing Analysis 4.1. Pricing Analysis, By Workflow-as-a-service 4.1.1. Subscription Pricing Model 4.1.2. Perpetual Licensing 4.2. Average Pricing Analysis Benchmark 5. Global Market Demand (Value in US$ million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 5.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022 5.2. Current and Future Market Value (US$ million) Projections, 2023 to 2033 5.2.1. Y-o-Y Growth Trend Analysis 5.2.2. Absolute $ Opportunity Analysis 6. Market Background 6.1. Macro-Economic Factors 6.2. Forecast Factors - Relevance & Impact 6.3. Value Chain 6.4. COVID-19 Crisis - Impact Assessment 6.4.1. Current Statistics 6.4.2. Short-Mid-Long Term Outlook 6.4.3. Likely Rebound 6.5. Market Dynamics 6.5.1. Drivers 6.5.2. Restraints 6.5.3. Opportunities 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Solution 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ million) Analysis By Solution, 2018 to 2022 7.3. Current and Future Market Size (US$ million) Analysis and Forecast By Solution, 2023 to 2033 7.3.1. WaaS Cloud Platform 7.3.2. Services 7.3.2.1. Consulting Services 7.3.2.2. Business Workflow & Integration Services 7.3.2.3. Support & Maintenance 7.4. Market Attractiveness Analysis By Solution 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Business Workflow 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ million) Analysis By Business Workflow, 2018 to 2022 8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Business Workflow, 2023 to 2033 8.3.1. HR Workflow Management 8.3.2. IT & Operations Workflow Management 8.3.3. Sales & Marketing Workflow Management 8.3.4. Finance & Accounting Workflow Management 8.3.5. Customer Service Workflow Management 8.3.6. Others 8.4. Market Attractiveness Analysis By Business Workflow 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ million) Analysis By Industry, 2018 to 2022 9.3. Current and Future Market Size (US$ million) Analysis and Forecast By Industry, 2023 to 2033 9.3.1. IT & Telecom 9.3.2. BFSI 9.3.3. Retail 9.3.4. Manufacturing 9.3.5. Healthcare 9.3.6. Education 9.3.7. Others 9.4. Market Attractiveness Analysis By Industry 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ million) Analysis By Enterprise Size, 2018 to 2022 10.3. Current and Future Market Size (US$ million) Analysis and Forecast By Enterprise Size, 2023 – 2033 10.3.1. Small & Medium Enterprises 10.3.2. Large Enterprises 10.4. Market Attractiveness Analysis By Enterprise Size 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ million) Analysis By Region, 2018 to 2022 11.3. Current and Future Market Size (US$ million) Analysis and Forecast By Region, 2023 to 2033 11.3.1. North America 11.3.2. Latin America 11.3.3. Europe 11.3.4. East Asia 11.3.5. South Asia Pacific 11.3.6. Middle East and Africa 11.4. Market Attractiveness Analysis By Region 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 12.1. Introduction 12.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 12.3.1. By Solution 12.3.2. By Business Workflow 12.3.3. By Enterprise Size 12.3.4. By Industry 12.3.5. By Country 12.3.5.1. United States 12.3.5.2. Canada 12.4. Market Attractiveness Analysis 12.4.1. By Solution 12.4.2. By Business Workflow 12.4.3. By Enterprise Size 12.4.4. By Industry 12.4.5. By Country 12.5. Market Trends 12.6. Key Market Participants - Intensity Mapping 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13.1. Introduction 13.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 13.3.1. By Solution 13.3.2. By Business Workflow 13.3.3. By Enterprise Size 13.3.4. By Industry 13.3.5. By Country 13.3.5.1. Brazil 13.3.5.2. Mexico 13.3.5.3. Rest of Latin America 13.4. Market Attractiveness Analysis 13.4.1. By Solution 13.4.2. By Business Workflow 13.4.3. By Enterprise Size 13.4.4. By Industry 13.4.5. By Country 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14.1. Introduction 14.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 14.3.1. By Solution 14.3.2. By Business Workflow 14.3.3. By Enterprise Size 14.3.4. By Industry 14.3.5. By Country 14.3.5.1. Germany 14.3.5.2. Italy 14.3.5.3. France 14.3.5.4. United Kingdom 14.3.5.5. Spain 14.3.5.6. BENELUX 14.3.5.7. Russia 14.3.5.8. Rest of Europe 14.4. Market Attractiveness Analysis 14.4.1. By Solution 14.4.2. By Business Workflow 14.4.3. By Enterprise Size 14.4.4. By Industry 14.4.5. By Country 15. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15.1. Introduction 15.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 15.3.1. By Solution 15.3.2. By Business Workflow 15.3.3. By Enterprise Size 15.3.4. By Industry 15.3.5. By Country 15.3.5.1. India 15.3.5.2. Indonesia 15.3.5.3. Malaysia 15.3.5.4. Singapore 15.3.5.5. Australia & New Zealand 15.3.5.6. Rest of South Asia and Pacific 15.4. Market Attractiveness Analysis 15.4.1. By Solution 15.4.2. By Business Workflow 15.4.3. By Enterprise Size 15.4.4. By Industry 15.4.5. By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16.1. Introduction 16.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 16.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 16.3.1. By Solution 16.3.2. By Business Workflow 16.3.3. By Enterprise Size 16.3.4. By Industry 16.3.5. By Country 16.3.5.1. China 16.3.5.2. Japan 16.3.5.3. South Korea 16.4. Market Attractiveness Analysis 16.4.1. By Solution 16.4.2. By Business Workflow 16.4.3. By Enterprise Size 16.4.4. By Industry 16.4.5. By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17.1. Introduction 17.2. Historical Market Size (US$ million) Trend Analysis By Market Taxonomy, 2018 to 2022 17.3. Current and Future Market Size (US$ million) Forecast By Market Taxonomy, 2023 to 2033 17.3.1. By Solution 17.3.2. By Business Workflow 17.3.3. By Enterprise Size 17.3.4. By Industry 17.3.5. By Country 17.3.5.1. GCC Countries 17.3.5.2. Türkiye 17.3.5.3. South Africa 17.3.5.4. Rest of Middle East and Africa 17.4. Market Attractiveness Analysis 17.4.1. By Solution 17.4.2. By Business Workflow 17.4.3. By Enterprise Size 17.4.4. By Industry 17.4.5. By Country 18. Key Countries Analysis-Market 18.1. United States Market Analysis 18.1.1. By Solution 18.1.2. By Business Workflow 18.1.3. By Enterprise Size 18.1.4. By Industry 18.2. Canada Market Analysis 18.2.1. By Solution 18.2.2. By Business Workflow 18.2.3. By Enterprise Size 18.2.4. By Industry 18.3. Mexico Market Analysis 18.3.1. By Solution 18.3.2. By Business Workflow 18.3.3. By Enterprise Size 18.3.4. By Industry 18.4. Brazil Market Analysis 18.4.1. By Solution 18.4.2. By Business Workflow 18.4.3. By Enterprise Size 18.4.4. By Industry 18.5. Germany Market Analysis 18.5.1. By Solution 18.5.2. By Business Workflow 18.5.3. By Enterprise Size 18.5.4. By Industry 18.6. Italy Market Analysis 18.6.1. By Solution 18.6.2. By Business Workflow 18.6.3. By Enterprise Size 18.6.4. By Industry 18.7. France Market Analysis 18.7.1. By Solution 18.7.2. By Business Workflow 18.7.3. By Enterprise Size 18.7.4. By Industry 18.8. United Kingdom Market Analysis 18.8.1. By Solution 18.8.2. By Business Workflow 18.8.3. By Enterprise Size 18.8.4. By Industry 18.9. Spain Market Analysis 18.9.1. By Solution 18.9.2. By Business Workflow 18.9.3. By Enterprise Size 18.9.4. By Industry 18.10. BENELUX Market Analysis 18.10.1. By Solution 18.10.2. By Business Workflow 18.10.3. By Enterprise Size 18.10.4. By Industry 18.11. Russia Market Analysis 18.11.1. By Solution 18.11.2. By Business Workflow 18.11.3. By Enterprise Size 18.11.4. By Industry 18.12. Rest of Europe Market Analysis 18.12.1. By Solution 18.12.2. By Business Workflow 18.12.3. By Enterprise Size 18.12.4. By Industry 18.13. China Market Analysis 18.13.1. Solution 18.13.2. Business Workflow 18.13.3. Enterprise Size 18.13.4. Industry 18.14. Japan Market Analysis 18.14.1. Solution 18.14.2. Business Workflow 18.14.3. Enterprise Size 18.14.4. Industry 18.15. South Korea Market Analysis 18.15.1. Solution 18.15.2. Business Workflow 18.15.3. Enterprise Size 18.15.4. Industry 18.16. India Market Analysis 18.16.1. Solution 18.16.2. Business Workflow 18.16.3. Enterprise Size 18.16.4. Industry 18.17. Malaysia Market Analysis 18.17.1. Solution 18.17.2. Business Workflow 18.17.3. Enterprise Size 18.17.4. Industry 18.18. Indonesia Market Analysis 18.18.1. Solution 18.18.2. Business Workflow 18.18.3. Enterprise Size 18.18.4. Industry 18.19. Singapore Market Analysis 18.19.1. Solution 18.19.2. Business Workflow 18.19.3. Enterprise Size 18.19.4. Industry 18.20. Australia and New Zealand Market Analysis 18.20.1. Solution 18.20.2. Business Workflow 18.20.3. Enterprise Size 18.20.4. Industry 18.21. GCC Countries Market Analysis 18.21.1. Solution 18.21.2. Business Workflow 18.21.3. Enterprise Size 18.21.4. Industry 18.22. Türkiye Market Analysis 18.22.1. Solution 18.22.2. Business Workflow 18.22.3. Enterprise Size 18.22.4. Industry 18.23. South Africa Market Analysis 18.23.1. Solution 18.23.2. Business Workflow 18.23.3. Enterprise Size 18.23.4. Industry 18.24. Rest of the Middle East and Africa Market Analysis 18.24.1. Solution 18.24.2. Business Workflow 18.24.3. Enterprise Size 18.24.4. Industry 19. Market Structure Analysis 19.1. Market Analysis by Tier of Companies 19.2. Market Share Analysis of Top Players 19.3. Market Presence Analysis 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive 20.3.1. IBM Corporation 20.3.1.1. Business Overview 20.3.1.2. Solution Portfolio 20.3.1.3. Profitability by Market Segments (Business Segments/Region) 20.3.1.4. Key Strategy & Developments 20.3.2. Micro Focus 20.3.2.1. Business Overview 20.3.2.2. Solution Portfolio 20.3.2.3. Profitability by Market Segments (Business Segments/Region) 20.3.2.4. Key Strategy & Developments 20.3.3. TrackVia 20.3.3.1. Business Overview 20.3.3.2. Solution Portfolio 20.3.3.3. Profitability by Market Segments (Business Segments/Region) 20.3.3.4. Key Strategy & Developments 20.3.4. Flokzu 20.3.4.1. Business Overview 20.3.4.2. Solution Portfolio 20.3.4.3. Profitability by Market Segments (Business Segments/Region) 20.3.4.4. Key Strategy & Developments 20.3.5. Bitrix 20.3.5.1. Business Overview 20.3.5.2. Solution Portfolio 20.3.5.3. Profitability by Market Segments (Business Segments/Region) 20.3.5.4. Key Strategy & Developments 20.3.6. Zoho 20.3.6.1. Business Overview 20.3.6.2. Solution Portfolio 20.3.6.3. Profitability by Market Segments (Business Segments/Region) 20.3.6.4. Key Strategy & Developments 20.3.7. Integrify 20.3.7.1. Business Overview 20.3.7.2. Solution Portfolio 20.3.7.3. Profitability by Market Segments (Business Segments/Region) 20.3.7.4. Key Strategy & Developments 20.3.8. KISSFLOW 20.3.8.1. Business Overview 20.3.8.2. Solution Portfolio 20.3.8.3. Profitability by Market Segments (Business Segments/Region) 20.3.8.4. Key Strategy & Developments 20.3.9. VIAVI Solutions 20.3.9.1. Business Overview 20.3.9.2. Solution Portfolio 20.3.9.3. Profitability by Market Segments (Business Segments/Region) 20.3.9.4. Key Strategy & Developments 20.3.10. Cflow 20.3.10.1. Business Overview 20.3.10.2. Solution Portfolio 20.3.10.3. Profitability by Market Segments (Business Segments/Region) 20.3.10.4. Key Strategy & Developments 20.3.11. ProcessMaker 20.3.11.1. Business Overview 20.3.11.2. Solution Portfolio 20.3.11.3. Profitability by Market Segments (Business Segments/Region) 20.3.11.4. Key Strategy & Developments 20.3.12. Nintex 20.3.12.1. Business Overview 20.3.12.2. Solution Portfolio 20.3.12.3. Profitability by Market Segments (Business Segments/Region) 20.3.12.4. Key Strategy & Developments 21. Assumptions and Acronyms Used 22. Research Methodology
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