According to Future Market Insights (FMI), the global workflow-as-a-service market size is expected to surge with a CAGR of 9.7% during the forecast period from 2023 to 2033. The market is estimated to reach a valuation of USD 13,668.5 million by the end of 2033. It is likely to be valued at USD 5,455.1 million by 2023.
A type of cloud-based technology called workflow-as-a-service (WaaS) enables businesses to manage and automate their business processes. WaaS is a platform for creating, deploying, and managing workflows that automate difficult operations and procedures.
Document approval, customer onboarding, and data integration are a few of these duties. WaaS provides a variety of advantages such as cost reductions, scalability, and increased effectiveness. About 55% of the market for workflow solutions is occupied by workflow-as-a-service.
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WaaS enables businesses to easily and quickly scale their workflow requirements up or down. With this functionality, they don’t need to spend money on new gear or software. It enables businesses to react swiftly to shifts in the market or shifts in demand.
WaaS providers must maintain the platform’s security and compliance, which can be a considerable burden for businesses. Organizations can take advantage of the security and compliance protections the supplier has in place by employing WaaS.
Organizations must be able to give their employees access to their workflow processes from any location, as remote work will become more prevalent by 2033. As long as they have an internet connection, WaaS enables employees to access their processes from any location and on any device.
WaaS also automates a number of manual tasks, helping businesses to streamline their workflow procedures and shorten turnaround times. It might result in more effectiveness and productivity.
WaaS is easily scalable to accommodate the requirements of companies of all sizes, from small start-ups to huge corporations. They can also flourish and adjust to shifting market conditions without having to make substantial investments in infrastructure or IT personnel. Businesses can hence employ a cloud-based WaaS provider with a pay-as-you-go approach that enables them to scale up or down as necessary.
Development of advanced technologies, including robotic process automation (RPA), machine learning, and artificial intelligence (AI) is expected to further advance the workflow-as-a-service industry. Market expansion is also set to be driven by rising demand for workflow-as-a-service solutions to optimize corporate processes.
Key Takeaways from Workflow-as-a-service Market Study
- By business workflow, the IT & operations segment is estimated to expand at a CAGR of 2% in the next ten years.
- In terms of business workflow, the sales & marketing category is likely to witness a CAGR of 5% in the forecast period.
- By region, South Asia and Pacific is estimated to elevate at a CAGR of 0% over the assessment period.
- China workflow-as-a-service industry is anticipated to surge at a CAGR of 2% in the next ten years.
- India workflow-as-a-service market is likely to exhibit a CAGR of 0% during the forecast period.
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“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 set to boost growth in the market for workflow-as-a-service by 2033.” – Says a lead analyst at Future Market Insights (FMI)
Competitive Landscape
With several vendors offering a wide range of goods and services, the workflow-as-a-service industry is extremely competitive and fragmented. To keep up with the tremendous demand, businesses would constantly innovate, spend money on research & development, and launch new goods & services.
For instance,
- In September 2021, to help users improve customer and service agent experiences, Salesforce revealed that new contact center technologies and AI-powered processes will be added to its Service Cloud platform.
The processes, which will be integrated into the Customer 360 platform, will make use of automated technology. It would help assist customer care agents in responding to incidents, get rid of tedious chores, and streamline the case routing process within an organization.
Key Players
- IBM Corporation
- Micro Focus
- Ricoh
- TrackVia
- Flokzu
- Bitrix
- Zoho
- Integrify
- KISSFLOW
- VIAVI Solutions
- Cflow
- ProcessMaker
- Nintex
Get More Valuable Insights into Workflow-as-a-service Market Study
In the report by Future Market Insights (FMI), the workflow-as-a-service industry has been segmented into solution (WaaS cloud platform, services), business workflow (HR Workflow management, IT & operations workflow management, sales & marketing workflow management, finance & accounting workflow management, customer service workflow management), industry (IT & telecom, BFSI, retail, manufacturing, healthcare, education), enterprise size (small & medium enterprises, large enterprises), and region.
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Workflow-as-a-service Market Outlook by Category
By Solution:
- Cloud Platform
- Services
- Consulting Services
- Deployment & Integration Services
- Support & Maintenance
By Business Workflow:
- HR
- IT & Operations
- Sales & Marketing
- Finance & Accounting
- Customer Service
- Others
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Retail
- Manufacturing
- Healthcare
- Education
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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