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- Objectives of the Study
- Market Definition
- Market ScopeK
- Years Considered for the Study
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The Cloud Workflow Market size is estimated to be US$ 1.75 Billion in 2018 and expected to reach US$ 3.85 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.The major factors that are expected to drive the growth of the cloud workflow market include the increasing adoption of cloud, rising adoption of cloud-based workflows among SMEs, and growing focus on streamlining workflows and business processes.
“The HR segment in business workflow is estimated to account for the largest market share in 2018”
The HR vertical is estimated to account for the largest market share in 2018. HR is one of the key business processes within enterprises.The increasing demand for globalized solutions and standardized processes and the growing need for cost-cutting are expected to increase the market size of the HR segment. Since the last decade, BPO service providers have innovated their offerings.
“By region, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period”
APAC is expected to grow at the highest CAGR during the forecast period, due to the increasing adoption of new technologies, rising investments for digital transformation, and growing Gross Domestic Products (GDPs) in APAC countries. Major APAC countries, such as Australia, Singapore, China, and Japan, are rapidly investing in technology transformation.The region is expected to experience extensive growth opportunities during the forecast period.
The break-up profiles of the primary participants are given below:
- By Company: Tier1 (38%), Tier2 (41%), and Tier 3 (21%)
- By Designation: Director Level (28%), C-Level (40%), and Others (32%)
- By Region: North America (33%), APAC (32%), Europe (22%), and RoW (13%)