Global Process Orchestration Market Reach to USD 22.9 Billion by 2031 | Top Players Such as – BMC, ServiceNow and TIBCO
With machine learning and IoT gaining traction globally, orchestration could provide impetus to BPM fueling the market’s growth.
PORTLAND, PORTLAND, OR, UNITED STATE, July 20, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Process Orchestration Market Reach to USD 22.9 Billion by 2031 | Top Players Such as – BMC, ServiceNow and TIBCO.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global process orchestration market was valued at USD 4.4 billion in 2021, and is projected to reach USD 22.9 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
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Rise in adoption of business process automation technologies to improve quality, efficiency, and interactions with other companies & customers along with increase in deployment of sufficient business solutions by organizations to reduce operational costs drive the growth of the global process orchestration market.
The Process Orchestration market is segmented on the basis of component, organization size, deployment, industry vertical, and region. On the basis of component, the market is segmented into software and services. According to the organization size, it is fragmented into large enterprises and SME’s. On the basis of deployment, the market is segmented into cloud and on-premise. Depending on industry vertical, process orchestration market share is segregated into BFSI, manufacturing, healthcare & pharmaceuticals, IT & telecommunications, retail and consumer goods, government & defense, energy & utilities, transportation & logistics and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the software segment accounted for the highest market share in 2021, contributing to more than three-fifths of the global process orchestration market, and is expected to maintain its leadership status during the forecast period. This is due to help in standardizing, consolidating, and automating the best practices for business processes in complex environments. However, the services segment is expected to witness the highest CAGR of 19.8% from 2022 to 2031.
Based on industry vertical, the BFSI segment held the highest market share in 2021, accounting for nearly one-fourth of the global process orchestration market, and is expected to maintain its lead position during the forecast period. This is attributed to rapid adoption of digital technologies and channels by banking institutions around the world raise their footprint and revenue. However, the healthcare and pharmaceuticals segment is projected to manifest the fastest CAGR of 21.5% from 2022 to 2031, owing to increase in digitalization of services, adoption of effective and cost-efficient care models, and personalized healthcare that promotes self-care.
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Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global process orchestration industry, and is expected to maintain its dominance in terms of revenue by 2031. This is due to several factors such as surge in digitalization, adoption of process orchestration tools by end users such as BFSI and retail along with the presence of key players in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 20.6% during the forecast period.
Some of the key Process Orchestration industry players profiled in the report include BMC Software, Inc., CA Technologies, Cisco Systems, Inc., HCL Technologies Limited, Micro Focus, Oracle Corporation, SAP SE, ServiceNow, Inc., and TIBCO Software, Inc.
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Covid-19 Scenario
● The Covid-19 pandemic led to the implementation of lockdown in many countries. This, in turn, forced businesses and organizations in opting “work from home” or remote working culture. This raised the adoption of process orchestration tools to improve agility of business.
● The implementation of process orchestration, cloud-based solutions, and automation eliminated the dependency on staff availability at office premises during the pandemic. This helps in maintaining and improving efficiency of processes.
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