Process Orchestration Market: Key Players, Strategies, and Growth Factors 2031
Rise in regulations & compliance requirements are expected to hamper the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 7, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Process Orchestration Market,” The process orchestration market was valued at $4.4 billion in 2021, and is estimated to reach $22.9 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
Process orchestration is a versatile platform designed to coordinate various business activities among individuals, processes, and systems, enabling the creation of tailored workflow operations. This platform facilitates collaboration between IT and business experts, allowing them to jointly develop and monitor business process applications while securely exchanging information. By effectively managing business processes, this platform significantly enhances operational efficiency and helps businesses streamline their operations.
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The adoption of such platforms has led to reduced manufacturing costs and improved value chain management, transforming organizational operations. Business process orchestration leverages web-based services to control business processes, paving the way for the future of business process management. It has the potential to revolutionize the interaction between business and information technology, serving as a framework for internal control flow within a company and offering insights into process limitations and occurrences.
Asia-Pacific is expected to observe highest growth rate during the forecast period. This is due to the increase in economic transformation, globalization, digitization, and the rise of cloud-based process orchestration solutions. In addition, the increasing awareness among enterprises regarding the benefits of process orchestration, such as enhanced business planning and elimination of process redundancy, also acts as a major factor toward the rising market demand. Moreover, the increasing need for cost optimization with efficient use of IT infrastructures and resources is also anticipated to propel market growth in this region. Furthermore, due to presence of large number of large and small & medium-scale industries in the region, it is expected that the market players operating in the region would be able to offer huge growth opportunities.
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. However, lack of knowledge among users, misunderstanding regarding importance of process orchestration, and increase in regulations & compliance requirements hinder the market growth. On the other hand, the integration of advanced technologies such as artificial intelligence and improvement in IT methods to meet dynamic requirements of customers create new opportunities in the coming years.
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In 2021, based on components, the software segment dominated the market, and is expected to maintain its dominance in the upcoming years. The process orchestration software helps to standardize, consolidate and automate best practices for business processes in complex environments. However, the service segment registered highest growth rate during forecasted period. The services related to the process orchestration provides services for orchestration technology for various strategies and these strategies will ensure smooth running and troubleshooting of the any glitches within the solutions. These services associated cloud orchestration technologies help in gaining knowledge of technologies, which are driving the expansion of the market.
By deployment model, the on-premise segment dominated growth of the Process Orchestration market in 2021, and is expected to maintain its dominance in the upcoming years. On-premise-based solutions are known for better maintenance of servers and continuous system facilitates implementation of Process Orchestration solutions. However, the cloud segment is expected to witness highest growth rate during the forecast period. Cloud-based Process Orchestration software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions. Growth in adoption of cloud based software among large and medium-sized enterprises further fuels growth of the market.
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. This is attributed to the economic transformation, globalization, and digitization along with increase in cloud-based process orchestration solutions.
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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.
Leading Market Players:
• SAP SE
• International Business Machines Corporation
• Oracle Corporatio
• Computer Associates International Inc
• Cisco Systems Inc.
• Fujitsu Limited
• TIBCO Software Inc.
• Software AG
• HCL Technologies Ltd.
• Wipro Limited
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