Process Orchestration Market
According to the report, the global process orchestration industry generated $4.4 billion in 2021, and is estimated to reach $22.9 billion by 2031, witnessing a CAGR of 18.4% from 2022 to 2031.
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.
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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.
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.
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 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. This is owing to increase in implementation of orchestration services for various strategies to ensure smooth running and troubleshooting of the any glitches.
Covid-19 Scenario
1. 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.
2. 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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