New York, USA, May 12, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Process Orchestration Market Research Report Information By Function, By Component, By Deployment Type, By Organization Size, By Industrial Vertical - Global Forecast till 2030", the market is anticipated to acquire a valuation of approximately USD 17.54 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.10 % during the assessment timeframe.
Key Players
Eminent market players profiled in the global process orchestration market report include
- SAP SE (Germany)
- IBM Corporation (US)
- Oracle Corporation (US)
- CA Technologies (US)
- ServiceNow Inc (US)
- Cisco Systems Inc (US)
- BMC Software Inc (US)
- Fujitsu Ltd (Japan)
- OpenText Corporation (Canada)
- Newgen Software Technologies Limited (US)
- Software AG (Germany)
- HCL Technologies Limited (India)
- Wipro (India)
- Micro Focus International PLC (UK)
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Process Orchestration Market Report Scope:
| Report Metric | Details |
| Process Orchestration Market Revenue Forecast in 2030 | USD 17.54 Billion |
| Process Orchestration Market Growth Rate | CAGR of 16.10% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The increasing investment in the cloud-based service/solution by the government, small and medium enterprises, is further expected to boost market growth during the period of research study. |
| Key Market Drivers | Global digitalization is a major factor driving the process orchestration market as there is an increase in the user’s awareness for optimizing the business process with digital transformation. |
Drivers
Growing Need for Digital Transformation to Boost Market Growth
Businesses are making heavy investments in digital transformation to maintain meeting customer expectations because developing technologies are continually changing those expectations. Using automation technology for better corporate operations and decision-making is the core of digital transformation. One of the most popular digital technologies used by businesses to increase productivity and use their IT systems to cater to the changing needs of their consumers is process orchestration solutions.
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Opportunities
Technological Advances to offer Robust Opportunities
With the global expansion of the IoT, artificial intelligence (AI), robotic process automation (RPA), and machine learning (ML), orchestration has become essential for eliminating errors and enhancing business flows. Players in the industry will probably rely on orchestration to boost resilience, improve mean time to resolution, and integrate latest tools & technologies through a single orchestration platform.
Restraints and Challenges
Lack of Knowledge to act as Market Restraint
The lack of knowledge amid users, increase in compliance & regulations requirements, and misunderstanding around the business process orchestration may act as market restraints over the forecast period.
Market Segmentation
The global process orchestration market is bifurcated based on industry, organization size, deployment, component, and function.
By function, supply chain management & order fulfillment marketing will lead the market in the forecast period.
By component, solution will domineer the market over the forecast period.
By deployment, on-premise will spearhead the market over the forecast period.
By organization size, large enterprise will have the lions share in the market in the forecast period.
By industry, BFSI will have the largest share in the market over the forecast period.
COVID-19 Analysis
Every corporation and business has been forced by the epidemic to move their business operations towards a remote work environment. Due to the critical circumstances, businesses started implementing process orchestration solutions for increased productivity and business agility. Also, the need for cloud-based solutions & the SaaS-based model dramatically expanded during the COVID as a result of work-from-home rules. The market growth has been positively benefited by this. By eliminating the need on personnel availability during the epidemic, process orchestration and automation, in addition to facilitating remote working, also helped ensure business resilience.
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Regional Analysis
North America to Head Process Orchestration Market
The US is predicted to continue to dominate the North American market with the maximum CAGR over the assessment period. Many IT firms that are currently utilizing process orchestration solutions are anticipated to boost the pace of the local sector. Of all the regions, it has been shown that North America is a region where orchestration process is indeed most common. Here, the use of technology made it possible to use brand-new, cutting-edge orchestration tools. The local businesses helped themselves by enhancing their current business practices. This improved the company's capacity for cost- and efficiency-cutting. Both local consumers and users from other locations can receive services thanks to the vendors. The government is investing higher in cloud-based solutions, along with small, medium, and large-scale businesses, which helps to expand growth potential. The market is also benefited by the rising need for cloud-based solutions & the automation of industrial services. This area is home to a number of top process orchestration solution providers, such as IBM, Cisco, CA Technologies, and Oracle, which has a significant impact on market growth.
APAC to Have Admirable Growth in Process Orchestration Market
The process orchestration market in APAC is projected to experience rapid growth due to the IT sector's quick expansion. In the years to come, other variables like digitalization and the expanding use of cloud solutions are likely to have an impact on the market. Many factors, including the rise in digitization and the use of process orchestration tools via end users including BFSI and retail, are responsible for the market's expansion in this area. Furthermore, the existence of major companies offers a wealth of prospects for market expansion. The region with the highest growth rate is anticipated to be Asia-Pacific. The increase in cloud-based process orchestration solutions, more economic transformation, globalization, and digitization are all to blame for this. The need for the process orchestration software is also significantly influenced by the growing understanding among businesses of the advantages of process orchestration, such as improved business planning and the removal of process redundancies. Over the period of the study, it was found that the market here expanded quickly. This is done so that, as a result of the acceleration of economic transformation, globalization, digitization, and the emergence of cloud-based solutions, clients would be more likely in adopting latest, cutting-edge orchestration techniques. The surge in demand for cost optimization and effective utilization of IT infrastructures has contributed to the market growth for process orchestration.
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Industry Updates
April 2023- Leading process orchestration company Camunda recently released Camunda Platform 8.2, which includes a number of user interface and integration changes that significantly enhance the complete process development lifecycle. With the help of these new functionalities, end-to-end process orchestration may be sped up and new digital initiatives can be driven.
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