September 03, 2019
Worldwide process orchestration market is projected to cross US $9 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Rapid digitalization across enterprises is transforming the technological landscape, where businesses are focusing on adopting agile and optimized business processes, thereby augmenting process orchestration market. Moreover, the ability of the solution to enable integration with various technologies such as AI, automation, and machine learning will further stimulate the market growth.
Process orchestration involves creation of custom process application to enhance the agility and efficiency of business. With the implementation, integration, and monitoring of these applications process orchestration can streamline the business processes. The ability of these solutions to provide a clear view about business functioning, attain optimal performance, and employee monitoring, will boost the demand for process orchestration solutions.
However, the lack of enthusiasm among the small enterprises towards the adoption of process orchestration solutions, owing to their small operational capacity along with the incompatibility of new solutions with prevailing business applications will impede the market growth over the forecast period, claims the study.
In terms of component, the managed service component segment dominates the process orchestration market and held 70% share in 2018. The adoption of managed services is increasing owing to changing technological landscape in enterprises, in consort with the capability of managed services providers to offer greater customer satisfaction, added service portfolio, enhanced process efficiency, and better staff productivity.
Based on the business functionality, customer service & support segment captured 19% share of market in 2018 and is expected to register significant growth over the analysis period, owing to the growing need of enterprises to provide enhanced customer service. Adoption of process orchestration solution for this functionality not only improves customer satisfaction, but also boosts business productivity.
On the basis of deployment model, cloud-based solution segment is dominating the process orchestration market and is presumed to grow with a CAGR of 18% over the forecast period. These solutions are cost-effective, flexible, and scalable, hence find applications in various industrial sectors such as retail, BFSI, energy & utilities, healthcare, and IT & telecom.
Additionally, large enterprises are predicted to hold larger share as compared to small enterprises in the process orchestration market. These enterprises allot higher IT budget for adoption of advanced solutions as it improves teamwork by positively impacts the efficiency, productivity, and speed of the employees.
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Speaking of the application spectrum, process orchestration market from manufacturing application was valued at US $900 million in 2018, pertaining to real-time optimization and business orchestration offered by the solutions. The solution enables the manufacturers to meet customized product demands, while complying with strict regulations and offers optimization of physical & digital processes in factories.
In terms of regional contribution, Asia Pacific market is expected to register substantial growth in the upcoming years, on account of the booming SMEs, rapid economic development, and government promoted digitalization in the region. Moreover, regional market dominance is marked by China, as numerous companies are adopting cloud-based solutions, AI technology, and data center ecosystem, fueling the growth of process orchestration market.
The key players of process orchestration market include Wipro, Micro Focus, Icaro Tech, Cisco, Oracle, Fujitsu, HCL, OpenText, Ayehu, Dealflo, Newgen, BMC Software, Cortex, IBM, CA Technologies, SAP, and Software AG among others.
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