The process orchestration market has been proliferating. The market growth attributes to the global digitalization and increasing awareness for optimizing business processes with digital transformation. Process orchestration solutions guide and drive end-to-end digital processes. Moreover, process orchestration advantages, such as increased automation and optimization of digital business processes from initial workflows to complex integrated cross-domain processes, escalate the market growth.
According to Market Research Future (MRFR), the global process orchestration market is poised to create a valuation of USD 8.60 BN by 2023, growing at 16.8% CAGR throughout the review period (2018 – 2023). Increasing capabilities of analytics to analyze complex business data are significant factors driving the business process orchestration market. Process orchestration enables business and IT specialists to collaborate by developing and adapting processes, using graphical business process model and notation (BPMN) standard.
process orchestration
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Additionally, the increased demand for improved IT systems so as to better serve customers fuels the growth of the process orchestration software market. Rising adoption of cloud services by SMEs and large enterprises influences the growth of the process orchestration industry. Conversely, limited capabilities and culture of organizations is a major factor projected to impede the market growth. Also, stringent regulations compliance requirements pose significant challenges for the development of the market.
Nevertheless, the increase in the adoption of analytics platform for cloud deployment would support the growth of the market over the forecast period. Discoveries of smart data capabilities, machine learning, and automation of the entire analytics workflow have led to increased market size. Moreover, the increasing deployments of process orchestration solutions, advances in AI, and predictive analytics, alongside the rising numbers of enterprises worldwide, accelerate the growth of the process orchestration industry.
Global Process Orchestration Market –Segments
The report is segmented into six dynamics.
By Function : Supply Chain Management, Order Fulfillment Marketing, Human Resource Management, Finance Accounting, and Customer Service Support.
By Component : Solutions and Services.
By Deployment : On-Cloud and On-Premises.
By Organization Size: Small-to-Medium-Sized Enterprises and Large Enterprises.
By Industrial Vertical: BFSI, Telecom IT, Consumer Goods Retail, Media Entertainment, Manufacturing, Transportation Logistics, Energy Utilities, others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Process Orchestration Market – Geographical Analysis
North America dominates the global process orchestration market. The largest market share attributes to the early adoption of process orchestration, enhancing the existing business process to reduce operational costs and increase efficiency. Besides, the strong presence of key technology providers, such as IBM Corporation, Oracle Corporation, and others, and continuous innovation in various related technologies helps market growth.
Europe stands second in the global process orchestration market. The market growth is driven by the process orchestration technology providers catering to the local and customers from other regions. Additionally, increasing investments in the cloud-based service/solution by the government and small medium enterprises (SMEs) boost the growth of the regional market. The European business process orchestration market is expected to create a substantial revenue pocket during the assessment period.
The Asia pacific process orchestration market is growing promisingly. Factors such as the rapid economic changes, globalization, and digitalization, influence the growth of the regional market. Furthermore, increased adoption of cloud-based services encourages the enterprises and customers to adopt process orchestration. The increasing demand for effective utilization of IT infrastructures and cost optimization in the region boost the size of the process orchestration industry.
Global Process Orchestration Market – Competitive Analysis
Fiercely competitive, the process orchestration market witnesses the presence of several key players. To gain a larger competitive share, industry players incorporate strategies such as mergers acquisitions, collaboration, expansion, and technology launch. These players are committed to deliver reliable, leading-edge solutions, and services. They invest substantially in RD to develop unique solutions entirely on a different level compared to their competition.
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Major Players:
Players leading in the global process orchestration market include IBM Corporation (US), SAP SE (Germany), Oracle Corporation (US), Arvato AG (Germany), ServiceNow Inc (US), CA Technologies (US), Cisco Systems Inc (US), Fujitsu Ltd (Japan), Ayehu Software Technologies Ltd (US), OpenText Corporation (Canada), Cortex Ltd (England), BMC Software Inc (US), Micro Focus International PLC (UK), Newgen Software Technologies Limited (US), HCL Technologies Limited (India), Software AG (Germany), eQ Technologic (US), Micro Focus International PLC (UK), PMG.net (US), and Wipro (India), among others.
Industry/Innovation/Related News:
September 22, 2020 ---- Kofax Inc. (the US), a leading process automation software provider, announced the release of its new Intelligent Automation Platform. Featuring enhanced AI-powered document intelligence, low code capabilities, and simplified integration to third-party software applications (RPA products), Kofax’s Intelligent Automation Platform can now orchestrate and leverage cognitive capture with Kofax’s RPA software. Kofax now offers process orchestration to seamlessly govern and scale Kofax RPA and third-party RPA products, such as UI Path, Automation Anywhere, and Blue Prism.
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