According to the report, the global process orchestration market 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. 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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The software segment to maintain its leadership status during the forecast period
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.
The BFSI segment to maintain its lead position during the forecast period
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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North America to maintain its dominance in terms of revenue by 2031
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.
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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Key Findings of the Study –
- By component, in 2021 the software segment dominated the Process Orchestration market size.
- Depending on deployment, the on-premise generated the highest revenue in 2021 of Process Orchestration market share. However, cloud segment is expected to exhibit significant growth during the forecast period.
- Region wise, the Process Orchestration industry was dominated by North America region in 2021. However, Asia-Pacific is expected to witness significant growth in the forecasted period.
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