According to a new report published by Allied Market Research, titled, “Process Orchestration Market," The process orchestration market was valued at $4.4 billion in 2021, and is estimated to reach $22.9 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.
Process orchestration is the platform, which allows the orchestration of several business activities among individuals, processes, and systems and is used for developing custom workflow operations. It provides a platform, which supports both IT and business experts to work together and monitor business process applications and safely exchanging the information. This platform helps businesses to effectively serve the business processes. In addition, it is well-known to push forward the efficiency of business operations. The selection of such platforms has reduced manufacturing costs and helped to enhance the value chain and the whole operations of an organization.
The increase in adoption of business process automation technologies by businesses to improve efficiency, quality of business operations, and interactions with other companies and customers, as they involve in e-business transactions are some factors driving the Process Orchestration Market Growth.
In 2021, On the basis of component, the software segment dominated the market, and is expected to maintain its dominance in the upcoming years. The process orchestration software helps to standardize, consolidate and automate best practices for business processes in complex environments. However, the service segment registered highest growth rate during forecasted period. The services related to the process orchestration provides services for orchestration technology for various strategies and these strategies will ensure smooth running and troubleshooting of the any glitches within the solutions. These services associated cloud orchestration technologies help in gaining knowledge of technologies, which are driving the expansion of the market.
By deployment model, the on-premise segment dominated growth of the Process Orchestration market in 2021, and is expected to maintain its dominance in the upcoming years. On-premise-based solutions are known for better maintenance of servers and continuous system facilitates implementation of Process Orchestration solutions. However, the cloud segment is expected to witness highest growth rate during the forecast period. Cloud-based Process Orchestration software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions. Growth in adoption of cloud based software among large and medium-sized enterprises further fuels growth of the market.
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The pandemic has prompted every company and business to shift their business operations toward a remote work environment. As a result of the dire situation, companies began to implement process orchestration tools for better efficiency and improved business agility.
Moreover, during the COVID due to WFH policies the demand for cloud-based solutions and the SaaS-based model increased significantly. This has positively impacted the market growth. Incidentally, during the pandemic, process orchestration and automation helped eliminate the dependency on staff availability, thus supporting both remote working and ensuring business resilience.
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.
Some of the key Process Orchestration industry players profiled in the report include BMC Software, Inc., CA Technologies, Cisco Systems, Inc., HCL Technologies Limited, Micro Focus, Oracle Corporation, SAP SE, ServiceNow, Inc., and TIBCO Software, Inc. This study includes market trends, Process Orchestration market analysis, and future estimations to determine the imminent investment pockets.