Process Orchestration Market Expected to Reach USD 22.9 Billion by 2031 |Top Key players such as -Oracle, SAP SE, ServiceNow and TIBCO

According to the report published by Allied Market Research, The Process Orchestration Market Expected to Reach USD 22.9 Billion by 2031 |Top Key players such as -Oracle, SAP SE, ServiceNow and TIBCO. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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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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.

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 are 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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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.

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.

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Covid-19 Scenario

● The Covid-19 pandemic led to the implementation of lockdown in many countries. This, in turn, forced businesses and organizations in opting "work from home" or remote working culture. This raised the adoption of process orchestration tools to improve agility of business.

● The implementation of process orchestration, cloud-based solutions, and automation eliminated the dependency on staff availability at office premises during the pandemic. This helps in maintaining and improving efficiency of processes.

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