Press release
Process Orchestration Market Size, Share , Latest Trends, Key Players And Forecast To 2033
Process Orchestration Market
Process Orchestration Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $11.20 billion In 2028 At A CAGR Of 19.0% :
The process orchestration market size has grown exponentially in recent years. It will grow from $4.60 billion in 2023 to $5.58 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to rise of enterprise resource planning (ERP) systems, service-oriented architecture (SOA) adoption, business process management (bpm) movement, cloud computing emergence, increasing complexity of IT environments.
The process orchestration market size is expected to see rapid growth in the next few years. It will grow to $11.20 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to growing importance of cybersecurity orchestration, focus on customer journey orchestration, evolution of robotic process automation, continued emphasis on digital transformation, expansion of IoT ecosystems. Major trends in the forecast period include focus on explainable AI (XAI), event-driven architectures, deeper integration with robotic process automation, cross-platform and multi-cloud orchestration, and enhanced AI-driven decision making.
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Process Orchestration Market Major Segments
The process orchestration market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Vertical: Banking Financial Services, And Insurance, Manufacturing, Healthcare, Information Technology And Telecommunications, Retail, Energy And Utilities, Transportation, Other Verticals
Key Driver - Digital Transformation Is Driving Accelerated Growth In The Process Orchestration Market
The growth in demand for digital transformation is expected to propel the growth of the process orchestration market going forward. Digital transformation is the process of integrating digital technologies into all areas of a business, fundamentally changing how it operates and delivers value to customers. Process orchestration is used as a critical component in digital transformation by providing a strategy to govern the coordinated and efficient execution of automation initiatives. It is used to enable organizations to streamline, automate, and optimize their business processes, leading to greater efficiencies and improved customer experiences. For instance, in October 2022, according to the International Data Corporation, a US-based provider of advisory services, global spending on digital transformation reached $1.8 trillion by the end of 2022 and is expected to rise to $2.8 trillion by 2025. Therefore, the growth in demand for digital transformation is driving the growth of the process orchestration market.
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Prominent Trend - Workflow Automation For Operational Excellence In Process Orchestration
Major companies operating in the process orchestration market are focusing on the development of innovative AI (artificial intelligence) orchestration services, such as workflow orchestration services, to meet the increasing adoption of AI orchestration in various end-user industries. Workflow orchestration services refer to the use of tools, platforms, or systems that automate and manage the coordination, execution, and monitoring of workflows or business processes. For instance, in January 2024, Kyndryl Holdings, Inc., a US-based IT service management company, launched AI-enabled workflow orchestration services to automate business processes. AI-enabled workflow orchestration leverages artificial intelligence to enhance efficiency, productivity, and the user experience within the digital workplace. Additionally, it includes features such as a user-friendly interface, streamlined complex processes, real-time visibility, access controls, encryption, and usage. Also, this solution utilizes workflow capabilities and AI automation to reduce complexity, minimize cycle time, and optimize ROI (Return on Investment) by lowering training and development costs.
Process Orchestration Market Players
Major companies operating in the process orchestration market are International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Broadcom Inc., SAP SE, Fujitsu Limited, HCL Technologies Limited, Wipro Limited, ServiceNow Inc., Arvato AG, Open Text Corporation, Micro Focus International plc, BMC Software Inc., Software AG, TIBCO Software Inc., EQ Technologic India Private Limited, Cherwell Software LLC, Axios Systems PLC, Icaro Tech Tecnologia e Informação Ltda., Data Ductus AB, Cortex Business Solutions Inc., Everteam SAS, FlowForma Limited, Nipendo Ltd., Intellyx Corp., Dealflo Limited, Newgen Software Technologies Limited
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Largest And Fastest Growing Region In The Market
North America was the largest region in the process orchestration market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process orchestration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Process Orchestration Market Report Structure
3. Process Orchestration Market Trends And Strategies
4. Process Orchestration Market - Macro Economic Scenario
5. Process Orchestration Market Size And Growth
…..
27. Process Orchestration Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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