The global process orchestration market is growing significantly owing to recent advancement in the technology. Process orchestration is the medium through which a process is implemented, monitored, and handled throughout its lifecycle. Process orchestration services and solutions are being swiftly implemented by various industry verticals including manufacturing, energy and utilities, BFSI, consumer goods, and retail, transportation and logistics, media and entertainment, telecom and IT, healthcare, government, education, and hospitality, among more to optimize their business processes. Process orchestration supports the organizations in making optimized utilization of their existing workforces.
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Cloud-based orchestration is expected to contribute the most in the global process orchestration market growth in the coming years. Cloud orchestration is utilized to handle an organization’s cloud services. It includes everything from technology layer to service management, offering visibility and control of all services and governance against changing business needs. With expenditure on cloud services is increasing at a substantial rate, cloud orchestration is expected to display positive results in the process orchestration market. However, complexities in the cloud could make it hard for companies to implement cloud-based orchestration successfully. Other restraining factors include lack of visibility, security, management of costs, among more.
There is the significant implementation of process orchestration in financial services which is contributing to process orchestration market. It is essential for banking and financial services companies to ensure the rapid deployment of new processes to meet speed-to-market, service quality, and compliance requirements. Financial institutions today combine a wide range of product and service offerings, across banking, insurance, and asset management. They operate in global and cross border markets. They have increasingly sophisticated and mobile customer bases. Increased regulatory vigilance and new corporate governance rules have the potential to add new layers of complexity and cost. For all these reasons, the effective management of complexity is a crucial determinant of future success. More banking and financial services companies are expected to implement process orchestration solutions in the coming years.
Further, the increasing on-time service delivery and automation are anticipated to offer lucrative opportunities for process orchestration services and solution companies in the years to come. The global leaders in process orchestration services include IBM, Everteam, Cortex, Software AG, SAP, Cisco, ServiceNow, BMC, and HCL, among more. However, numerous organizations are still not aware of their advantages and are hesitant to implement process orchestration services and solutions in their functioning and operations. A misconception that is widespread among the organization is that the implementation of process orchestration could lead to job security threats as most of the manual processes would be automated. This lack of awareness and misconception is posing a threat to the growth of the process orchestration market.
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Current Market Trends Covered in the Report:
- Increasing Adoption of Cloud
- Banking and Financial Services to Lead the Segments
- Digital Transformation Increasing Users’ Awareness for Optimizing Business Processes
- Integration of AI and ML in Business Process Orchestration
Global Process Orchestration Market – Segmentation
By Component
- Solution
- Services
By Deployment Type
- Cloud
- On-premises
By End-Use
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
- Consumer Goods
- Transportation & Logistics
- Energy & Utilities
- Others (Manufacturing)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
