Development in the IT sector along with the integration of technologies, such as ML, AI, and IoT, is the major factor contributing to the growing demand for the market
PORTLAND, PORTLAND, OR, UNITED STATE, August 8, 2022 /EINPresswire.com/ — Increasing demand for optimal resource utilization, increasing cloud adoption in several industry verticals, and increasing demand for low-cost process setup and growth automation of the global cloud orchestration market. On the other hand, lack of IT infrastructure in underdeveloped countries and lack of technical skills for effective cloud orchestration are restraining growth to some extent. However, increasing IN demand for streamlined business processes among SMEs is expected to pave the way for lucrative opportunities in the industry.
According to a report published by Allied Market Research, the global cloud orchestration market was estimated at $14.98 billion in 2020 and is expected to reach $105.07 billion in 2030, registering a CAGR of 21.4% from 2021 to 2030.
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Through the cloud, the public segment contributed the lion’s share in 2020, holding almost half of the global cloud orchestration market. This is due to the significant use of public cloud platforms in various verticals such as healthcare and media and entertainment. However, the hybrid segment is expected to show the fastest CAGR of 23.1% from 2021 to 2030.
By service type, the orchestration segment held the major share in 2020, capturing nearly half of the global cloud orchestration market. This is due to high levels of cost savings in total cost of ownership and increasing demand for optimal use of resources by several types of users including small, medium, and large enterprises. The cloud services segment, on the other hand, is expected to post the fastest CAGR of 22.7% throughout the forecast period.
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By region, North America dominated in 2020, capturing nearly three-fifths of the global cloud orchestration industry. This is due to increasing recognition of cloud orchestration in various verticals such as BFSI and Telecom in the region. The market across Asia-Pacific, however, is expected to cite the fastest CAGR of 24.9% throughout the forecast period, owing to the growing demand for advanced resource management systems and the shift of workload towards the cloud environment .
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 estimates to identify imminent investment pockets.
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• The increasing trend of remote working during the pandemic has led to an increase in demand for cloud orchestration, as it can provide the necessary access to company resources to manage collaboration with integrated teams and maintain the productive. This, in turn, has negatively impacted the global cloud orchestration market.
• This trend is likely to continue after the pandemic.
Important Findings of the Study
• By segment, in 2021 the software segment will dominate the Process Orchestration market size.
• Depending on deployment, on-premise generated the highest revenue in 2021 of the Process Orchestration market share. However, the cloud segment is expected to show significant growth during the forecast period.
• By region, the Process Orchestration industry is dominated by North America region in 2021. However, Asia-Pacific is expected to witness significant growth during the forecast period.
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