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According to the report, the global process orchestration industry generated $ 4.4 billion in 2021, and is estimated to reach $ 22.9 billion in 2031, witnessing a CAGR of 18.4% from 2022 to 2031.
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The increase in the use of business process automation technologies to improve quality, efficiency, and interaction with other companies and customers along with the increase in the deployment of adequate business solutions by organizations to reduce operating costs are driving the growth of the global process orchestration market.
However, lack of knowledge among users, misunderstanding about the importance of process orchestration, and increasing regulations and compliance requirements are hindering market growth. On the other hand, the integration of advanced technologies such as artificial intelligence and improvements in IT techniques to meet the dynamic needs of customers will create new opportunities in the coming years.
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In part, the software segment has 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 the help in standardizing, integrating, and automating best practices for business processes in complex environments. However, the service segment is expected to witness the highest CAGR of 19.8% from 2022 to 2031.
Based on the region, North America will contribute the highest market share in terms of revenue in 2021, costing more than two-fifths of the global process orchestration industry, and is expected to maintain its dominance in terms of of revenue in 2031. This is due to several factors such as the rise in digitalization, adoption of process orchestration tools by end users such as BFSI and retail along with the presence of major players in the region. However, Asia-Pacific is expected to show the fastest CAGR of 20.6% during the forecast period.
Based on the industry vertical, the BFSI segment holds the highest market share in 2021, accounting for nearly a quarter of the global process orchestration market, and is expected to maintain its leading position during the forecast period. This is associated with the rapid adoption of digital technologies and channels by banking institutions around the world increasing their footprint and revenue. However, the healthcare and pharmaceuticals segment is expected to show the fastest CAGR of 21.5% from 2022 to 2031, due to increasing digitalization of services, adoption of effective and cost-efficient models of care, and personalized health care that promotes self -care.
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Some of the major players in the Process Orchestration industry 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.
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