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, Service Now, 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.
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
Global Process Orchestration Market
by Component
- Solution
- Services
Global Process Orchestration Market
by Deployment Type
- Cloud
- On-premises
Global Process Orchestration Market
by End-Use
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
- Consumer Goods
- Transportation & Logistics
- Energy & Utilities
- Others (Manufacturing)
Global Process Orchestration Market
–Region
North
America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
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