The global process orchestration market is expected to witness a CAGR of 19.5% during the forecast period 2018–2024 to reach revenue of $8,906.3 million by 2024
Bangalore, India, December 19, 2018: With its recently published study “Process Orchestration Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for Process Orchestration is expected to grow, owing to the increasing need to streamline and visualize each stages in business processes. Process orchestration helps customers in assigning various tasks to various teams and individuals for quick operations.
Process orchestration finds significant interest from the organizations which deal mostly with logistics. The increased usage of digital and automation by the customers is expected to steer the market growth, both in developed and developing countries. This trend is likely to continue during the forecast period 2018–2024, fueling the process orchestration market growth at a CAGR of 19.5% to reach revenue of $8,906.3 million by 2024.
North America is dominant in the process orchestration market, followed by Europe and Asia Pacific during the forecast period 2018 – 2024. North America is the largest contributor owing to the relatively high spending by the organizations to enhance customer experience. Most of the organizations in the North America outsource the BPO activities to vendors in other countries for cost-effectiveness. The vendors based in countries such as India and Philippines are growing due to the great outsourcing deals they are getting from North America and Europe. Asia Pacific is poised to grow at the highest CAGR as the region holds potential to improve BPM with the adoption of process orchestration to enhance the customer experience for growing customer base of organizations in the region.
The finance and accounts segment is majorly contributing toward the process orchestration market. The next two significant segments for the process orchestration market are operations and customer care, and supply chain management, which simplifies the trade management and customer query management. On the other hand, the sales and marketing segment has a relatively smaller market share; although its adoption is expected to increase over the years, consequently generating more revenue for the process orchestration market.
“The growing need to streamline and automate the complex workflows is expected to drive the adoption of process orchestration market. Most of the market share is captured by few top IT giants in the industry and the consulting market of process orchestration is expected to grow substantially to enable organizations to procure the right process orchestration software that suits their business needs.” said Swarup Bhowal, Research Analyst, Infoholic Research
Key insights of the report include:
- Business Function:
- Supply Chain Management
- Finance and Accounts
- Operations and Customer Care
- Sales and Marketing
- Telecom and IT
- Energy and Utilities
- Consumer Goods and Retail
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP