The growing technology landscape and expansion of businesses across various industry verticals, such as Banking Financial Services, and Insurance (BFSI), telecom and Information Technology (IT), consumer goods and retail, media and entertainment, manufacturing, transport and logistics, and energy and utilities, are expected to be the major contributors to the process orchestration market. The process orchestration solution aims at orchestrating and optimizing business processes from a simple workflow to an integrated process. Another factor that is expected to increase the adoption of the process orchestration solution is the growing demand for optimum resource utilization. In this report, MarketsandMarkets forecasts the global process orchestration market size to grow from USD 3.79 billion in 2018 to USD 8.50 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.
The renowned vendors in the process orchestration market include SAP (Germany), IBM (US), Oracle (US), Cisco (US), CA Technologies (US), and Fujitsu (Japan). These players have adopted various strategies, such as partnerships, business expansions, agreements, mergers and acquisitions, and new product developments, to expand their footprints in the process orchestration market.
SAP and IBM are 2 key players who have adopted both organic and inorganic growth strategies for boosting their market shares. SAP is a major provider of software and related services, and is a leading global vendor of enterprise applications. SAP’s process orchestration software enables its clients to model, execute, and efficiently monitor their business processes. The company’s mission is to deliver solutions that fuel innovation and assist its clients in optimizing their business functions. SAP has a strong partner network of 17,000 partner companies that serve its clients, globally.
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IBM has adopted strategies that include product upgrades, new service launches, and acquisitions. The company acquired a hybrid cloud recovery and business software firm, Sanovi Technologies, in October 2016. This acquisition has enabled IBM to provide its disaster recovery, cloud migration, and business continuity software for enterprise data centers and cloud infrastructures. Moreover, the company also offers advanced analytics features to its clientele for boosting the company’s Software-defined Resiliency strategy.
The key market players are engaging in strategies, such as mergers and acquisitions, new product launches, business expansions, and partnerships, to provide innovative offerings and increase profitability. Some of the companies that have engaged in mergers and acquisitions include Cisco (US), ServiceNow (US), HCL (India), Micro Focus (UK) , OpenText (UK), Software AG (Germany), IBM (US), and CA Technologies (US)
Process Orchestration Market by Component, Business Function (Supply Chain Management and Order Fulfillment, Marketing, and Human Resource Management), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023
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