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(Wireless-NewsWire.Com, April 24, 2020 ) As per report "Workflow Orchestration Market by Type (Cloud Orchestration, Data Center Orchestration, Business Process Orchestration, and Security Orchestration), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2022", the workflow orchestration market is estimated to be USD 13.81 Billion in 2017 and is projected to reach USD 50.82 Billion by 2022, at a CAGR of 29.8% from 2017 to 2022.
The growth of the workflow orchestration market can be attributed to the need to achieve improved business outcomes and enhance operational efficiency as well as productivity level.
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Key players operating in the workflow orchestration market include:
• Microsoft (US)
• IBM (US)
• Cisco Systems (US)
• Oracle (US)
• VMware (US)
• CA Technologies (US)
• Arvato AG (Germany)
• BMC Software (US)
• ServiceNow (US)
• Micro Focus (UK)
• Dalet SA (France)
• Ayehu Software Technologies (US)
Based on type, the business process orchestration segment is projected to grow at the highest CAGR during the forecast period. Business process orchestration refers to modeling, implementing, integrating, and monitoring of custom process applications. It enables organizations to significantly reduce time and cost needed to model and implement business processes, services, and applications. Thus, the adoption of business process orchestration by enterprises worldwide is projected to drive the growth of the business process orchestration segment.
Based on organization size, the Small & Medium-sized Enterprises (SMEs) segment of the workflow orchestration market is projected to witness the highest growth during the forecast period. This growth can be attributed to the adoption of workflow orchestration by SMEs to streamline business processes, reduce downtime, and improve business efficiency.
Based on vertical, the IT & telecommunication segment is estimated to lead the workflow orchestration market in 2017. Companies in the IT & telecommunication vertical are focused on the implementation of cloud-based business support systems. Leading telecommunication companies are transforming their business functions by adopting workflow orchestration to ensure high level of customer interaction and reduce manual workload.
North America is estimated to lead the workflow orchestration market in 2017. The growth of the workflow orchestration market in North America is primarily driven by the presence of key players, such as IBM (US), VMware (US), Microsoft (US), Oracle (US), and BMC Software (US), offering workflow orchestration solutions in this region. The digitalization of organizations has created an opportunity to refine and streamline various business activities through workflow automation and orchestration. Several organizations in North American countries are opting for workflow orchestration to reduce operational costs and achieve improved business outcomes, which, in turn, is expected to drive the growth of the workflow orchestration market in this region.
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