The growing need to streamline business processes and reduce operational costs is expected to drive the adoption of process orchestration solution and services among enterprises.
Under business functions, the finance and accounting segment is expected to be the fastest growing business function in terms of the adoption of Process Orchestration solution and services. The globalization of business has led organizations to deploy the process orchestration solution for optimizing the supply chain management and order fulfillment process. Orchestration enables the organizations to capture and process orders effectively, starting right from the initial phase of planning to configuring, pricing, and order delivery. The process orchestration solution offers visibility into the multi-enterprise supply chain network of suppliers and partners, which helps businesses achieve success.
Among industry verticals, the manufacturing industry vertical is expected to be the fastest growing industry vertical in terms of the adoption of process orchestration solution and services during the forecast period. The manufacturing industry vertical relies heavily on a network of collaborators, as manufacturers need to regularly share and update the information related to raw materials, processing, engineering, designing, and production with stakeholders. Manufacturing enterprises are modernizing their IT infrastructure, resulting in advanced control dashboards, predictive maintenance algorithms, and mobile applications, which can help perform general manufacturing operations as well as other support functions. Process orchestration can assist the manufacturing enterprises in reducing lead time and streamlining their processes.
With the increasing proliferation of the cloud technology, the cloud deployment model is opted by many organizations. Therefore, the cloud deployment type is expected to grow at a higher CAGR during the forecast period. The cloud-based deployment model reduces the total cost of ownership by cutting down the cost associated with installing hardware that supports the process orchestration solution Additionally, the cloud-based deployment model offers higher business agility as compared to that of the on-premises deployment model. Furthermore, companies are also opting for the cloud-based process orchestration solution as the solution is cost-effective.
The adoption of process orchestration services among Small and Medium-sized Enterprises (SMEs) is gaining traction, as these services provide flexibility and scalability along with reduced operational costs. By implementing process orchestration, the SMEs can leverage the benefits, such as streamlined processes, less downtime, and improved operational efficiency.
In regions, Asia Pacific (APAC) is expected to be the fastest growing region in the process orchestration market. The high growth rate in APAC is attributed to the increasing technology adoption in APAC countries, such as India and China. Furthermore, the APAC region also has a competitive advantage over other regions, due to the easy availability of cost-efficient solutions and trained workforce, and flexible regulations and policies.
