Workflow Orchestration Market To Reach USD 81.66 Billion By 2026 | CAGR of 23.9%
Initiatives of digital transformation in different end-user industries, increasing demand for streamlining business processes, and effectiveness of workflow orchestration in enhancing business productivity are boosting workflow orchestration market.
Market Size – USD 15.89 Billion in 2018, Market Growth – CAGR of 23.9%, Market Trends –The rise in demand for digital transformation
The global workflow orchestration market is forecast to reach USD 81.66 Billion by 2026, according to a new report by Reports and Data. Orchestration occurs when IT organizations aim at automating several interrelated operations for supporting a single outcome. It is a complex process that requires effective coordination and planning between IT officers. The workflow orchestration market is forecasted to witness a considerable growth rate during the forecast period. Primary factors contributing to the growth of the market are increasing demand for streamlining business processes, initiatives of digital transformation in different end-user industries and effectiveness of workflow orchestration in enhancing business productivity. The continuous emphasis among end-user industries, to achieve a competitive lead, has increased the acceptance and deployment of workflow orchestration solutions, which propels the growth of the market.
In addition to the specified factors, various benefits associated with workflow orchestration also results in boosting the growth of the market. Mentionable advantages in this context are minimized organizational errors and enhanced operational speed. With the help of incorporation of workflow orchestration, routine tasks can be automated, that results in reducing the number of errors and improve the efficiency of IT staffs. The presence of these benefits results in increased demand for workflow orchestration among end-user industries, which positively affects the growth of the market. The continuous emphasis among end-users to launch new products also helps in market expansion. One of such launch is Azure Automation services, which was launched by Microsoft, a key player of the market. Under this new launch, orchestration, integration, and automation for the organizational environment become much effective and easy.
In regards to region, Europe holds the second-largest market share in the workflow orchestration market. The market dominance of the region is the result of the presence of eminent professional software firms and information system providers in this region.
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Key participants include IBM, Microsoft, Oracle, Cisco Systems, CA Technologies, Bmc Software, Arvato AG, Ayehu Software Technologies, Dalet S.A., and ServiceNow.
Further key findings from the report suggest
- Workflow orchestration market held a market share of USD 15.89 Billion in the year 2018, with a growth rate of 23.9% during the forecast period.
- In the context of the Type, the Cloud Orchestration segment generated the highest revenue of USD 5.56 Billion in 2018 with a CAGR of 24.3% during the forecast period. Various advantages associated with Cloud Orchestration like enhanced organizational performance, minimized business downtime, increased organizational productivity, and reduced operational cost results in its increased preference. Increased preference and the rising popularity of Cloud orchestration among end-user industries are contributing to the segment’s generated revenue.
- In regards to Solutions, the Connectivity and integration segment dominates the market, yielding the highest revenue of USD 6.20 Billion in 2018 with a CAGR of 24.3% during the forecast period. Extensive application of workflow orchestration solutions for connecting applications and systems across different organizational departments results in a high deployment rate of Connectivity and integration solutions. Thus, high deployment rate of Connectivity and integration solutions contributes to the generated revenue of this segment.
- In context to Organization size, the large enterprises segment dominates the market occupying a larger market share of 78.0% in 2018, with a growth rate of 15.7% during the forecast period. The market dominance of this segment is the result of extensive workflow, complex business processes in this type of enterprise and the associated need for streamlining the business processes for enhancing the functioning of this enterprise. The need for streamlining business processes in this type of enterprise results in high demand and deployment of workflow orchestration that contributes to the segment’s market share.
- In regards to End-users, the IT & Telecommunication segment occupied the largest market share of 20.0% in 2018, with the fastest CAGR of 24.8% during the forecast period. The market share held by the IT & telecommunication segment is the result of high deployment rate of cloud-based business support systems, elevated emphasis on enhancing customer services and minimizing manual workload in the IT & Telecommunication industry. The increasing preference for reducing manual workload and improving customer service in the IT & Telecommunication sector has resulted in rapid incorporation of workflow orchestration that contributes to the segment’s market share and growth rate.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 26.4% during the forecast period. Factors like increasing digital transformation, and rising need for high data volume processing contributes to the growth of the market in this region.
For the purpose of this report, Reports and Data have segmented the global workflow orchestration market according to Type, Solutions, Organization Size, End-users, and Region:
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Type Outlook (Revenue, USD Billion; 2020-2026)
- Business Process Orchestration
- Cloud Orchestration
- Network Management
- Data Center Orchestration
- Security Orchestration
Solutions Type Outlook (Revenue, USD Billion; 2020-2026)
- Visual interface
- Scale and performance
- Connectivity and integration
- Pre-built content
- Process automation
Organization size Type Outlook (Revenue, USD Billion; 2020-2026)
- Large Enterprises
- Small and Medium-Sized Enterprises
End-users Type Outlook (Revenue, USD Billion; 2020-2026)
- Banking, Financial Services, and Insurance [BFSI]
- IT & Telecommunication
- E-Commerce, Consumer &Retail Goods
- Media & Entertainment
- Manufacturing & Automotive
- Public Sector
- Healthcare & Pharmaceutical
- Travel & Hospitality
Regional Outlook (Revenue, USD Million; 2020-2026)
- North America
- Asia Pacific
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2026?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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