PUNE, India, June 22, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the market is expected 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 increasing need to streamline processes and achieve business agility in various industry verticals is expected to have led to the adoption of the process orchestration solution.
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With an increase in the adoption of cloud-based process orchestration solutions and services among Small and Medium-sized Enterprises (SMEs), the Process Orchestration Market is expected to gain traction during the forecast period.
Among services, the professional services segment is expected to grow at the highest CAGR.
The professional services segment is expected to gain traction during the forecast period. Professional services include consulting, training and education, and support and maintenance. These services are mostly post-sales services that are delivered to customers after the purchase of products. The professional services also include designing, planning, upgrading, and a host of other consulting services, which are offered to clients. The professional services teams offer comprehensive services via the latest techniques and tools, skills, knowledge, and strategies to address organizations' process orchestration needs.
The on-premises deployment under the deployment type is expected to hold the larger market share during the forecast period.
The on-premises deployment under the deployment type is expected to dominate the Process Orchestration Market between 2018 and 2023. On-premises solutions are delivered for a one-time license fee, along with a service agreement. As the on-premises deployment requires huge infrastructure and a personal data center, only those organizations that can afford its deployment cost usually deploy this model. Therefore, the SMEs often face the dilemma of choosing between cloud and on-premises solutions. The on-premises deployment model offers several advantages, such as system and data control, and dedicated maintenance and support staff.
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Among regions, North America is expected to hold the largest market size in the global Process Orchestration Market
North America is expected to hold the largest market size, as this region is extremely responsive toward the adoption of latest technological advancements. Whereas Asia Pacific (APAC) is expected to grow at the highest CAGR, and has become a new hotspot for process orchestration vendors as a revenue generating region. Furthermore, Europe is expected to be another revenue generating region for the process orchestration vendors.
Major vendors who offer Process Orchestration Market solution and services across the globe include SAP (Germany), IBM (US), Oracle (US), CA Technologies (US), ServiceNow (US), Cisco (US), BMC Software (US), Fujitsu (Japan), OpenText (Canada), TIBCO (US), Software AG (Germany), HCL (India), Wipro (India), Newgen Software (India),Everteam (France), Arvato (Germany), Ayehu (US), Micro Focus (UK), Icaro Tech (Brazil), Cortex (UK), eQ Technologic (US), PMG (US), Nipendo (US), Dealflo (UK), and Data Ductus (Sweden).
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