Workflow orchestration market to be worth more than $50 billion
The workflow orchestration market is projected to grow from US$13.81 Billion in 2017 to US$50.82 Billion by 2022, at a CAGR of 29.8% during the forecast period.
The adoption of workflow orchestration by organizations to improve operational efficiency, productivity levels, and business outcomes is one of the most significant factors projected to drive the growth of the workflow orchestration market.
The digital transformation of organizations and the need to streamline business processes will offer lucrative growth opportunities to workflow orchestration providers in the near future.
The workflow orchestration market has been segmented on the basis of type, organization size, vertical, and region.
Based on the type, the workflow orchestration market has been segmented into cloud orchestration, data center orchestration, network management, business process orchestration, and security orchestration.
The business process orchestration segment of the workflow orchestration market is expected to grow at the highest CAGR during the forecast period.
Business process orchestration offers distinguished ways to connect heterogeneous systems within organizations, besides improving data quality and reducing data entry efforts through workflow automation.
A key restraining factor impacting the growth of the workflow orchestration market is lack of technical expertise.
Skills required for integrating workflow orchestration are entirely different from skills needed to manage the traditional IT infrastructure.
Adequate knowledge is also required for interfacing, interconnecting, and analyzing processes and applications for effective and seamless integration.
Thus, difficulties associated with the integration of new and existing systems through workflows are acting as a key challenge to the growth of the workflow orchestration market.
Based on organization size, the large enterprises segment is estimated to lead the workflow orchestration market.
Large enterprises have adopted workflow orchestration to reduce operational costs and improve business functioning to sustain in the intense competitive environment.
These enterprises are increasingly investing in advanced technologies to enhance overall productivity and efficiency.