Retail & consumer goods sector to drive process orchestration market share over 2019-2025
Publisher : Fractovia | Published Date : 2019-07-17Request Sample
An unprecedented surge in the adoption of advanced technologies across different business verticals is propelling process orchestration market trends in the recent years. In an era of globalization, businesses are primarily focusing on delivering improved customer satisfaction, gaining enhanced competitive skills and operational functioning via the means of tools that can be incorporated by adoption process orchestration.
Latin America Process Orchestration Market Revenue, By Professional Service, 2018 & 2025 (USD Million)
Apart from helping enterprises in designing, integrating, and implementing various customer processes, process orchestration enables automated metering and chargebacks which improves cost governance while promoting economic utilization of resources. This, in turn, lowers the cost of infrastructural investments for modern-day firms and improves the footprint of cloud services. Since it offers optimized tools, businesses respond to changing customer demands more efficiently and innovate faster – a major factor that has continued to boost process orchestration industry size.
When it comes to the application landscape of process orchestration market, the retail & consumer goods sector is expected to emerge as a major growth avenue for this industry. Owing to rapidly evolving consumer needs and increasing market competition, it has become imperative for the fast-growing retail business to enhance its service and product portfolio.
Process orchestration tools are enabling such businesses to enhance customer reach and transform their operations, and will also assist in identifying new revenue streams, improving customer shopping experience, minimizing operating costs, and automating manual processes in the highly competitive sector. This would, in turn, major benefit process orchestration market share from retail & consumer goods application segment, which is anticipated to register an annual growth rate of 14 percent over 2019-2025.
In terms of geographical expansion, it comes as no surprise that the Asia Pacific region is evolving as a highly competitive growth terrain over the last few years. The major factors contributing to product demand across the region include increasing requirement for industrial automation, rapid pace of globalization, and strategic government programs directed toward the improvement of manufacturing sector.
Moreover, the increasing awareness pertaining to the benefits of process orchestration, along the likes of enhanced business planning and elimination of process redundancy, would act as a favorable aspect in driving Asia Pacific process orchestration market outlook over the forecast period. Powered by increasing usage of IT infrastructure and resources to garner the advantage of cost optimization, the Asia Pacific process orchestration industry share is likely to expand at an annual growth rate of 18 percent over 2019-2025.
With the rising adoption of cutting-edge technologies such as machine learning and AI, the demand for process orchestration solutions to efficiently optimize cloud architectures and manage, optimize, and integrate computer systems to further help cater to and retain customers has only been surging. Needless to mention, the large enterprises are ideal candidates when it comes to solving the puzzle of integrating cloud infrastructure with the help of these solutions. Apparently, these enterprises are making sizeable investments in research and development to devise new machine intelligence and automation techniques.
The most apt instance of the same is the recent announcement by IBM which states that the firm would invest close to USD 2 billion in its new research hub for AI in New York. It will improve the firm’s efforts to derive extensive benefits from the emerging technologies by revamping business operations. Such investments and research efforts can be attributed for the increasing dominance of large enterprises in process orchestration industry. In fact, reports claim that large enterprises accounted for about 70 percent revenue share of the organization size segment of process orchestration market in 2018.
Increasing demand from the fast-evolving retail and consumer goods sector coupled with the integration of advanced technologies such as AI and machine learning will drive the commercialization prospects of process orchestration industry. Moreover, the emergence of cloud computing has been of concern to numerous businesses, making the adoption of process orchestration crucial for managing cloud-based services and applications. Reports forecast that the revenue scale of process orchestration market would surpass an impressive figure of USD 9 billion by 2025.
