DUBLIN, April 13, 2023 /PRNewswire/ -- The "Workflow Orchestration Market, By Type, By Component, By Organization Size, By Industry Vertical, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The market size for workflow orchestration was valued at USD 19.28 billion in 2021 and is projected to witness a revenue CAGR of 17.9% during the forecast period.
The rapid adoption of workflow orchestration for simplifying digital payment processes, increasing demand for high volume transformation and processing through Big Data workflows, and the need for digital transformation to improve business outcomes with strategic decision-making are the key factors driving revenue growth in the market.
Orchestration aims to optimize and streamline common and repetitive procedures, ensuring faster and more accurate software deployment. It leverages a range of automated tasks to perform larger processes or workflows automatically. As digital payments become increasingly mainstream, businesses and individuals worldwide are utilizing online payments to streamline transactions and minimize operational costs and time.
According to the World Bank, two-thirds of adults worldwide are capable of making or receiving digital payments in 2021. These factors are driving the industry's adoption of workflow orchestration, which in turn, is boosting market revenue growth. Many industry players are launching domestic payment orchestration programs to enhance payment activities across their domestic network of partners and vendors.
For example, Treasury Intelligence Solutions (TIS), a German B2B treasury company, has introduced a domestic payment orchestration program that allows businesses to conduct highly secure transactions through secure connections with selected institutional banks and FinTech partners. Many FinTech companies are partnering with cloud services companies to manage payment orchestration, and this trend is expected to contribute significantly to market revenue growth.
The widespread deployment of workflow orchestration for business process automation is fueling market growth. Numerous enterprises worldwide are automating their day-to-day business processes by incorporating workflow orchestration services and solutions. Research indicates that digital transformation of organizations is expected to generate 163 zettabytes of data by 2025.
Many leading multinational technology companies, such as Google, Microsoft, and Amazon, are deploying workflow orchestration to streamline machine learning pipeline data, distribute applications, and automate processes. The advancements in automation are increasing awareness among end-users, and the incorporation of novel technologies is expected to reduce data processing costs and maximize business efficiency.
Market Dynamics
Rapid adoption of workflow orchestration in organizational digital transformation
The adoption of workflow orchestration is being accelerated by technological advancements in faster internet support. The introduction of 5G technology has enhanced the capabilities of business applications. With organizational digital transformation pushing for more advanced workflow orchestration, internet penetration is playing a crucial role in facilitating this process. According to the International Telecommunication Union (ITU), 66% of the world's population, or 5.3 billion people, are using the internet in 2022. Many companies are introducing workflow orchestration to various functional areas such as supply chain, manufacturing, finances, and distribution, to improve operational efficiency, business outcomes, and productivity. Research indicates that 30% of business processes are expected to be automated by early 2030. The market has strong potential to expand in information technology and services in coding automation, integration, and monitoring of Extract, Transform, Load (ETL) stack from a single point of control. Furthermore, several private equity firms are investing in the workflow orchestration market to power innovation. For instance, Talis Capital, a London-based venture capital and private equity firm, has invested USD 22 million in Seqera Labs, a Barcelona-based company, to expand its product portfolio in data orchestration and workflow software. These developments are significantly fueling the growth of the workflow orchestration market.
Risk regarding data security and shortages of skilled personnel
The market faces a significant challenge with regards to data security. Process automation in workflow orchestration necessitates access to client data, and solution providers have end-to-end control and management of databases. As a result, data breaches can occur during data exchanges, with hackers potentially stealing confidential client credentials. In 2021, the Insurance Information Institute (III) reported a global total of 623.3 million cyberattacks, representing a 98% increase compared to the previous year. Providing a secure method for managing databases is a significant challenge for the market.
Furthermore, the global talent shortage in the technology industry is a major concern in the workflow orchestration market. Implementing workflow orchestration in an organization requires expertise in Machine Learning (ML) and Artificial Intelligence (AI). According to the International Monetary Fund (IMF), there will be a global shortage of over 85 million tech workers by 2030, resulting in a loss of USD 8.5 trillion in annual revenue. Only a small number of individuals globally have the necessary deployment skills and training, which is expected to impede market growth over the forecast period.
Key Takeaways
Type Outlook
The workflow orchestration market has been categorized into various segments based on type, component, and organization size. Under the type segment, the market has been segmented into cloud orchestration, data center orchestration, network management, business process orchestration, and others. The cloud orchestration segment dominated the market in terms of revenue in 2021, due to its increasing adoption in managing connections and automating workload operations on private and public clouds. On the other hand, the data center orchestration segment had a steady revenue share in 2021 and is generating demand for automating system configuration of L2 and L7 network services.
Component Outlook
Under the component segment, the market has been segmented into software and services. The software segment had a larger revenue share in 2021, and is deployed on-premises in organizations to mitigate the automation process of the ETL pipeline. The adoption of software is increasing significantly due to the rising data volume, and it offers data security and seamless connectivity, which is driving the growth of this segment. On the other hand, the services segment had a steady revenue share in 2021 and is being delivered in several cloud models, such as SaaS and IaaS.
Organization Size Outlook
Based on organization size, the market has been segmented into large enterprises and Small and Medium Enterprises (SMEs). The large enterprises segment accounted for the larger revenue share in 2021, as the deployment of workflow orchestration is high in large-scale business operations. Many large enterprises are introducing workflow orchestration in functional areas such as warehousing, supply chain, manufacturing, and processes to automate regular tasks. Additionally, workflow orchestration is increasingly being used in banking and financial platforms to deliver services with speed, scale, security, and resiliency without the overhead of building and maintaining infrastructure. Meanwhile, the SMEs segment accounted for a steady revenue share in 2021 and is adopting workflow orchestration to streamline regular business operations such as inventory, purchasing, manufacturing, and shipping, to comply with current trends and stay ahead of the competition. These factors are expected to drive growth in this segment over the forecast period.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Workflow Orchestration Market Segmentation & Impact Analysis
4.1. Workflow Orchestration Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Rapid utilization of workflow orchestration for streamlining digital payment activities
4.2.2.2. Large scale deployment of workflow orchestration for business process automation
4.2.2.3. Rapid adoption of workflow orchestration in organizational digital transformation
4.2.3. Market restraints analysis
4.2.3.1. Risk regarding data security
4.2.3.2. Shortages of skilled personnel
Chapter 1. Workflow Orchestration Market By Type Insights & Trends
1.1. Type Dynamics & Market Share, 2022 & 2030
1.2. Cloud Orchestration
1.3. Data Center Orchestration
1.4. Network Management
1.5. Business Process Orchestration
1.6. Others
Chapter 2. Workflow Orchestration Market By Component Insights & Trends
2.1. Component Dynamics & Market Share, 2022 & 2030
2.2. Software
2.3. Services
Chapter 3. Workflow Orchestration Market By Organization Size Insights & Trends
3.1. Organization Size Dynamics & Market Share, 2022 & 2030
3.2. Large enterprises
3.3. Small and medium enterprises
Chapter 4. Workflow Orchestration Market By Industry Vertical Insights & Trends
4.1. Industry Vertical Dynamics & Market Share, 2022 & 2030
4.2. Banking, Financial Services, and Insurance (BFSI)
4.3. Information Technology (IT) and Telecommunication
4.4. Media and entertainment
4.5. E-commerce
4.6. Manufacturing
4.7. Others
Chapter 5. Workflow Orchestration Market Regional Outlook
Chapter 6. Competitive Landscape
Chapter 7. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/q5pnbt
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