The global process computing market is poised to witness tremendous growth in the years to come, owing to the increasing integration of advanced technologies such as machine learning and AI with process computing solutions. These solutions, powered by AI, assist processes in becoming more precise, easily adaptable to changes, and increasingly intelligent. That aside, process computing solutions also help enhance business efficiency by reducing operational efforts with lower labor costs and faster processing times, amplifying their adoption.
Another factor that is responsible for fueling process orchestration market is the increasing demand for consistently improving IT systems and services, and optimizing resource utilization to meet customers’ requirements. The adoption of process computing solutions by companies for increasing interactions with other customers, bring about operational efficiency, and enhance quality of internal operations is bound to contribute toward the growth of process computing industry.
In the years to come, the massive deployment of process computing technology across numerous verticals is projected to augment the scope of this industry. Indeed, it is speculated that the application landscape of process orchestration market spans a slew of business domains such as consumer goods & retail, BFSI, media, healthcare, energy, IT & telecom, transportation, and manufacturing – thus making this vertical a highly revenue-generating sphere in the global smart technologies cosmos.
Enumerated below is a gist on two of the most prominent business segments that have majorly adopted process computing technology.
Process computing industry trends | The BFSI sector
Speaking of the transformation in process computing market trends from an application-oriented perspective, it is vital to mention that the BFSI sector stands tall as one of the most profitable domains where process computing technology can be aptly deployed. Efficacy and streamlining in banking operations has now become more crucial than ever, on account of which BFSI leaders are being pressurized to provide timely and accurate financial reports & services to their businesses.
Finance and accounting processes still consist of massive amounts of mundane and routine human tasks owing to which the CFOs face challenges to manage the high-volume transactional processes at a lower cost. The usage of process computing solutions to this effect will help in controlling and managing end-to-end financial processes via streamlining financial reporting and automating accounting workflows. This would consequently improve organizational value and provide an impetus to process computing market share from BFSI applications.
Not to mention, of late, the BFSI industry has been depicting a consistently aggressive focus on digitization as well as the adoption of emerging and new technologies to deliver superior customer experiences, enhance speed-to-market and bring operational efficiencies. Banks are investing into self-service digital channels as mobile phones and online banking are becoming more popular among customers. Moreover, banks are also seeking to explore opportunities by leveraging the technologies in-house or through collaborating with FinTech firms.
Most BFSI leaders are now looking for process computing solutions to streamline their finance and accounting processes, which will majorly drive process orchestration market from the BFSI applications over 2019-2025.
Process computing industry trends | The Transportation sector
According to reliable reports, the transportation industry, with the proliferation of advanced mobility solutions, is anticipated to depict a highly commendable growth rate across the globe in the forthcoming years. Indeed, the transport and logistics sector is undergoing a crucial transformation with new technological advancements incorporated in automobiles and other modes of transport. Connected vehicles are now the latest trend, and mobility companies have been consistently forging partnerships with technology giants to incorporate the latest features in vehicles.
Amid this scenario, process computing solutions have come to play a significant role in reshaping the trends of the transportation industry. Indeed, it is being speculated that public transportation, in the future, will be characterized by numerous developments aimed to target excess crowds and increasing traffic with the implementation of process computing technology. The utilization of process orchestration solutions will reinforce the mobility industry with advanced business operations and enhanced efficiency, thereby leading to the transportation segment emerging as a vital application sector of process computing market.
Endorsed by a wide application terrain, process computing market is predicted to depict a highly profitable lucrative remuneration map in the ensuing years. As per estimates, the valuation of process orchestration market would cross US$9 billion by the end of 2025.