Market Trends of Global Service Integration and Management Industry
This section covers the major market trends shaping the Service Integration & Management Market according to our research experts:
Cloud Technology to witness significant growth
- The increased adoption of cloud by businesses for various purposes has led to an explosion in the volume, variety, and sources of data, surging demand for applications that leverage data in real-time and an increasing need to integrate data and services that live on-premises, in private clouds, and in multiple vendors’ public clouds and thus has boosted the market for Integration Platform as a Service (iPaaS).
- With the recent increase of SaaS-based providers in the market, enterprises are facing issues in choosing the right platform for their organizations. Subsequently, data that exists outside the internal boundary of the organization’s firewall needs to be controlled and managed, thus increasing the adoption of cloud-based service integration solutions.
- When the enterprises have a mix of on-premise and on-cloud applications, using separate integration tools for both of them creates an unwanted complexity in the IT infrastructure as well as introduces latency. Hybrid integration eliminates the task of rewriting integration while moving back and forth from cloud to private.
- Moreover, the increased emphasis on the use of Information Technology Infrastructure Library (ITIL 4), the most widely adopted best-practices guidance framework for implementing and documenting Information Technology Service Management (ITSM) which is responsible for managing end-to-end delivery of IT services to customers will further proliferate the market for cloud service integration and management due to the wide range of benefits provided.
- Additionally, according to Epicor Software's annual insights report, 94% of mid-sized essential businesses in the United States are adopting cloud in 2021, up from 25%, which declared cloud a strategic priority in 2020. Some of the major drivers for cloud migration included improved security (34%) via encryption, multifactor authentication (MFA) and 24-hour monitoring, and quality control (32%). In addition, COVID-19 has also played a major role in pushing cloud adoption in the country, with 82% of the respondents suggesting that they accelerated their cloud migration plans because of COVID-19.
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North America is Expected to Hold Major Share
- The North American region is expected to significant growth during the forecast period, primarily owing to the presence of multiple industry players, coupled with the rapid adoption of cloud-based services among various organizations in the region. Various factors, such as the increased need for advanced integration services and the increased shift of the workloads to the cloud environment, are also expected to drive the demand for IPaaS solutions.
- Various end-user companies are expanding their presence in the region, which creates a need for outsourcing IT functions. In August 2021, Amazon Inc. announced plans to open several large retail locations in the United States which would operate akin to the departmental stores. The plan to launch large stores marks a new expansion for the online shopping company in offline retail.
- The region is witnessing the growth of cloud-based ITSM, owing to the rapid adoption of BYOD policies for improved productivity, employee satisfaction, and cost-effectiveness. These policies require remote accessibility of information, which is facilitated by cloud-based Information Technology Service Management solutions.
- According to a study conducted by Cisco's Internet Business Solutions Group, the companies in the United States can save as much as USD 3,150 per employee every year if they implement a comprehensive BYOD policy. Moreover, employees are spending an average of USD 965 on their devices as well as USD 734 each year on data plans.
- The growing investments and developments in the IT and telecommunication and BFSI industry in the region are expected to create opportunities for the market. Furthermore, Covid-19 has accelerated customer demand for digital technologies to ensure resilient enterprise business operations across the region, resulting in cloud-based offerings replacing traditional products.
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