System Integration Market Size
Increasing adoption of cloud computing and rapid growth of small & medium enterprises (SMEs) is boosting the growth of the global system integration market.
PORTLAND, PORTLAND, OR, UNITED STATE, July 9, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, The system integration market was valued at $351.76 billion in 2021, and is estimated to reach $1838.6 billion by 2031, growing at a CAGR of 18.1% from 2022 to 2031.
System integration provides risk coverage for the lost income due to failure to work in case of any permanent or temporary disability. This kind of insurance helps in providing a part of the lost income along with the medical expenses, if the policyholder happens to meet with an accident that led to disability. It covers sick leave and offers disability benefits for short and long-term periods.
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Furthermore, increasing adoption of cloud computing and rapid growth of small & medium enterprises (SMEs) is boosting the growth of the global system integration market. In addition, demand for low-cost and energy-efficient production processes is positively impacts growth of the system integration market. However, lack of awareness among the customers and enterprise budgetary constraints is hampering the system integration market growth. On the contrary, technological advances such as the integration of edge computing, internet of things (IoT), and artificial intelligence is expected to offer remunerative opportunities for expansion during the system integration market forecast.
Depending on enterprise size, the large enterprise segment holds the largest system integration market share as large enterprises are adopting system integration to connect all their infrastructures. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
Region-wise, the system integration market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of IoT and cloud services. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud-native countries like Japan.
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Cloud computing adoption has been increasing rapidly, as cloud-specific spending is growing at more than six times the rate of general IT spending through 2022, which is the growing market trend. In addition, cloud providers are offering strong native optimization capabilities to help organizations select the most cost-effective architecture that can deliver the required performance, which notably contributes toward the growth of the system integration industry.
Furthermore, several market players are acquiring small cloud provides to boost cloud adoption. For instance, in June 2020, IBM Corporation signed a definitive agreement to acquire Spanugo, a U.S.-based provider of cloud cybersecurity posture management solutions. To further meet the security demands of its clients in highly regulated industries, IBM integrated Spanugo software into its public cloud. This acquisition of Spanugo software helped accelerate the availability of a security control center that will enable IBM clients to define compliance profiles, manage controls, and, in continuous real-time, monitor compliance across their organizations.
The COVID-19 outbreak negatively impacts the growth of the system integration market trends, the industry is expected to recover by the third quarter of 2022. This is attributed to significant investment in advanced technologies such as IoT and smart technologies and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India. Furthermore, adopting technologies such as cloud, Artificial Intelligence (AI), and IoT.
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With the considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness rising investments as system integration solutions grow in prominence across different business functions offered several opportunities to digitize and expand the business across regions. Moreover, various public and private entities are expected to come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework, which, in turn, is expected to provide lucrative opportunity for the growth of the global system integration industry.
KEY FINDINGS OF THE STUDY
1. By service type, the infrastructure integration segment accounted for the largest system integration market share in 2021.
2. Region-wise, North America generated highest revenue in 2021.
3. Depending on industry vertical, the BFSI generated the highest revenue in 2021.
The key players that operate in the system integration market analysis are Accenture, Capgemni SE, Cisco Systems Inc, Fujitsu, Cognizant, Delloite, IBM Corporation, Infosys, Tata Consultancy services, Tech Mahindra Limited, Oracle Software, HCL Technology, Tesco Controls, Burrow Global, INTECH, Crystalloids Inc, and Mangrovia Blockchain Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the system integration industry.
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