The "Service Integration and Management Market - Growth, Trends and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The service integration and management market is expected to grow at a CAGR of 9.2% during the forecast period (2020-2025).
The growth of the market is dominated by rapid growth in the adoption of multi-vendor outsourcing to attain operational efficiency and saving costs. This is further leading to increasing complexities of service management, and thus, the demand for service integration and management is boosting.
Hewlett Packard Enterprise (HPE)
Key Market Trends
Cloud Segment 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). According to the AXELOS ITSM Benchmarking Report 2019, 68% of the respondents suggested that the cloud could have the most significant impact on the organization for the next five years, where AI and IoT recorded 41% and 38% respectively.
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.
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.
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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Increasing Complexities of Service Management
4.3.2 Increasing Demand for Multi-Vendor Outsourcing
4.4 Market Restraints
4.4.1 Lack of Uniform Slas and Regulatory Compliances
4.5 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Component
188.8.131.52 Business Solutions
184.108.40.206 Technology Solutions
5.2 By Organization Size
5.2.1 Small and Medium Enterprises
5.2.2 Large Enterprises
5.3 By End user Industry
5.3.2 IT and Telecom
5.3.5 Other End-user Industries
5.4.1 North America
5.4.2 Asia Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sgosgz
View source version on businesswire.com: https://www.businesswire.com/news/home/20201204005418/en/
Laura Wood, Senior Press Manager
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