Market Research Of Global System Integration Market By Knowledge Sourcing Intelligence
INTRODUCTION
The global
system integration market was valued at US$302.210 billion in 2017 and is
projected to expand at a CAGR of 8.04% over the forecast period to reach
US$480.620 billion by 2023. System Integration is the process of integrating
all the physical and virtual components of an organization’s system. It is used
to add value to an organization’s system through new functionalities provided
by connecting functions of different systems. Increasing pressure on
organizations to improve customer experiences, align to tech trends faster, and
meet regulatory standards are compelling them to move to system integration so
as to streamline their services for the customers.
Increased focus
of companies on reducing their operating cost is driving the demand for
system integration. Companies across industries such as ICT, retail,
government, and others, are increasingly adopting advanced technologies such as
big data, cloud, Internet of Things (IoT) from multiple vendors which are
creating a huge opportunity for system integration market to flourish. The
market is expected to show solid growth over the projected period owing to
the growing penetration of system integration in a variety of areas such as
building automation, and smart cities. Geographically, Asia Pacific is expected
to grow at a healthy pace owing to the adoption of new technologies and the development of smart cities in countries such as India and China.
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| sample view of global system integration market share |
By industry
vertical, the global system integration market is segmented as BFSI, aerospace
and defense, information communication, and technology, retail, government, and
others. BFSI and retail industry holds a significant share in this market on an account of growing competition in these industries which is pushing the market
players towards adopting new technologies while focusing on cost reduction.
Availability of a large number of vendors offering these services at affordable
prices are increasing the adoption of system integration services by players in
other industries like government, media and entertainment, and others.
BFSI
The BFSI system
integration market was valued at US$XX.XX billion in 2017 and is expected
to grow at CAGR of XX.XX% over the forecast period to reach a market size
of US$XX.XX billion in 2023. This industry is witnessing a continuous narrowing
of margins for institutions from equity businesses. Competition in this
industry is intensifying thus making institutional clients more selective of
whom their trusted bankers will be. This is pushing the banking and financial
institutions towards strategically reallocating and optimizing the limited
resources they have in order to retain their position in the market. Limited IT
resource at these institutions is increasing the demand for various services
for the adoption of new technologies. This is driving the growth of the system
integration market in this industry.
Another factor
the growth of this market in this industry is attributed to is the rapid
digitization of business processes and the increasing adoption of cloud computing
among the industry players. The rapid growth of this industry has been fueling
the adoption of cloud storage solutions by many banking and financial
institutions to store and manage the immense amount of data being created every
day. Increasing penetration of cloud in this industry is driving with it the
demand for system integration services which allow the customers to focus on
their core business without having to worry about the overall process of
migration to the cloud. The availability of a good number of vendors offering these
services at affordable prices to their customers is increasing the adoption of
system integration services by the players in this industry, thus augmenting
the market growth.
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GLOBAL SYSTEM INTEGRATION MARKET FORECAST
BY GEOGRAPHY
Geographically,
the global system integration market has been segmented as North America, South
America, Europe, the Middle East, and Africa and the Asia Pacific. North America and
Europe held a substantial market share owing to the early adoption of
technology increasing expenditure on industrial and office automation and
thriving e-commerce industry. The Asia Pacific region is projected to witness
impressive growth in the coming years on account of raising awareness regarding
the advantages of system integration and favorable government policies promoting
the set-up of new enterprises. Positive economic conditions and rising company
profitability will increase the automation expenditure across industry
vertical, thereby boosting the demand for system integration services across
industry vertical in the APAC region. Cost-effectiveness coupled with
improvement in organizational efficiency offered by system integration will
augment its demand worldwide.
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The European
system integration market is projected to grow at a CAGR of X.XX%, rising
from US$XX.XXX billion in 2017 to US$XX.XXX billion in 2023. The regional
system integration market has been segmented as Germany, France, United
Kingdom, and Spain among others. The established e-commerce industry, the trend towards
big data and improvement in organizational efficiency offered by system
integration will drive the demand for these. In addition, high internet
penetration and the increasing number of connected devices will further propel the
demand for system integration. Germany and the United Kingdom held a
significant market share on account of rising demand for automation across
industry verticals, set up of new data centers and enterprises opting for cloud
computing solutions due to its cost-effectiveness. The demand for these
services in the United Kingdom will grow at a remarkable rate due to new SMEs
entering the market and increasing IT expenditure by enterprises across
industry verticals.
UNITED KINGDOM
The United
Kingdom system integration market is projected to grow at a CAGR
of X.XX%, rising from US$XX.XX billion in 2017 to US$XX.XX billion in
2023. The United Kingdom held a significant market share in 2017 owing to
the well-established internet structure, efficient data analytics and rising
expenditure on industrial and office automation. System integration facilitates
improvement in customer satisfaction, which boosts overall company sales as a
prospective customer can check the availability and expected delivery of the
product online. As per the statistics published by the Office for National
Statistics, the e-commerce sales in the region increased from £334.6 billion in
2008 to £533 billion in 2015 at a CAGR of 6.88%. Booming e-commerce industry
and better customer satisfaction will boost the demand for system integration
services. Increasing expenditure on industrial automation to eradicate
inefficiencies and the trend towards big data and cloud computing will increase
the budget allocation on IT expenditure, boosting the demand for these services
throughout the forecast period.
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