According to Future Market Insights (FMI), a recent market analysis projects that the worldwide service orchestration market will reach US$ 6.15 billion in 2023. Over the upcoming years, it is anticipated that the rising need for better connection and flexible data interfacing in enterprises will accelerate market expansion.
Sales of service orchestration solutions will continue to be driven by the rapid development of cloud computing technologies and the growing acceptance of business automation services in enterprises. Given this, FMI expects the market to be worth more than US$ 4.1 billion in 2021.
Architectures and interfaces for service orchestration have been developing more quickly during the last few years. Providing dynamic and adaptable resource control and monitoring techniques is a primary goal of service orchestration.
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As businesses grow, they continuously want to increase their cost-effectiveness. Service orchestration helps them accomplish this by delivering enhancements in a predictable and dependable manner.
A wide range of organizations may access on-demand services thanks to service orchestration, which lowers network ownership costs. Multi-domain service orchestration also guarantees assistance for software development and integration to speed up service activation and improve agility. These factors are expected to increase service orchestration sales in both large and small/medium-sized businesses (SMEs) during the projection period.
The development of cloud computing technology has given businesses an efficient, scalable way to supply vital capabilities and services to their clients. The cloud has integrated seamlessly into the contemporary business. The ability to use cloud computing allows enterprises to improve their operational efficiency, cut costs, and increase data and processing flexibility.
With huge amounts of data generated through multiple cloud environments, maintaining coherent cloud processes has become a difficult task. To meet these challenges, organizations are continuously integrating advanced service orchestration platforms, which will continue augmenting the growth of the market in the forthcoming years.
Key Takeaways:
- By solution, the service orchestration platform segment is anticipated to expand at a 23.2% CAGR through 2031.
- The large enterprise segment is projected to hold 57.5% of the total service orchestration market share.
- Demand for cloud-based services is expected to grow at a stupendous 25.8% CAGR through 2031.
- Applications of service orchestration in the IT and telecom sectors are expected to remain high, enabling sales at a 29.9% CAGR over the forecast period.
- The U.S. is anticipated to dominate the North American service orchestration market, accounting for 88.9% of the market share through 2031.
- Sales of service orchestration solutions in the U.K. are projected to increase at a 30.2% CAGR.
- China will emerge as an attractive service orchestration market, accounting for 58.8% of the East Asia market share in 2031.
- Demand for service orchestration in Japan and South Korea is forecast to grow at 21.8 CAGR and 25.9% CAGR respectively.
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Service Orchestration Market by CategoryBy Solution:
Service Orchestration Platform
- Cloud-based
- On-Premises
- Services
Professional Services
- Consulting & Advisory
- Integration & Deployment
- Support & Maintenance
- Managed Services
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Retail & CPG
- Healthcare
- Government
- Travel & Hospitality
- IT & Telecom
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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