According to newly released data on service orchestration market analysis by Future Market Insights (FMI), demand for service orchestration is projected to increase at a prolific 26.3% CAGR between 2021 and 2031.
Rapid advancements in cloud computing technologies, along with increasing adoption of business automation services in organizations will continue pushing sales of service orchestration solutions. Considering this, FMI has forecast the total market valuation to surpass US$ 4 Bn in 2021 and US$ 42.12 Bn by 2031.
Over the past few years, development of service orchestration architectures and interfaces has been accelerating. A key motive of service orchestration is to enable dynamic and flexible resource control and monitoring mechanisms.
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Organizations continually seek to improve cost efficiency as they scale, and service orchestration enables them to achieve their goals by delivering those improvements with predictability and reliability.
Service orchestration reduces cost of network ownership and delivers on-demand services to a broad range of businesses. Moreover, multi-domain service orchestration ensures software development and integration support to streamline service activation and enhance agility. Owing to these factors, sales of service orchestration in large and small/medium enterprises (SMEs) are projected to rise over the forecast period.
The introduction of the cloud computing technologies has provided organizations with a reliable, effective solution to deliver essential capabilities and services to their customers, at scale. Cloud has become an intrinsic part of modern business. Cloud computing gives organizations the ability to improve their operational efficiency, cut costs, and increase data and processing flexibility.
With huge amount of data generated through multiple cloud environments, maintaining the coherent cloud processes has become a difficult task. To meet these challenges, organizations are continuously integrating advanced service orchestration platforms, which will continue augmenting 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 sector 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 America 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
- Professional 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)
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