IT and Telecom sector highly lucrative in the service integration and management market

Global service integration and management market to witness a 2.4x increase in revenue by the end of the assessment period

As per Future Market Insights analysis, the global service integration and management market is estimated to reach a value of more than US$ 16.4 Bn by the end of 2027 from an estimate of a bit above US$ 6.7 Bn in 2017. It is expected to grow a high CAGR of 9.2% throughout the period of forecast, 2017-2027. The service integration and management market growth can be attributed to increasing deployment of IT and managed services.

Revenue from the market is also increasing due to adoption of new technologies such as big data analytics in order to improve performance and delivery of services on time. Increasing global ICT spending is expected to support the robust growth of the service integration and management market in the years to come.

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Government and Oil & Gas and Energy industry segments to witness growth clash in the coming years

Government and oil & gas segments in the industry category are anticipated to grow at the same pace in the coming years. Both these segments are expected to register a high CAGR of 11.8% throughout the period of assessment owing to increased adoption of service integration and management process in these industries.

However, the government segment holds a high market share as of 2017 reflecting a higher market valuation and is likely to advance with this trend in the years to come. By the end of 2027, the government segment is estimated to reach US$ 2.5 Bn, a market value higher than that of the oil & gas and energy segment. Increasing investment on service integration & management solutions by governments of various countries has pushed the growth of the government segment in this market.

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According to the analysis of the research report, the IT and telecom segment in the industry category has been enjoying a lion’s share since 2016. In 2017, this segment reflected a value of about US$ 2.2 Bn and is projected to reach a valuation of more than US$ 4 Bn by the end of the assessment period. This segment, however, shows a comparatively slow growth rate during the period of forecast. The higher revenue generation can be attributed towards the increasing digitalization in business processes worldwide.

Healthcare segment in the industry category is also catching steam and is poised to reflect a higher potential in the coming years. The healthcare segment is projected to grow at a robust CAGR of 10.9% throughout the period of assessment, 2017-2027 and is estimated to reach a value of about US$ 2.8 Bn by the end of the forecasted year from a mere US$ 990 Mn in 2017. This tremendous growth in the healthcare industry segment has contributed to the overall growth of the global service integration and management market.

On the other hand, the BFSI industry segment is the second largest and is valued at US$ 1.5 Bn in 2017. It is anticipated to reach a significant valuation by the end of 2027 owing to a high 8.6% CAGR during the forecast period.

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