According to Future Market Insights (FMI) newly released statistics on service orchestration market analysis, demand for service orchestration is expected to grow at a rapid 26.3 percent CAGR between 2021 and 2031.
Sales of service orchestration solutions will continue to be pushed by rapid improvements in cloud computing technology, as well as increased acceptance of business automation services in enterprises. In light of this, FMI expects the entire market value to exceed US$ 4.1 billion in 2021.
The evolution of service orchestration architectures and interfaces has accelerated in recent years. The ability to control and monitor resources dynamically and flexibly is a primary goal of service orchestration.
As businesses grow, they aim to enhance their cost efficiency, and service orchestration enables them to do so by providing those improvements with predictability and consistency.
Important Points to Remember:
- The service orchestration platform segment is expected to grow with a 23.2 percent CAGR through 2031, according to the solution.
- The large enterprise category is expected to account for 57.5 percent of the entire market for service orchestration.
- Cloud-based service demand is predicted to expand at a staggering 25.8% CAGR until 2031.
- Service orchestration applications in the IT and telecom sectors are predicted to continue strong, allowing sales to grow at a 29.9% CAGR during the projection period.
- Through 2031, the United States is expected to lead the North American service orchestration industry, accounting for 88.9% of the market.
- In the United Kingdom, sales of service orchestration solutions are expected to grow at a 30.2 percent compound annual growth rate (CAGR).
- In 2031, China will be an attractive service orchestration market, accounting for 58.8% of the East Asia market share.
To extend their product portfolios and acquire a competitive edge in the market, companies in the service orchestration industry are focusing on product innovation and strategic alliances with other manufacturers.
- Cisco Systems, Inc.
- Juniper Networks, Inc.
- Hewlett Packard Enterprise (HPE)
- Huawei Technology Co. Ltd.
- IBM Corporation
- NEC Corporation