Service Orchestration Market to Surpass US$ 42 Bn by 2031 amid Commercialization of 5G Technology Worldwide: FMI
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.
Service Orchestration Market
A recent market study published by Future Market Insights (FMI) on the service orchestrati...
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$ 4.1 Bn in 2021.
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.
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.
“Increasing demand for cloud-based services for streamlining data sharing, along with rising adoption of 5G technology and edge computing will continue augmenting growth of the service orchestration market through 2031,” says an FMI analyst.
- 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.
More Valuable Insights into Service Orchestration Market
FMI’s report on the service orchestration industry research is segmented into four major sections – solution (service orchestration platform (cloud-based and on-premises) and services (professional services (consulting & advisory and integration & deployment and support & maintenance) and managed services)), enterprise size (Small and Medium Enterprises (SMEs) and large enterprises), industry (BFSI, retail & CPG, healthcare, government, travel & hospitality, IT & telecom, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the service orchestration demand outlook.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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