Global System Integration Market Rising Hand in Hand with Growing Demand for Cloud Services

System integration has become a byword in today’s financial landscape due to the growing importance of the IT sector. Incorporation of information technology in the day-to-day functioning of industries helps bring about an increase in productivity due to the streamlining in procedure and efficiency in functioning brought about by IT. System integration is a necessary part of the incorporation of IT into the workings of any industry, propelling the global market for the same.

According to research recently published by market intelligence giant Transparency Market Research, the global system integration market was worth more than US$191.0 bn in 2013 and is further expected to exhibit a stellar 10.90% CAGR from 2014 to 2020.

Rising Demand for Cloud Services and Big Data Analysis Drives Global System Integration Market

Due to the convenience of cloud services, their utilization is growing in the corporate sector. Cloud services allow business executives working from different locations to link up and work simultaneously. Growing globalization of most businesses has also helped the system integration market, by raising the need for cloud services and thus system integration services.

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Big data analytics is also a rapidly rising field in the global corporate sector and is driven by the high amounts of data generated on the internet every day. Propelled by the rise of social media and video and image sharing abilities, huge amounts of online data are being generated online every day. This has driven the demand for system integration, since analyzing and turning the jumbled data into a practically useful requires advanced big data analytics tools.

BFSI Leads Demand from System Integration Market

Among the major end users of system integration services, the banking, financial services, and insurance (BFSI) sector led the demand from the global system integration market. The rising demand for banking online and on mobile applications is responsible for the increasing share of BFSI in the global system integration market. Online and mobile banking services are immensely convenient for customers, since they can avail most if not all financial services without having to wait in line at brick-and-mortar branches. 17.5% of the global system integration market was taken up by the banking, financial services, and insurance segment in 2013.

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Other major end-use segments of the global system integration market are defense, telecom and IT, aviation, marine, oil and gas, and healthcare. These segments are also expected to grow steadily in the coming years, contributing to the high growth rate expected to be displayed by the overall system integration market.

Fragmented Global Market Led by North American Companies

Geographically, North America led demand from the global system integration market, due to the easy availability of networking infrastructure, high penetration of internet connectivity, rising demand for cloud services, and the fact that many of the major players in the global system integration market are located in North American countries. Key players in the fragmented global system integration market include BAE Systems plc, Accenture plc, Fujitsu Ltd., Cognizant Technology Solutions, Infosys Technologies, Tata Consultancy Services, Lockheed Martin Corporation, IBM, and HP.