System integration market to garner substantial revenue via government and utilities segment over 2017-2024, strategic collaborations to characterize global industry landscape
Publisher : Fractovia | Published Date : 2018-04-13Request Sample
Regarded as one of the most rapidly progressing niche verticals of smart and sustainable technology industry, system integration market has garnered a rather commendable acclaim over the past few years. The emergence of high-grade technological solutions such as IoT and big data has come on the heels of the overall growth potential of the global system integration industry. Moreover, the rising necessity to assimilate existing systems with the latest technologies to create a seamless coordinated system has further favored the growth of this business sphere. In fact, as per a research report collated by Global Market Insights, Inc., the overall system integration market share surpassed a total of USD 250 billion in the year 2016.
India system integration market size, by service, 2016 & 2024 (USD Billion)
Government and utilities sector to create extensive business opportunities for system integration market participants
Elaborating further, it has been observed that the demand for system integration services across government and utilities sector has seen a meteoric rise in the recent times. In order to deploy non-conventional and sustainable power grids, various government agencies in emerging economies have been adopting advanced system integration services. Apparently, among these services the major ones include security management systems, data integration, building management systems. Below are a few major instances of how national governments across the globe are increasingly leveraging the benefits of system integration services:
- Apparently, the Australian government, in 2017, awarded a seven-year contract to Accenture for transforming the nation’s 30-year-old payment system. Subject to contract rules, the system integration market giant is likely to work with Department of Human Services (DHS) of Australia and other regulatory institutions to create an all-new online user interface for the centralized payment system, which reportedly processes more than AUD 100 billion per year. Under the Welfare Payment Infrastructure Transformation (WPIT) program of DHS, Accenture would design a state-of-the-art technology platform and a new payment utility solution to deliver payments at a faster pace.
- Under the Make in India initiative, the Indian Government has rolled out a comprehensive national manufacturing policy which consists of a provision to allot a 25% grant to Small and Middle-sized Enterprises (SMEs) for compensating the expenditure incurred on audit. Moreover, the scheme aims to provide part of reimbursement to SMEs in order to acquire advanced technologies, subject to a maximum of USD 30,769. As a consequence of the implementation of these schemes, the system integration market size in India is likely to witness commendable expansion in the forthcoming years.
Bearing in mind the aforementioned instances, it is rather imperative that the global system integration industry share is bound to proliferate at an exceptional pace owing to the burgeoning product demand from government and utilities sectors. In addition to this, numerous government initiatives have been allotting massive funds to upgrade and integrate existing systems – a factor that would consequentially benefit the system integration market over the ensuing years.
Speaking of the competitive spectrum of system integration industry, the presence of prominent IT giants including Accenture, Hewlett-Packard, IBM Corporation, HCL Technologies Ltd, Oracle Corporation, CSC, Capgemini, Tech Mahindra has led to numerous strategic collaborations. For instance, in late 2017, Tech Mahindra and Toshiba Digital Solutions teamed up to leverage the prowess of system integration capabilities and the latest IoT technologies of each other. The strategic partnership apparently aims to work in the area of a smart factory and provide a comprehensive solution for its consumers.
With the need to create a smooth coordinated system and enhance the efficiency of their existing system integrators, numerous business organizations have been reaching out to the system integration industry players. As these organizations are readily impacted by altering technological trends such as IoT and big data management software, the business procedures need to be highly optimized and integrated. Consequentially, owing to the aforementioned factors, the system integration market is forecast to accrue a humongous remuneration of around USD 450 billion by 2024, as per reliable estimates.
