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“The global service integration and management market size to grow at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.”
The global service integration and management (SIAM) market size is expected to grow from USD 3.67 billion in 2018 to USD 4.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period. Major growth factors for the market include increasing complexities of service management, growing use of cost-effective SIAM framework, and a growing demand for multi-vendor outsourcing. However, lack of uniform Service-Level Agreements (SLAs) and stringent regulations could restrain the market growth.
“Services component segment to grow at a higher CAGR during the forecast period”
Services play a vital role in the overall SIAM market, as these services help enterprises in the effective functioning of the entire IT infrastructure system, along with specific advisory and implementation services for digital transformation of business processes. SIAM helps seamlessly integrate interdependent services from a multitude of internal and external service providers into single end-to-end services to meet business requirements. SIAM services are gaining traction among enterprises, as they are cost-efficient with no requirement to purchase, install, and maintain the system.
“North America to hold the largest market size, and Asia Pacific to grow at the highest rate during the forecast period.”
North America is expected to hold the largest market size in the global SIAM market, as it is a technologically advanced region. The US and Canada are major contributors to the growth of SIAM market. These countries have been implementing SIAM solutions extensively with the increasing adoption of enterprise mobility solutions. The North American SIAM market is growing, owing to the adoption of cloud, commoditization of IT operations, and progression of third-party platforms, such as social, mobile, analytics, and IoT. As several companies based in the US are expanding their presence across the globe, they need to outsource many of their services to provide effective and efficient core services to their respective clients. The increasing need for outsourcing of services has led them to adopt the SIAM solutions to manage multiple vendors.
APAC is projected to grow at the highest CAGR during the forecast period. The region is witnessing dynamic changes in the adoption of new technologies and advancements in the IT vertical. APAC companies’ IT budget is rising growing, and a major portion of the budget is being spent on regulatory compliance and in implementing better reporting standards. The increasing global competition and the high economic growth in the emerging countries, such as China and India, are boosting the growth of SIAM market in APAC. China plays a key role in the technological landscape of APAC and is heavily dependent on technological innovations. Hence, organizations are rapidly adopting the SIAM solutions to increase the overall operational efficiency and reduce the operating costs.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The primary participants’ profile breakup is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC, and ROW – 29%
Major vendors in the global SIAM market include IBM (US), Capgemini (France), HCL Technologies (India), DXC Technology (US), Atos (France), TCS (India), Wipro (India), Accenture (Ireland), Fujitsu (Japan), Mindtree (India), Oracle (US), NTT DATA (Japan), Quint Wellington Redwood (Netherlands), ServiceNow (US), and CGI (Canada). Other players include Cherwell (US), BAE Systems (UK), Infosys (India), Little Fish (England), Keysource (UK), Tieto (Finland), 4me (US), Data Ductus (Sweden), Sofigate (Finland), and Sopra Steria (France).
The report includes an in-depth competitive analysis of key players in the global SIAM market, along with their company profiles, recent developments, and key market strategies. The report segments the global SIAM market by component (solution and services), business solutions, technology solutions, organization size, vertical and regions.
Reasons To Buy the Report:
The report on the global SIAM market will help market leaders/new entrants in the market in the following ways:
- The global SIAM market size has been derived from the revenues generated by vendors offering dedicated SIAM solutions and services that help various enterprises to manage their multiple vendors across business operations. Whereas, the market scope excludes the revenue generated from third-party managed service providers. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split into regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders to understand competitors and gain more insights to better their market position.
- The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.