The service integration and management (SIAM) market is expected to reach $5.1 billion by 2023, according to P&S Intelligence.
The major factors responsible for the growth of the market are service quality enhancement, cost reduction, and value enhancement provided by the process.
Insights on market segments
In terms of solutions, technology solutions are expected to continue holding the larger market share than business solutions, in the global SIAM market in the coming years. Further, based on technology solutions, the infrastructure category held the largest share in 2017. The training & support category is predicted to register the fastest growth, at a CAGR of 9.4%, during 2018–2023.
Based on industry, the telecom and IT industry is expected to continue generating the highest revenue in the SIAM market in the coming years. This can be attributed to the rising complexity of IT services and increasing number of service providers, worldwide.
APAC is expected to witness fastest growth in service integration and management market
APAC is expected to have major growth opportunities in the system integration and management market owing to the presence of a large number of multi-sourcing IT companies along with the presence of few prominent SIAM vendors.
Increasing adoption of GRC management solutions is the key market trend
The increasing adoption of GRC management solutions is a recent trend in the SIAM market. This increasing adoption can be attributed to the rising need for improved governance and control among various end-users. The market players are also focusing on introducing GRC management solutions to have consistency in their governance and control functioning, in both external and internal services. For instance, Wipro Limited is focusing on the creation of a common governance and interaction platform and gating mechanism to enable the governance of the end-to-end service delivered by the vendors in its SIAM framework.
Service quality enhancement leading to process efficiency promoting SIAM adoption
The enhancement in the service quality due to SIAM is a key factor driving the growth of the global SIAM market. The adoption of the SIAM model leads to the improvement of the service quality, which, in turn, encourages companies to shift their focus from the achievement of their routine contractual targets to service improvement and R&D. SIAM software helps in improving the service by establishing the integration policies and framework related to multi-supplier operations and aligning suppliers with business objectives. Because of the improved service quality, organizations can achieve consistency in meeting their service-level targets, such as end-to-end service availability and reliability and timely problem resolution. These factors are leading to the increasing adoption of SIAM by various businesses. Organizations adopting SIAM models are witnessing increased customer satisfaction due to the improved service quality. They no more need to bother about support services, as they can focus on accomplishing other important organizational objectives.
Service integration and management market competitiveness
The players operating in the SIAM market are intensely concentrating on mergers & acquisitions, partnerships, and product launches to capture a large customer base and gain an edge over their competitors. For instance, in November 2017, Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced the global availability of its new blockchain-based trade finance solution, named Finacle Trade Connect. The solution enables customers to digitize their trade finance business processes, including document certification, ownership validation, and payments, while working on a network.
Some of the other key players operating in the SIAM market are Oracle Corporation, Hewlett Packard Enterprise (HPE), International Business Machines Corporation (IBM), HCL Technologies Limited, Mindtree Limited, Capgemini SE, and Atos SE.
Service integration and management market segmentation
By Organization Type