The global market for service integration and management was expected to reach a market value of US$ 3.67 billion in 2018, with CAGR expected to reach 5.99 per cent over the forecast period from 2019 to 2027.
Service Integration and Management (SIAM) is an effective solution to take advantage of the flexibility and innovation of standard and multi-sourcing services while offering integrated services to businesses. Highly disparate business requirements create complex and heterogeneous environments that increase resource demand. Limited control over demand paves to limited control over the total cost of services or adherence to security or compliance-related requirements. The Service Integration function specifies the service management processes and procedures to be implemented across the enterprise. SIAM ensures that multiple service providers deliver services to multiple business verticals in efficient and cohesive manner. Effective SIAM capitalizes on the performance of end-to-end business services in the most cost-effective manner.
Component, solution, service and industrial vertical segmented overall service integration and management market. The SIAM market is primarily directed by the IT & telecommunications sector. Selective as well as multi-seller sourcing have become mainstream in the IT sector over the last few years. This has paved to the increase in demand for SIAM as discrete discipline that aggregates individual IT services, aligning them to core business processes and priorities. North America was the dominating market for service integration and management in 2018, narrowly followed by Europe, mainly due to early adoption of advanced technologies. Demand for SIAM solutions is highest in the U.S. mainly due to strict business governance guidelines. However, as other countries such as Germany, U.K., France, Japan, Canada, India, and Australia among others have initiated to enforce similar regulations, the demand for SIAM solutions has increased rapidly across the world.
Furthermore, companies that have implemented SIAM have benefited from the concept, but it appears that the implementation itself appears to be the most challenging part of moving towards a SIAM model. SIAM is not a necessity for every IT organization, but the larger the organization and the more services it delivers to end-users, the more the organization needs a controllable service landscape. With a growing competitive environment and penetration of outsourcing services, the services integration and management (SIAM) market is expected to increase at a promising rate over the forecast period.
Key questions answered in this report
- What was the market size of service integration and management in 2018 and forecast up to 2027?
- Which is the largest regional market for service integration and management?
- What are the key market trends observed in the service integration and management market?
- Which are the most promising component, solution, service and industrial vertical in service integration and management market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key industrial vertical trends across different geographies and sub-geographies?