Service Integration and Management Market Growing at High CAGR by 2023

(IT-NEWSWIRE.COM, May 01, 2019 ) The SIAM model is gaining traction as it is instrumental in managing and integrating multiple service vendors to provide a single business-facing IT organization. SIAM solutions and their associated services enable enterprises to focus on business outcomes, instead of IT service management challenges.

MarketsandMarkets expects the global Service Integration and Management (SIAM) market size 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.

The report segments the Service Integration and Management market by components (solutions and services), business solutions, technology solutions, organization size, verticals, and regions.

The study measures and evaluates key offerings and strategies of the major market vendors, including 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). The 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).

North America is projected to hold the largest market size and continue to dominate the global SIAM market during the forecast period. Major growth factors for the market in the region include the early and increasing 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 several of its services to provide effective and efficient services to their global clients.

The governance, risk, and control solution enables enterprises to manage and monitor their operational and technical activities adhering to regulations and compliances. The solution enables a service integration company to enhance its decision-making process through better performance analysis of technicians. The solution is expected to grow significantly, as it helps reduce the risk that could interrupt the business operations by getting instant status on the installed products, warranty expiry dates, and delayed tasks.

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Service Integration and Management Market Growing at High CAGR by 2023