Cost Efficiency and Value Enhancement Offered by Service Integration and Management Market is Key Growth Driver

Service integration and management market is expected to reach $57.6 billion by 2023, The major factors responsible for the high growth of the market are cost reduction and value enhancement, and service quality enhancement leading to process efficiency. Improvement in service quality leads to smoother flow of end-to-end processes, which include maintaining coordination between the customer organization and service providers and enabling the customer organization to easily switch between the service providers, if needed, to ensure quality. This not only ensures consistent management of services and access to top-notch service technologies but also allows sharing of knowledge and continual improvement in services.

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On the basis on service, the service integration and management market has been categorized into consulting and implementation; assessment and advisory; and integration and automation. Among these, consulting and implementation services are expected to continue holding the largest share in the market in the coming years. Based on industry, the market is divided into telecom and IT; BFSI; retail and manufacturing; energy and utility; and transportation and logistics, out of which, the telecom and IT industry is expected to continue generating the largest revenue in the market.

Europe has been the largest SIAM market; however, by 2022, North America is expected to surpass it. Large corporations in North America have strongly woven IT into their business processes. Since these large organizations have complex business structures, they are increasingly considering outsourcing their multivendor management to external parties, to attain high scale efficiency across all stages of the IT service chain. This has been augmenting the growth of SIAM market in the region.

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Service integration in any business process incurs additional costs to an organization, irrespective of it being provisioned externally or internally. The adoption of multi-supplier management models leads to the optimization of the cost and increase in the service value for the organization. The global service integration and management market is being driven by increasing preference of companies to adopt this model on account of its cost saving and service value improvement features. The cost of service management for any organization gets reduced with the adoption of this model because of the innovative technologies it brings to the organization, in addition to proper use of skilled and scarce resources and reduction in process execution costs.

Some of the key players operating in this market are Oracle Corporation, Hewlett Packard Enterprise (HPE), International Business Machines Corporation (IBM), HCL Technologies Limited, Infosys Limited, Mindtree Limited, Capgemini SE, and Atos SE.

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