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Global Service Integration and Management (SIAM) Market is expected to reach USD 5.4 billion by 2025, witnessing 5.3% CAGR during the forecast period 2020–2025, Industry Insights by Solution (Business (GRC Management, Contract Management, Procurement, a

06-20-2020 05:09 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: VynZ Research

Global Service Integration and Management (SIAM) Market Highlights

Global Service Integration and Management (SIAM) Market Highlights

The global service integration and management (SIAM) market is estimated to be valued at USD 4.1 billion in 2020 and is expected to reach USD 5.4 billion by 2025, growing at CAGR of 5.3% during the forecast period (2020–2025).

The increasing demand for multi-vendor outsourcing, increasing demand for automation in business processes, increasing service management complexities, and development of cost-effective SIAM framework are the key factors leading to the growth in the SIAM market, globally.

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Different vendors across the globe are adopting SIAM solutions for the management of complexities in the business services, especially in IT and telecom sector. With the increasing adoption of digital solutions and abundance of information and data, operations in these industries become very complex, thus requiring automation of these processes. This is anticipated to create immense opportunities for the growth of the SIAM market.

Different players are offering solutions for service integration management to provide error-free, high quality, cost-effective and efficient service delivery. These solutions also help to reduce labor cost, increase operational efficiencies and enhance outcomes, thus driving the SIAM market across the globe. However, the dearth of skilled and expert professionals, reluctance in the adoption of new technologies, lack of regulatory compliances are restraining the growth of the market.

Among the two solutions, technology solutions hold a larger share in the market and the business solutions market size is anticipated to witness the higher growth in the market during the forecast period. The business solution is further categorized into governance, risk, and compliance (GRC) management, contract management, procurement, and auditing and invoicing. Of all the business solutions categories, procurement solutions hold the largest share in the market whereas the GRC management solutions market is anticipated to grow at the fastest CAGR during the forecast period.

The technology solutions market is further segmented into an application, infrastructure, and training and support. Of all the categories the SIAM business solutions market for infrastructure category generated the largest revenue in 2017 and is anticipated to remain the largest category during the forecast period. The application technology solutions market is sub-segmented into lifecycle management, testing, and development; and the infrastructure technology solutions market is sub-segmented into mobility, network, security, data center, and others.
Based on service, the SIAM market is segmented into assessment & advisory, consulting & implementation, and integration & automation. Of all the categories, the consulting and implementation services hold a larger share in the market and are anticipated to grow at a CAGR of 5.3% during the forecast period. On the basis of organization size, the SIAM market is segmented into small and medium enterprises, and large enterprises. Of both the categories, the SIAM market finds its larger application in large enterprises and the market for small and medium enterprises is anticipated to witness the higher growth during the forecast period.

Based on industry, the SIAM market is segmented into energy & utility, BFSI, telecom & IT, transportation & logistics, and retail & manufacturing. The telecom and IT industry is the largest consumer of SIAM solutions across the globe as the telecom industry rely on multi-vendor environment to offer services by sharing resources.

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Europe accounted for the major share in the SIAM industry in 2019, globally due to the high regulatory compliances and high compliance for adopting new technologies by large enterprises, and developed information and communication technology industry in the region. North America and Asia-Pacific are the key regions showcasing immense opportunities for growth in the SIAM market in the coming years. Asia-Pacific SIAM market is highly lucrative owing to its large consumer base, increasing reliance on multi-vendors for services, and the presence of large telecom sectors in the region. Also, developing the IT industry in emerging economies such as India, and the Philippines is creating a suitable business environment for SIAM solution providers.

Market players in the SIAM industry are focusing on strengthening B2C relationship, and use of artificial intelligence and automation for catering to the demand of consumers. Atos SE, Hewlett Packard Enterprise (HPE), HCL Technologies Limited, Oracle Corporation, Tata Consultancy Services Limited, BAE Systems plc, DXC Technology Company, IBM Corporation, Capgemini, Accenture PLC, Infosys Limited and Wipro Limited are some of the key players offering solutions in SIAM industry.

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VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that includes comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across wide range of industries.

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