Service Integration and Management (SIAM) Market Current Scenario, Growth & Forecast 2024

Global service integration and management (SIAM) market is predicted to grow at 6.0% CAGR during the forecast period with the market size reaching USD 5.4 billion by 2024. The major factor fueling the growth of the market include increasing demand for multi-vendor outsourcing, increasing demand for automation in business processes, increasing service management complexities, and development of cost-effective SIAM framework. Different business and technology solutions are contributing to the SIAM market size, globally.

Insight by Service

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 the larger share in the market and is anticipated to grow at a CAGR of 5.3% during the forecast period.

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Insight by Industry

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.

Growth Drivers

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. Most of the companies 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 becomes very complex, thus requiring automation of these processes.

Different vendors 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 operation efficiencies and enhance outcomes, thus driving the SIAM market across the globe.

Geographic Overview

Geographically, Europe has been the largest SIAM market, globally due to the developed information and communication technology industry, high regulatory compliances and high compliance for adopting new technologies by large enterprises in the region. However, the growth of the market in the region is anticipated to be comparatively slower than the other regions as the industry is anticipated to be mature and stagnant in the coming years.

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North America and Asia-Pacific are the major region 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 presence of large telecom sectors in the region. Also, developing IT industry in the emerging economies such as India, and Philippines is creating the suitable business environment for the SIAM solution providers.

Competitive Insight

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.

Source: VynZ Research