The Service Integration and Management (SIAM) market across the globe is gaining traction, as it is instrumental in managing and integrating multiple service vendors to provide a single business-facing IT organization. SIAM is a comprehensive framework that helps organizations in coordinating their internal and external service providers, and their respective services in a cost-efficient manner to meet their end goals. The main aim of the SIAM framework is to manage, govern, and ensure compliances of these external and internal service providers by making use of various approaches, including supplier coordination, collaboration, integration, and interoperability.
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. Major growth drivers for the market include increasing complexities of service management and a growing demand for multi-vendor outsourcing.
Business solutions segment to grow at the highest CAGR during the forecast period
Business solutions are instrumental in managing the entire business-related operations and processes, including supply chain and finance-related functions, for regularizing enterprise business tasks. The solutions help clients achieve a strong business mechanism and enhance their decision-making process. The key areas covered under the umbrella of business solutions include business analytics and development, technology and operations, and advisory services.
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Major players in the global SIAM market include 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). Other players in the market 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).
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