Service Integration and Management Market worth $4.85 billion by 2023 – Report By Marketsandmarkets™
According to the new market research report “Service Integration and Management Market by Component (Solutions & Services), Solution (Business & Technology), Service (Implementation, Advisory), Organization Size, Vertical (IT & Telecommunications, Manufacturing), and Region – Global Forecast to 2023”, published by MarketsandMarkets™, the global SIAM market size is expected 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.
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Major growth factors for the market include an increasing demand for multi-vendor outsourcing and growing use of cost-effective SIAM framework
Governance, risk, and control business solution to grow at the highest CAGR during the forecast period
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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Infrastructure technology solution segment to hold a larger market size during the forecast period
The infrastructure segment is considered a mature technology solution, as IT enterprises have a well-established IT operations unit setup. The implementation of the infrastructure solution has increased, owing to a growing number of advanced technologies, an increasing need to automate business processes, and a high focus on productivity. The segment plays a critical role in business transformation, as it provides essential infrastructure, including network and mobility to enterprises for resisting competently in case of heterogeneous and complex dynamic requirements of commercial customers.
North America to hold the largest market size during the forecast period
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 need for outsourcing of services has led them to adopt SIAM solutions to manage multiple vendors. Hence, many vendors in North America aim to provide SIAM solutions as an integral part of their system with enhanced mobility.
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