In 2017, the global service integration and management market reached a value of $2,995.3 million and is projected to advance at a 9.4% CAGR during the forecast period (2018–2023). Service quality enhancement leading to process efficiency and cost efficiency and value enhancement are the major factors resulting in the growth of the market. The governance, management, and coordination of services, such as IT and business, which are provided by multiple suppliers and integration of these services for providing solo business-facing service model is referred to as SIAM.
When service is taken into consideration, the SIAM market is categorized into integration & automation, consulting & implementation, and assessment & advisory. Out of these, the consulting & implementation category dominated the market during the historical period (2013–2017) and is further predicted to hold the largest share of the market during the forecast period. The integration & automation and assessment & advisory categories are expected to grow at a faster pace than consulting & implementation category during the forecast period.
In terms of industry, the SIAM market is divided into banking, financial services, and insurance (BFSI), energy & utility, telecom & IT, retail & manufacturing, transportation & logistics, and others (which include healthcare, government, and life sciences). Among these, the telecom & IT industry held the largest share of the market during the historical period and is predicted to retain its position during the forecast period. The reason for this is the increased complexity of IT services and the growing number of service providers around the world.
A key driving factor of the SIAM market is the provision of service quality improvement leading to process efficiency. The adoption of SIAM results in the improvement of service quality, which encourages the companies to shift their focus from achieving the routine contractual targets to service enhancement and research & development. Due to enhanced service quality, enterprises can achieve consistency in meeting their service-level targets, including resolving problems on time and end-to-end service reliability and availability. Furthermore, improved service quality results in increased customer satisfaction, which is why organizations are adopting SIAM models.
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SIAM offers cost efficiency and value enhancement, which is also a major driving factor of the SIAM market. Service integration of any business process flow results in an added expenditure for the enterprise. However, the adoption of SIAM models leads to the optimization of cost and increased service value for the company. In addition to this, the cost of service management for any organization gets reduced due to the adoption of SIAM model as it offers innovative technologies, proper use of skilled and scarce resources, competition between different service providers, and reduction in process execution costs.
A key trend being witnessed in the SIAM market is the rising adoption of governance, risk, and compliance (GRC) management solutions. The rising adoption of these solutions is because of the growing need for enhanced governance and control among different players operating in the domain. The various benefits offered by GRC management solutions include steady assurance of services and service providers and visible definition and application of a governance framework. It further defines the responsibilities, services, and roles within an organization, which is why its demand is increasing.
Hence, the market is being driven by cost efficiency, value enhancement, and service quality enhancement which are offered by the SIAM model.
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