The global Service Integration and Management (SIAM) market reached a value of about USD 4.27 billion in 2021. The industry is projected to grow at a CAGR of around 7% in the forecast period of 2022-2027 to reach a value of about USD 6.4 billion by 2027.
The global Service Integration and Management (SIAM) industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being driven by the increased demand for multi-vendor outsourcing and business process automation to minimise service management complexity. In the industry report, the key demand indicator is the highest category spender by region—North America.
Service Integration and Management (SIAM) coordinates numerous service providers and merges them into a single business-facing IT organisation. It strives to address business objectives by seamlessly integrating interdependent services from multiple internal and external service providers into end-to-end services. The model allows businesses to break away from massive, single-source contracts that might bind them and prevent them from implementing creative new technologies at a pace that suits their requirements. The Service Integration and Management (SIAM) industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
North America holds the largest market in the sector due to the early and rising acceptance of the cloud, the commoditisation of IT operations, and the evolution of third-party platforms such as social, mobile, analytics, and IoT in the region. The existence of many industry participants and the rising adoption of cloud-based services across various companies in the area are likely to drive considerable growth in the region.
The market is being driven by the rising need to manage the increasing complexities of service management. Most service integrations in firms today are done internally, resulting in disproportionately large IT teams. As a result, many clients manage their outsourced services through a single provider. Service integration allows businesses to focus on their core business operations while reducing infrastructural and operational expenses. Most companies are looking for improved tools and apps to automate event correlation, remediate, and monitor performance. Various suppliers are presenting results for service integration management to provide error-free, high quality, cost-effective, and efficient service delivery. These solutions also help reduce labour costs, increase operational efficiencies, and enhance outcomes, thus propelling the SIAM market globally.
However, increased management challenges in cross-functional teams and a shortage of competent workers are expected to hamper the industry's expansion.
The global Service Integration and Management (SIAM) industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by significant global Service Integration and Management (SIAM) regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
For efficient Service Management, SIAM introduces the following fundamental concepts:
As SIAM, return on Value (ROV) delivers both concrete and intangible advantages. Return on Value (ROV) has become a fundamental metric for assessing SIAM's value. Total Cost of Consumption (TCC): Because SIAM is a service consumer, Total Cost Of Ownership (TCO) loses some of its relevance because the cost an organisation incurs while consuming any service from a service provider not be evaluated using TCO. This is when TCC comes in handy. TCC is the cost that an organisation incurs throughout its purchased service from a vendor. SIAM Knowledge Management System (SIAMKMS): SIAMKMS is a knowledge management system developed by SIAM. SIAMKMS is a collection of management and information systems. Federated Knowledge Management: With knowledge coming from various sources (both internal and external), it's essential to keep track of everything. The importance of distributed knowledge management (through a federated knowledge base) is growing.
The industry is witnessing growth due to the increasing investment in R&D operations to promote novel products. The adoption of modern technologies in SIAM solutions provides enormous chances to move the market forward throughout time. In addition, the increased adoption of the cloud by businesses for various purposes has resulted in an explosion in the volume, variety, and sources of data, as well as a surge in demand for real-time data applications and an increasing need to integrate data and services that reside on-premises, in private clouds, and multiple vendors' public clouds, boosting the market for Integration Platform as a Service (iPaaS). Furthermore, because of the benefits of using the Information Technology Infrastructure Library (ITIL 4), the most widely adopted best-practices guidance framework for implementing and documenting Information Technology Service Management (ITSM), which is responsible for managing end-to-end delivery of IT services to customers, the market for cloud service integration and management will continue to grow.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The Service Integration and Management Market is somewhat fragmented, with few big companies such as IBM Corporation and ServiceNow Inc. accounting for a considerable portion of the market. To improve their company portfolios and market competencies, several organisations have engaged in market strategies such as merger and acquisition, cooperation or partnership, releasing new goods, creating R&D activities, and expanding their units to maintain market share and retain customers.
1. Executive Summary
2. Service Integration and Management (SIAM) Industry Snapshot
2.1. Service Integration and Management (SIAM) Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East & Africa
3. Impact of Recent Events
4. Service Integration and Management (SIAM) Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Service Integration and Management (SIAM) Cost Structure
8. Service Integration and Management (SIAM) Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. Service Integration and Management (SIAM) Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. SWOT Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.2. Cherwell Software,LLC
13.4. Broadcom Inc.
13.5. BMC Software, Inc.
The global Service Integration and Management (SIAM) market size were valued at USD 4.27 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 7%.
The significant demand for automation in corporate operations and increased use of digital solutions due to increasing service management difficulties is one of the essential drivers of the Service Integration and Management (SIAM) market growth.
ServiceNow, Cherwell Software, Vivantio, BMC, and Broadcom are some of the leading companies in the market.
The North American region of the Service Integration and Management (SIAM) industry holds a significant share in the market.
The global Service Integration and Management (SIAM) market attained a value of USD 4.27 billion in 2021, driven by the rising need to manage the increasing complexities of service management. These solutions also help reduce labour costs, increase operational efficiencies, and enhance outcomes, thus propelling the SIAM market globally. Aided by the growing technological advancements, the increased adoption of cloud, Integration Platform as a Service (iPaaS), use of Information Technology Infrastructure Library (ITIL 4), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 7%. The industry is estimated to reach USD 6.4 billion by 2027. Some of the leading players in the industry are ServiceNow, Cherwell Software, Vivantio, BMC, and Broadcom.
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