Cost Efficiency and Value Enhancement Offered By Service Integration and Management Market Is the Key Growth Driver

The major factors responsible for the high growth of the market are cost reduction and value enhancement, and service quality enhancement leading to process efficiency. Improvement in service quality leads to smoother flow of end-to-end processes, which include maintaining coordination between the customer organization and service providers and enabling the customer organization to easily switch between the service providers, if needed, to ensure quality. This not only ensures consistent management of services and access to top-notch service technologies but also allows sharing of knowledge and continual improvement in services.

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The service integration and management market is categorized into technology and business; of which, the business category is projected to witness higher growth during the forecast period. This is because of the increasing investments in governance strategies and procurement activities by many global players. Based on the organization type, large enterprises are expected to continue generating a larger share in the market revenue, as compared to small and medium enterprises (SMEs).

The global service integration and management market is being driven by increasing preference of companies to adopt this model on account of its cost saving and service value improvement features. The cost of service management for any organization gets reduced with the adoption of this model because of the innovative technologies it brings to the organization, in addition to proper use of skilled and scarce resources and reduction in process execution costs.

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Europe has been the largest SIAM market; however, by 2022, North America is expected to surpass it. Large corporations in North America have strongly woven IT into their business processes. Since these large organizations have complex business structures, they are increasingly considering outsourcing their multivendor management to external parties, to attain high scale efficiency across all stages of the IT service chain. This has been augmenting the growth of SIAM market in the region.

Some of the key players operating in this market are Oracle Corporation, Hewlett Packard Enterprise (HPE), International Business Machines Corporation (IBM), HCL Technologies Limited, Infosys Limited, Mindtree Limited, Capgemini SE, and Atos SE.

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