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Service Integration and Management Market Growing at a CAGR 5.7% | Key Player HCL Technologies, Sopra Steria, Wipro, Fujitsu, Capgemini

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Service Integration and Management Market Growing at a CAGR 5.7% | Key Player HCL Technologies, Sopra Steria, Wipro, Fujitsu, Capgemini

October 01
21:52 2021
Service Integration and Management Market Growing at a CAGR 5.7% | Key Player HCL Technologies, Sopra Steria, Wipro, Fujitsu, Capgemini
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 include Cherwell (US), BAE Systems (UK), Infosys (India),
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

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.

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.

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).

Wipro is a leading player in the global SIAM market. The company has adopted both organic and inorganic growth strategies to expand its presence in the market. For instance, in July 2018, Wipro partnered with Alight Solutions, a leader in technology-enabled health, wealth, HR, and finance solutions. The partnership would help both Wipro and Alight Solutions in accelerating their investments in consumer-facing technologies and services across cloud businesses. In addition, in October 2017, Wipro Digital, a digital business unit of Wipro, acquired Cooper, a business strategy consultancy firm. The partnership has strengthened Wipro’s design and innovation and service offering capabilities and helped it expand its reach in North America.

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Sopra Steria, an established vendor in the SIAM market, has a strong presence in European countries and other regions. The company has adopted both organic and inorganic growth strategies to enhance its presence and broaden its customer base in the global SIAM market. In July 2018, Sopra Steria acquired it-economics, a Germany-based consulting firm, specializing in digital transformation, agile development, cloud services, and the management of complex, large-scale enterprise IT projects. The acquisition would help Sopra Steria establish a strong base of large enterprise accounts in banking, insurance, and utilities sectors.

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