Global Service Integration and Management Market: Overview
The constant rise in business demands and fierce competition are mandating companies to provide new services and innovative deliverables at competitive prices. Owing to these demands, IT-enabled services are witnessing a significant change in outsourcing trends. As companies increasingly stick to multi-vendor service sourcing strategy, the increased numbers of suppliers are bringing in new challenges. Service integration and management solutions enable companies sourcing services from multiple vendors to effectively manage essential business data related to the multiple suppliers and provide the optimal mix of standardization, flexibility, and innovation.
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Global Service Integration and Management Market: Trends and Opportunities
The rising preference of medium-, small-, and large-scale companies to multi-vendor service sourcing strategies is one of the key factors driving the increased adoption of service integration and management solutions across the globe. The increasingly complex technology landscape, rising demand for business practices with quick deliverables, integration of next-generation services in business models, and cost pressures are also making the implementation of SIAM strategy critical for success. SIAM solutions enable businesses to achieve scalability in delivery without having to deal with disproportionate rise in cost of management of the services portfolio, especially when businesses globalize and strive to outreach unexplored regional territories.
Global Service Integration and Management Market: Market Potential
Service integration and management models have been around for a long time, but are presently gaining more prominence as businesses deal with the challenges the transformation from the model of sourcing services from a single or small number of providers to services from a large number of small providers. As the services become more complex or critical, the level of service integration also deepens. The business world is presently embracing cloud computing and as an increasing number of businesses rely on cloud services, the demand for service integration and management solutions will increase.
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Companies are spending huge sums on internal and external IT services. However, only a small percentage of companies have mastered their sourcing approach and a massive percentage need to improve their level of competencies in order to successfully manage multi-sourcing. Thus, the scenario holds huge promise for SIAM in the near future.
Global Service Integration and Management Market: Regional Analysis
In the next few years, Asia Pacific and Europe are expected to be the key driving forces of the global service integration and management market. Developed economies across North America and Europe are presently the leading consumer markets for service integration and management solutions and tools. Presence of technologically advanced IT infrastructures and strong finances are some of the key factors allowing companies in these regions to invest in the implementation of advanced service integration and management solutions.
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Asia Pacific plays a key role in the global service integration and management market owing to the presence of a vast number of IT companies and a well-developed IT outsourcing industry. Presence of some of the world’s leading service integration and management companies in the region also grants it an upper-hand compared to North America and Europe.
Global Service Integration and Management Market: Competitive Overview
The vendor landscape of the global service integration and management market is largely fragmented owing to the presence of a large number of regional and multinational vendors. Intense price pressures and the need for constant qualitative and functional improvements in deliverables are further intensifying the level of competition in the market. Some of the leading players operating in the global service integration and management market are Wipro Limited, Fujitsu Ltd., Hewlett-Packard Enterprise, Oracle Corporation, Atos SE, Accenture, Tata Consultancy Services, and HCL Technologies Limited.