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.
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In 2017, the global service integration and management (SIAM) 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.
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.
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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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