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Global Service integration and management market is expected to reach $57.6 billion by 2023. 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).
Europe is expected to continue being the largest service integration and management market in the forthcoming years, on account of the growing need of organizations to adapt their IT system infrastructure to the changing information services environment. Because of the increasing usage of SaaS and IaaS cloud services by the European companies, the demand for multi-supplier management models is also growing in the region.
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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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