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.
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).
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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.
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.