LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global IT management as a service (ITMaaS) market is expected to grow at a CAGR of over 38% until 2020.
This research report titled ‘Global IT Management as a Service (ITMaaS) Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including IT and telecom, BFSI, and Public sector.
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“ITMaaS can help users derive enhanced operational insights and thereby deliver effective, responsive, and reliable services. Companies can also cut costs by eliminating the need for physical systems and administrative infrastructure necessary to support and manage on-premise IT infrastructure,” said Amit Sharma, one of Technavio’s lead analysts for cloud computing research.
“The healthcare industry, in particular, has generates large volumes of data for record keeping, better patient care, and legislative regulations. Technavio analysts note that most healthcare data is still maintained in paper form, and this necessitates a need for rapid digitization, keeping in mind the rapid rate of data proliferation in modern healthcare. Electronic medical records, digital medical imaging, and enhanced healthcare service delivery mechanisms such as telemedicine will witness a heightened adoption of ITMaaS during forecast period,” added Amit.
Global ITMaaS market by end-user 2015
|
• IT and telecom |
29% | |||
|
• BFSI |
21% | |||
|
• Public sector |
20% | |||
|
• Others |
30% |
Source: Technavio research
IT and telecom
Digitization of phone services from fixed landline to wireless digital consumer telephony devices has also enabled telecom operators to track and record customer data to provide better customer-specific offerings. Digital transformation of businesses is gaining ground as the telecom sector is adopting various ICT technologies for enhancing communication and connectivity. For improving omnichannel customer experiences and diversifying digital offerings, IT spending by telecom companies is witnessing a significant increase.
The IT and telecom sector collects vast amounts of customer data. At the same time, storing such information requires effective use of the IT environment. The sector is now focused on using cloud-based IT management solutions to manage IT systems and networks.
BFSI
The BFSI sector is an information-intensive sector, and has been spending aggressively on ICT. Banking products and services are embracing the digital domain in an attempt to enhance end-user experiences and to speed up transactions. To that end, the sector has digitized transaction processes, such as electronic fund transfers, interbank settlements, and securities trading.
Despite being heavily regulated, privacy and security issues persist. We expect this sector to continue spending heavily on IT and IT management software over the course of the forecast period. However, many banks and financial institutions still use legacy systems and a large portion of their IT budgets are channelized towards its maintenance. Cloud-based IT management solutions help in maintaining scalability in operations and help attain cost advantages, thereby making ITMaaS a preferred solution.
Public sector
The public sector segment, across the globe is working to link all departments electronically so that all citizens can have a single interface to connect with government agencies. The UK government has launched the G-cloud program with the aim of promoting government-wide adoption of cloud computing technologies.
But market conditions and regulatory imbalances often restrict governments in developing countries from spending on projects involving high capital outflow; hence, these countries prefer cloud-based IT management solutions. In addition, government spending is a key driver for the growth of IT spending globally, which encourages the private sector to invest in IT infrastructure.
The education sector is a key revenue generator in most developing countries. As the sector is mostly budget constrained, it spends more on cloud-based solutions. Therefore, a substantial portion of the revenue in this sector is anticipated to be generated from cloud-based ITMaaS solutions.
Others
The others segment consists of the healthcare, manufacturing, automotive, retail, energy, media and communications, and oil and gas sectors.
As the scale of operation of a manufacturing company escalates, the demand for IT products and solutions such as enterprise resource planning (ERP) and supply chain management (SCM) software package have significantly increased. Manufacturing companies are increasingly adopting software solutions deployed through SaaS to minimize the huge cost of IT implementation. The need to simplify the complexity of managing supply chain operations has therefore led to incremental spending on ITMaaS software by this segment. In addition, cost pressures and the growing need for standardizing IT products are driving spending in this segment.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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