LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global change and configuration management software (CCMS) market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global CCMS market for 2017-2021. The report also lists cloud-based CCMS, and on-premises CCMS as the two major segments by deployment, of which the cloud-based CCMS model accounted for close to 65% of the market share in 2016.
According to Amrita Choudhury, a lead analyst at Technavio for enterprise application research, “CCMS is used to maintain the quality and safety of a product, reduce costly errors, eliminate confusion in the manufacturing processes, and make the design changes traceable. Therefore, enterprises have started adopting this software to enhance their overall productivity.”
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Technavio ICT analysts highlight the following three market drivers that are contributing to the growth of the global change management software market:
- Vendor’s pricing strategies
- Increased adoption of cloud-based CCMS
- Need to comply with multiple regulations
Vendor’s pricing strategies
Software vendors are adopting customer-centric pricing strategies enabled by advances in technology to thrive in the competitive market environment. A growing number of CCMS vendors are adopting value-based pricing models that focus on the customer's needs and perception of value. The pricing also depends on the vendor's ability to clearly differentiate the features of the software solution from other similar services available in the market.
Vendors are revaluating their CCMS pricing strategies and delivery models to accommodate the varying pricing preferences and budgets of their clients.
“Vendors are offering different models, including term licensing, SaaS, and commercial open source to cater to the changing requirements of the customers. This flexibility in offering different types of models and pricing structures for CCMS will encourage its adoption among different industry verticals,” says Amrita.
Increased adoption of cloud-based CCMS
Cloud systems allow companies to use software on a pay-per-use basis, which makes it cost effective. Factors that drive the adoption of cloud-based CCMS are low maintenance costs, less dependency on in-house IT personnel, limited requirements for hardware infrastructure, easier and faster implementation of IT solutions, and no licensing costs. These factors allow businesses to concentrate on developing their core competencies.
Cloud-based CCMS provides many advantages when compared to traditional software packages. The growing acceptance of cloud-based CCMS can be attributed to its high speed of deployment, lower upfront costs, and flexibility to scale up and down depending on the company's requirements. Moreover, it enables organizations to access data and services remotely through a web browser without installing and managing application software.
Need to comply with multiple regulations
The major factor leading to the adoption of CCMS among several industry verticals is the increase in regulatory compliance requirements such as Payment Card Industry Data Security Standard (PCI DSS), FDA, and ISO. As large enterprises expand their operations geographically, they come under the radar of different regulatory bodies. Not only do they need to adhere to the regulations imposed by different regulatory authorities, but also comply with their own internal regulations. A breach of compliance may result in loss of funds and reputation, which may lead to customer attrition. Thus, compliance with regulations plays an important role in change and configuration management.
Configuration management database, mapping tools, and network monitoring devices enable companies to ensure that any changes implemented by them don't violate government data regulations such as Health Insurance Portability and Accountability Act (HIPAA) and the Sarbanes-Oxley (SOX) Act in the US. Organizations must follow regulatory requirements to protect and manage PCI governed assets by providing security policy enforcement, process documentation, workflow automation, and reporting capability for audit purposes. Governments of many countries are enforcing acts and policies, such as the SOX Act and the HIPAA in the US, which necessitates the implementation of CCMS.
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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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