LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global software maintenance market is expected to grow at a CAGR of over 8% over the next five years due to the evolution of IT applications in healthcare industry.
The research report titled ‘Global Software Maintenance Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Increasing penetration of digital technologies, smartphones, and connected devices has led to the need for modernization and upgrades of legacy software systems, which significantly contributes to the growth of the global software maintenance market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Service providers are implementing agile methodologies such as continuous integration and are also employing automated defect handling tools to reduce fix time and enable buyers in adapting to changing business needs,” added Angad.
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Cost Saving Opportunities in the Software Maintenance Market
The adoption of various cost optimization levers helps buyers of software maintenance services realize cost savings and achieve category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the software maintenance market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Network function virtualization refers to the network architecture that simplifies service and helps service providers to manage security issues through GUIs and APIs. It enables end-users in availing new services via web portals.
Robotic service automation improves operational efficiency by detecting errors in the business process, service, infrastructure, and security events. Need for adopting robot-based automation is high for business services to ensure continuous process improvements.
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Optimization of procurement practices saving aspects
Buyers need to adopt an integrated approach for reducing spend on software maintenance by centralizing procurement for IT software maintenance. A centralized approach can help buyers in achieving cost savings through a reduction in the number of contracts, which reduces contract negotiation charges and effort.
Buyers should engage in multi-year contracts to ensure that they benefit from long-term costs savings and optimize spend on software maintenance, which is a crucial spend area for buyers.
Bundling of services saving aspects
Companies have expanded their geographical footprint due to the growth in globalization, resulting in various time zones for service providers to cater to. Hence, buyers should ensure that the service provider selected should offer support 24x7, especially for critical business issues. They should ensure that SLA clauses are incorporated to establish support hours for all types of software maintenance support.
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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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