LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global IT-as-a-service (ITaas) market is expected to grow at a CAGR of almost 23% during the forecast period.
This research report titled ‘Global ITaas Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The market is growing at a significant rate and will experience a moderate year-on-year (YOY) growth rate during the forecast period. The global IT market is growing with the increasing number of enterprises spending on developing IT infrastructure and the implementation of advanced IT solutions such as cloud computing services, big data and analytics services, mobility, Internet of Things (IoT), virtualization, software-defined framework, and other modern IT solutions.
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Technavio’s ICT research analysts categorize the global ITaas market into the following segments by end-user. They are:
- BFSI
- Telecom
- Retail
- Healthcare
- Energy and utilities
- Others
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The top three end-user segments for the global ITaas market are discussed below:
BFSI
BFSI firms have invested largely in IT solutions and are early adopters of IT trends such analytics, cloud computing, and virtualizations. Financial institutions are migrating to ITaaS to minimize the up-front cost of IT expenditures. The ITaaS framework in financial institutions enables enterprises to implement flexible IT solutions that can be customized as per the business requirements.
According to Amit Sharma, a lead enterprise application research analyst from Technavio, “BFSI is increasingly becoming an aggressive digital marketer through the mobile channel, and this trend will continue to maintain its momentum across geographies. Mobility is becoming the next important thing as consumers are rapidly adopting smartphones and smart devices for online financial transactions.”
Telecom
The increasing competitive pressure in the telecom industry due to the several established telecom giants is driving the need for IT solutions that can be rapidly implemented at a low initial up-front expenditure. The operational process of the telecom industry is complex in nature. With the rise in the capital expenditure and the competitive pricing in the telecom sector, telecom firms are gradually moving toward SOA IT ecosystems.
“The cost reduction through new IT frameworks such as ITaaS helps organizations to maximize their revenue and profits. Telecom companies that have implemented multiple IT systems are facing complexities due to dynamic business conditions. ITaaS enables telecom companies to seamlessly integrate multiple IT systems on a common platform for business continuity,” adds Amit.
Retail
The retail sector is dynamic in nature due to the continuous development of e-commerce technologies. Many retailers are seeking methods to stay competitive in the global market and maximize their retail profitability by implementing on-demand flexible IT solutions. Retailers can reduce their CAPEX by deploying an ITaaS framework.
Retailers are subscribing to an integrated suite of IT solutions such as retail analytics, which helps them connect with the various stakeholders in the supply-chain management system. Retailers that are shifting their IT systems on the service-based IT architecture require flexibility and scalability to meet the requirements of dynamic business cycles.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BMC Software
- HPE
- IBM
- Red Hat
- Red Hat in Cloud Management Solutions
- VMware
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