Market Trends of IT Asset Management Industry
This section covers the major market trends shaping the IT Asset Management Market according to our research experts:
Cloud Segment to Dominate the Market
- The adoption of cloud services by corporations is an important trend for modern enterprises. Companies are becoming digital firms thanks to the wide availability of cloud services to support various specialized business applications.
- For IT departments, cloud services help to integrate their solutions with the cloud to offer users more advanced and multifunctional tools. The challenge of cloud migration continues to make organizations hesitate regarding its adoption.
- Deploying asset management in the cloud help companies reduce cost and improve operational efficiency. Also, with the introduction of SaaS applications, options for reducing the total cost of ownership have dramatically increased. Cloud enables shorter implementation schedules, the shift from CAPEX to OPEX, and decentralized control.
- Various companies are providing cloud-based ITAM solutions as part of ITSM platforms and solutions to enhance their market presence significantly. For instance, BMC Software Inc. delivers modern, intelligent ITSM solutions that are fast, accurate, and cost-effective, which help to operate in the cloud or a hybrid model.
- BMC multi-cloud management solutions aid in optimizing current IT systems while ensuring a secure, cost-effective transition to the cloud. BMC helix multi-cloud service management enables seamless brokering of incidents and changes directly between helix remedy and leading third-party cloud service providers.
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Europe to Witness the Highest Growth
- The European region is home to some of the most important tech hubs in the world, which are significant drivers for modern technology adoption. Cost and compliance concerns in the region have driven many organizations to migrate to the cloud and enable employee mobility.
- Many European countries are investing heavily in digital infrastructures, but private and public initiatives have been launched to fill in the skill gaps and accelerate the rate of cloud adoption. For instance, the governments of Bulgaria, Poland, and Romania are committed to enhancing their digital infrastructures.
- Europe had the highest adoption rate of cloud services. According to Eurostat, cloud computing penetration in Europe has increased by five percentage points (pp) since 2020. In the last year, 41% of EU businesses utilized cloud computing, which is more than double the rate used five years ago. Most companies that operate cloud computing services for emailing and file storing are in this category.
- Many ITAM solution providers are enlarging their geographic reach to increase their market share and solidify their market presence. For instance, Serviceaide, a global supplier of intelligent IT and corporate service management solutions based in California, bought SunView Software GmbH in Frankfurt, Germany, in August 2021.
- The region's numerous end-user industries are incorporating ITAM solutions into their ITSM systems. For instance, Helsana is one of Switzerland's most significant health and accident insurers. The insurer used BMC Helix Digital Workplace, a consumer-style application that automates the filing of service requests, in collaboration with BMC's partner ITConcepts. The BMC remedy service management system also tracks and manages requests and approvals. 60% of all recommendations were made through the app within six months of its launch, cutting down on service desk calls by 20% and enabling the employees to handle an increasing workload.
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