Rising Demand for Cloud Computing to Fuel IT Management as a Service Market Growth During Forecast Period
Cloud computing is revolutionizing business process improvement methodologies by enabling scalable, on-demand access to computing resources over the Internet, which eliminates the need for costly infrastructure investments while also allowing for rapid application deployment and scaling. Cloud computing also enables freedom and distant communication, which further helps cloud-based solutions boost productivity. Additionally, cloud platforms give enterprises access to cutting-edge technologies such as big data analytics, machine learning, and artificial intelligence, allowing them to make better decisions and extract insightful information from their data. Thus, cloud computing is changing company models and fostering productivity, creativity, and competitiveness in the digital world, which is rising its demand in organizations worldwide. According to the Flexera 2022 State of the Cloud Report, the Americas has 63% heavy cloud users, 23% moderate cloud users, and 14% light cloud users. The rising adoption of cloud computing by organizations is boosting the need for ITMaaS services for cloud migration and deployment. After cloud migration, ITMaaS service providers help organizations manage cloud infrastructure, including provisioning, configuring, and managing cloud infrastructure components such as virtual machines and networks. Furthermore, these service providers assist in implementing plans to monitor cloud expenditure, offer cost-saving techniques, and guarantee that resources are optimized and used appropriately. Thus, the growing demand for cloud computing is expected to propel the growth of the IT management as a service market during the forecast period.
IT Management as a Service Market: Industry Overview
The IT management as a service market is segmented based on application, enterprise size, end user, and geography. Based on application, the IT management as a service market is categorized into system and network monitoring, compliance and security management, asset management, infrastructure performance management, configuration and change management, and others. In terms of enterprise size, the IT management as a service market is bifurcated into large enterprises and SMEs. In terms of end user, the IT management as a service market is segmented into IT and telecom, BFSI, healthcare & life sciences, manufacturing, higher education, retail, energy and utilities, non-profit, and others. By geography, the IT management as a service market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In 2022, North America led the IT management as a service market with a substantial revenue share, followed by Europe and APAC. The IT management as a service market in North America is segmented into the US, Canada, and Mexico. The US is witnessing a tremendous transition from onsite to remote work. According to the Pew Research Center survey, a third of employees (35%) have jobs that can be done remotely. 6 out of 10 hybrid workers (59%) report working three or more days from home in a week, compared to 41% who report working from home just two days per week. As remote work provides work flexibility without hampering productivity, its demand is increasing in the country. Thus, the rising demand for remote working is projected to fuel the need to incorporate new IT infrastructure among the companies, thereby propelling the growth of the IT management as a service market in the US.
IT Management as a Service Market: Competitive Landscape and Key Developments
Cisco Systems Inc; Cognizant Technology Solutions Corp; Wipro Ltd; Amazon Web Services Inc; International Business Machines Corp; Fujitsu Ltd; Persistent Systems Ltd; BMC Software, Inc.; HCL Technologies Ltd; Hewlett Packard Enterprise Co; Capgemini SE; Atos SE; Kyndryl Holdings Inc; Avanade Inc.; Integris; Thrive Operations LLC; Rimini Street, Inc.; and Neudesic, LLC are among the leading players profiled in the IT management as a service market report. Several other essential IT management as a service market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- In April 2024, IBM Consulting and Microsoft announced the opening of the IBM-Microsoft Experience Zone in Bangalore, India – a first of its kind for the collaboration. The Experience Zone provides a dedicated space for clients to explore how generative AI, hybrid cloud, and other Microsoft products and technologies can accelerate their business transformation journeys and help them gain a strategic advantage.
(Source: IBM, Press Release)
- In April 2024, Fujitsu launched a Cyber Security Services division, taking expertise from acquisitions and investments across the region and funneling it into one team led by Stuart Kilduff.
(Source: Fujitsu, Press Release).