IT Professional Services
Market outlook of the ITSM market
Technavio’s research analyst predicts the global ITSM market to grow steadily at a CAGR of 8% during the forecast period. Emerging technologies in the ITSM market are the primary growth driver for this market. The management of digital IT environments requires efficient connectivity and IT services to support emerging technologies. Currently, digital enterprises require a more dynamic and expansive system of service management that include mobility, cloud, social, and IOT – all delivered via networked digital services and platforms. A single ITSM tool, if utilized effectively, can help break down silos in an organization.
The rising need to support virtualized ICT ecosystems is expected to boost the market growth over the next four years. The increasingly virtualized environments in IT infrastructure - in several industry verticals - require optimum quality of IT services. ITSM strategies let organizations gain economic benefits by reducing the CAPEX and OPEX. Virtualization, cloud computing, and ITSM are some options that can create a competitive edge over other organizations.
Segmentation by application and analysis of ITSM market
- Availability and performance management
- Network management
- Application performance management
- Configuration management
The configuration management segment led the market during 2015, with a market share of 25%. The need to comply with constant regulatory changes in various industrial verticals is contributing to the growth of this segment. Organizations understand the need for compliance and are therefore investing in configuration management solutions to reduce risk factors observed in business operations.
Market outlook of the field force automation market
Technavio’s research analyst predicts the global field force automation market to grow at a CAGR of close to 13% during the forecast period. Companies are constantly looking to enhance their overall efficiency and streamlining operations. This has boosted demand for integrating field force automation (FFA) solutions into their existing systems. FFA systems aid companies in collecting field sales and services information in real time using mobile devices. Also, the escalating need to cut operational costs among service organizations buoys the growth of this market.
Continuously evolving customer demand for superior services has encouraged companies to implement FFA solutions for field service management. These solutions help leverage company resources to satisfy customer needs effectively.
End-user segmentation and analysis of the global field force automation market
- Retail and construction
- Energy and utilities
In the retail sector, improving customer interaction and productivity is of prime importance. FFA solutions provide real-time access to manage warehouse inventory and settlements with customers. In the construction sector, the implementation of these solutions has smoothened the management of construction processes in a cost-effective manner. Thanks to these developments the retail and construction sectors are anticipated to post robust growth during the forecast period.
Geographical segmentation and analysis of the global field force automation market
Overview of the global application development and integration market
Market research analysts at Technavio have predicted that, in terms of revenue, the global application development and integration market will grow steadily and post a CAGR of almost 5% by 2020. The increasing requirement to provide customers with faster and user-friendly processes and also prevent redundancies like sharing repeated information have induced enterprises to start using enterprise application technologies. Such technologies offer organizations the advantage to get information ahead of the customer and also helps to ensure healthy customer experiences and relationships. Enterprise applications integrate information that is scattered across numerous applications, and helps organizations to provide customers with relevant information for faster processing.
One of the major trends that will gain traction in the market is the increased scope of service-oriented architecture (SOA). SOA involves the integration of widely disparate applications for a web-based environment that works on multiple implementation platforms. The emergence of cloud computing and the increased use of smartphones for transactions and payments will increase the implementation of SOA during the predicted period. Moreover, the increased need to develop cloud computing and improve infrastructure in data centers will also drive the implementation of SOA.
Competitive landscape and key vendors
This market appears highly fragmented due to the presence of several diversified international, regional, and local players. The forecast period will witness the entry of several new cloud service providers and this, in turn, will
Overview of the enterprise information management (EIM) market
According to the market research analysts at Technavio, the global enterprise information management (EIM) market is projected to witness staggering growth at a CAGR of more than 19% over the forecast period. Exponential growth in data has led businesses across various industries to undergo major digital transformations. Digitization is associated with several benefits such as improved customer relationships, innovations in products and services, cost savings, and enhanced decision-making capabilities, which have prompted organizations to adopt digital solutions. For instance, the healthcare industry has been generating massive volumes of digital data due to rapid digitalization of manual patient records, fuelled by legislative regulations and the need to provide better patient care at low costs. However, the increasing adoption of mobile, social, and other online communication methods has resulted in a surge of data related to customers, operations, suppliers, and stakeholders. Moreover, most organizations are under a lot of pressure to ensure complete data security, along with reduced costs and improved efficiency. This has prompted businesses to adopt cloud-based information management infrastructure as it has benefits such as low cost with minimal IT infrastructure support, rapid and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloud‐based data across organizations. The increasing adoption of cloud-based information management solutions will drive this market in the future.
The increasing need for real-time reporting is a significant trend anticipated to propel this market’s growth prospects in the coming years. Changes in business models and
Overview of the global IT services market
Technavio’s market research analyst predicts the global IT services market to grow at a CAGR of more than 5% by 2020. Companies are increasingly outsourcing their IT-related requirements such as application and infrastructure management to ITO service providers. They are implementing IT services such as managed services and ITO services to focus on their core operations. ITO service providers have efficient delivery teams and operational structures that allow them to minimize costs. Companies are preferring those ITO service providers who are equipped with innovative technology and domain experts. The growing need to focus on core competencies will push companies to outsource their IT requirements, thereby boosting growth prospects for the IT services market.
A significant trend gaining traction in this market is the increasing adoption of IT as a service model among organizations. The IT as a service is an IT service delivery model for enterprises to manage their IT systems as well as strategic business requirements. IT as a service helps organizations to use the IT resources optimally for greater operational efficiencies. Organizations are increasingly using this model as it requires minimal investment to set up IT systems. The growing need for IT services at reduced costs has propelled the use of IT as a service framework; thereby adding to the growth of IT services market in the coming years.
Segmentation by service offerings and analysis of the IT services market
- Project-oriented services
- ITO services
- IT support and training services
- Enterprise cloud computing services
The enterprise cloud computing services will be the fastest-growing segment of the IT services market and is expected to grow at a CAGR of around 25% during the forecast period. Much of this segment’s growth
Overview of the electronic health records (EHR) market
According to the market research analysts at Technavio, the global electronic health records (EHR) market is anticipated to witness steady growth and will post a moderate CAGR of more than 5% over the forecast period. The augmented demand for high-quality and personalized healthcare services has prompted patients to record their health data online. Personalized health records (PHR) not only help patients in scheduling appointments with doctors but also organizes and keeps a track of their past medical information. Moreover, it allows patients to store their medical data like laboratory test results, prescriptions, and other useful information digitally so it can be retrieved from anywhere through mobile devices. With the majority of healthcare service providers gradually shifting their focus from a disease-centric to patient-centric model, the global EHR market is projected to have a positive outlook in the coming years.
The rising popularity of e-prescription is one of the significant trends driving the growth of this market. Electronic prescription or eRX enables the conversion of medical prescriptions into a digital format, which can easily be stored in EHR systems. E-prescriptions reduce medication errors and ensure the safety of the patients. Additionally, as e-prescriptions can be accessed through mobile devices using mobile applications, they can also assist patients in searching for pharmacies to purchase the prescribed medicines. The convenience associated with e-prescriptions will lead to their augmented adoption over the next four years.
Competitive landscape and key
Professional IT service providers are under constant pressure to deliver high-quality results, while being faced with numerous challenges. These include problems related to talent retention, global project management, business efficiency and service delivery improvement, and winning proposals.
Technavio has a team of analysts that specializes in IT professional services. Our reports provide IT thought leaders with market intelligence and insights on a broad range of IT engagement types, like governance, security, business intelligence, system integration, consulting, and enterprise resource planning (ERP) system implementation.
Our market analysis is focused on key trends, vendor buying criteria, evolving business landscapes, key IT investment areas, competitive landscapes, industry specific challenges, and market forecasts.