Information systems in businesses in various sectors need a comprehensive management of assets. The major propositions anchoring the asset management IT solutions market are two-fold. IT assets, including tangible and intangible, have become an intractable part of the entire business strategies, increasingly in the face of sheer pace of digitalization. The other motivator is the trend of outsourcing to save asset managers from some of the burden from non-core work, given the fact that penetration of IT footprint has increased the overall complexity. In recent months, the work culture of enterprises across industries have undergone an overhaul due to various business risks arising out of uncertainty of the Covid-19 pandemic. That also has further fueled the need for a multi-pronged asset management approach in IT. Some of the key industries where asset management IT solutions are gaining traction are BFSI, IT and telecom, manufacturing, healthcare, energy, and certain government sectors.
Rise in deployment of asset management IT solutions present a vast avenue. The asset management IT solutions market is projected to surpass the mark of US$ 3 Bn by 2031-end.
Key Findings of Asset Management IT Solution Market Study
Marked Systemic Risks of Pandemics Keep Businesses of All Types Enchanted: Systems for documenting and maintaining the lifecycle of all IT assets in businesses have evolved considerably. Specifically, this has become increasingly complex, given the unprecedented penetration of digital channels among consumers. Further, the changing work habits of employees in businesses across various industries have become increasingly fueling the BYOD trend. All these trends have been amplified by the need for new asset management strategies that can enable businesses of all types overcome the systemic risks of the pandemics and the ripple effects of Covid-19-led restrictions. Automation is expected to be the future of IT processes in industries including in the IT sector.
Low cost of Ownership of Cloud Solutions Attracts Small Businesses: The availability of asset management solutions on cloud-based model has brought down the cost of ownership substantially over time. SaaS models have made substantive progress, expanding the choices for end users in the asset management IT solutions.
Outsourcing the Preferred Model for Asset Managers, Automation another Big Push: The expanding IT footprint of organizations across all their businesses is a key trend gathering traction globally. With this, the demand for subscription-based software has also proliferated as they are viewed as valuable customer touchpoints. Companies even with deep pockets are keen on outsourcing asset management for end-to-end services, which will help them with manage assets in equities, real estate businesses, commodities, and international investments. A high degree of automation will shape the contours.
Lack of IT expertise is a key barrier. Hence, companies are proactively looking to invest in training employees so that they understand the impact of real-time asset management.
Industry 4.0 Market- Industry 4.0 is known to be the fourth industrial revolution that concentrates on interconnectivity, automation, machine learning, and real-time data. It is also referred to as the Internet of Things (IoT) or smart production coupled with the smart digital technology. Moreover, it utilizes machine learning and Big Data to build a more holistic and better-connected ecosystem for businesses that center manufacturing and SCM.
Product Engineering Services Market - Product engineering refers to the process of innovating, designing, developing, testing, and deploying a software product. The advent of Web 2.0 technologies and utility-based software delivery through Software as a Service (SaaS) have led to the process of gradual transformation of client enabling engineering services from traditional software engineering to product engineering.
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