Albany, NY -- (SBWIRE) -- 09/04/2018 -- At present, monumental amount of information generation from businesses riding the digitalization wave is primarily fuelling the data center infrastructure management (DCIM) market. Most data centers that operate 24×7 need to be monitored and managed by a set of protocols to optimize data center space, power consumption, and cooling for efficient operations. This is where data center infrastructure management comes into play.
The demand for mega capacity data centers or server farms to store massive volume of data amounts to considerable carbon emissions that have come under the scrutiny of environmental agencies. As per the National Resources Defense Council, electrical energy consumption by data centers in the U.S. is likely to amount to 139 billion kilo-watt hours by 2020. This has led governments to enforce regulations to build green data centers.
However, high cost involved in transforming existing data centers into energy efficient ones is preventing data center owners from remodeling their spaces. Nevertheless, the economic advantage of data center infrastructure management for businesses is poised for the data center infrastructure management market to expand at an outstanding 21.5% CAGR between 2017 and 2024.
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IT Asset Management Solution to Register Leading CAGR through 2024
The global DCIM market is segmented in terms of solution, component, industry vertical, and geography. Depending upon solution, facility management, IT asset management, and consulting and other services are the segments into which the DCIM market is divided. Among them, IT asset management is anticipated to hold the leading market share through 2024; the segment is anticipated to register the leading CAGR between 2017 and 2024. Facility management segment is anticipated to hold second-leading market share owing to its utility in power management and cooling applications.
On the other hand, consulting and other services segment is comparatively less attractive due to its low revenue contribution to the overall market. The segment comprises hardware sensor, consulting and other smaller solutions.
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Massive Volume of Data Generation Makes IT, Telecom Industry Verticals Significant
In terms of component, DCIM software, IT asset, power, cooling, and others are the segments into which the DCIM market is segregated. IT asset and DCIM software are the leading contributors to the DCIM market. Of the two, the IT asset segment is anticipated to hold the leading 37.6% share of the overall market by 2024.
However, DCIM software segment is anticipated to display considerable growth owing to its increasing importance in overall monitoring, planning, and analytics. DCIM software also helps to serve integration of different components as required by data center operators to track space, power consumption, and cooling.
By industry vertical, the key segments of the DCIM market are BFSI, telecom, retail. IT, healthcare, and others. IT and telecom are key segments of the DCIM market due to high demand for data storage. IT and telecom enterprises opt for DCIM solutions to reduce their operational cost. With rising adoption of cloud computing solutions among IT and telecom enterprises, the DCIM market is likely to receive a boost.
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The IT segment is anticipated to hold considerable market share through 2024; the segment is anticipated to account for leading revenue contribution through the forecast period.
Geography-wise, North America, Europe, Asia Pacific, Middle East & Africa, and South America are the key regions for DCIM. North America and Europe are anticipated to remain the most lucrative markets for DCIM through 2024.
Key companies operating in the global DCIM market include Emerson Network Power Inc., Johnson Controls Inc., Eaton Corp. plc, Nlyte Software Inc., CA Technologies Inc., Panduit Corp., FNT GmbH, Schneider Electric SE, and Commscope Inc.