With global warming threatening to decimate the Antarctic and Arctic ice sheets, environment protection has assumed the center stage. From reducing carbon footprints to protecting forestlands, pacts are being signed worldwide every now and then to prevent further damage, which, ironically, is the result of the gigantic progress in science and technology. To mitigate the fallout, new technologies are being developed again in almost every sector.
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In the domain of IT, for example, an entire industry has spawned around managing energy efficiency in data centers. Known as data center infrastructure management (DCIM), it entails managing IT and building facilities functions for optimal energy, floor space, and equipment use without any form of unnecessary wastage.
The DCIM market is slated to exhibit strong growth on account of the increasing demand for energy-efficient data centers. Regulatory requirements for data centers is also expected to drive market growth. The total revenue generated in the global DCIM market US$529.5 mn in 2015. It is predicted to reach US$2,859.2 mn by 2024, expanding at an amazingly impressive CAGR of 21.1%.
North America and Europe at the Forefront of Adopting DCIM Solutions
Canada and the U.S. in North America and Germany and the U.K. in Europe have been leaders, when it comes to adopting cutting edge technologies. One good example in this direction has been their rapid shift towards cloud computing, which is all the rage now. Besides being cost effective, cloud computing is also energy efficient. Home to a growing number of data centers, these nations are also expected to drive the demand for DCIM solutions to slash not just the energy consumption, but also the management of overhead associated with deployment of new IT systems in their existing data centers.
In Europe, the DCIM market is slated to exhibit a robust CAGR of 19.3% from 2016 to 2024. Asia Pacific too is expected to register positive growth in the coming years due to phenomenal growth in IT and service sectors, particularly in India and China, two of the world’s fastest growing economies. The two countries are witnessing steady increase in the adoption of DCIM-based solutions. The Middle East and Africa and South America, however, would lag Europe, North America and Asia Pacific in the DCIM market.
IT Asset Management Section Held Dominant Market Share in 2015
The global DCIM market can be divided based on various parameters. Depending on solution, it can be divided into facility management and consulting, IT asset management, and other services. The IT asset management section held the leading share in 2015. Based on components, the market can be segmented into DCIM software, power, IT asset, cooling, and others. The combined growth of IT assets and DCIM software is expected to contribute to the growth of IT asset management solutions segment from 2016 to 2024. The segment of DCIM software, however, will overtake all others in growth by clocking the highest CAGR from 2016 to 2024.
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Various industry verticals which are generating demand for DCIM are, namely information technology, banking, telecom, financial services and insurance (BFSI), healthcare, retail, and others. IT and telecom sectors have been frontrunners in adopting DCIM solutions so far, but BFSI, retail, and healthcare are predicted to catch up soon.