Market Trends of ServiceNow Store Apps Industry
Cloud-Based is Expected to Hold Significant Share of the Market
- With digital transformation, organizations have evolved dependent on the success of creative applications and extensions that IT could provide. IT has become a critical competitive edge for most organizations. Moreover, IT outsourcing has become more than a simple cost-reduction technique with cloud migrations and service options. Therefore, this new form is driven by organizational motivations regarding business growth, customer experience, and competitive disruption.
- The increasing realization among businesses about the importance of holding money and resources by moving their data to the cloud setup instead of building and maintaining new data storage drives the demand for cloud-based services and, hence, the adoption of on-demand security services in the region. Owing to multiple benefits, cloud platforms and ecosystems are expected to serve as a launchpad for an outbreak in the pace and scale of digital innovation over the next few years.
- Further, in November 2022, Qlik introduced Qlik Cloud Data Integration, its Business Integration Platform as a Service (eiPaaS), with the goal of advancing corporate data strategies. This platform aims to seamlessly connect all enterprise applications and data sources to the cloud, playing a pivotal role in enhancing data access, real-time mobility, and data transformation across the organization. These improvements are instrumental for enterprises in fully unlocking the potential value of their data.
- Companies that have been considering moving from on-premise software to a cloud-based solution are primarily checking the potential solutions for their capabilities concerning crucial security features that include standards compliance ('does the vendor comply with the best security practices'), intrusion prevention and detection ('will they know if the company or the vendor data has been breached'), among others. Businesses that have fluctuating bandwidth demands primarily need to be able to scale up and down their capacity at short notice. Cloud technology provides organizations with the flexibility they need to grow and reduce their bandwidth with the needs of their operation. This approach can cut costs and give companies an edge over the competition.
- According to Turbonomic, the percentage of respondents not using any cloud rose to eight percent in 2022 from four percent in 2021. Microsoft Azure was on the top with 56%. Deployment of cloud platforms also allows for the integration of multiple applications, the facilitation of new and extended channels, the management of expenses, the management of the private cloud, improved access to client data, and the improvement of services.
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North America is Expected to Hold Significant Share of the Market
- North America is expected to hold a significant share of the market. According to the United States Small Business Administration Office of Advocacy, in 2022, the digit of small businesses in the United States reached 33.2 million, accounting for nearly all (99.9 percent) businesses in the country. The growth in the number of small firms in the United States in 2022 reflects a steady increase, with a 2.2 percent boost from the previous year and a 12.2 percent increase from 2017 to 2022.
- In the coming years, the rapid advancement of machine learning (ML) is ushering in a new era of automation, with the deployment of drones and robots performing complex tasks at an unprecedented pace. This surge in automation is creating extensive opportunities for ML algorithms, particularly in the realm of cybersecurity, where speed and precision are pivotal factors shaping the digital future. This, in turn, is poised to fuel the growth of the machine learning as a service (MLaaS) market in the foreseeable future.
- Furthermore, the burgeoning commercial adoption of federated ML is anticipated to be a key driver of the growing demand for MLaaS. For instance, according to Helpnetsecurity, a remarkable 73% of businesses in the United States have plans to incorporate additional artificial intelligence and machine learning into their cybersecurity tools in 2022. This underscores the increasing significance of MLaaS solutions in fortifying cyber defenses and ensuring data security in an ever-evolving digital landscape.
- Moreover, centrexIT, an information technology (IT) services provider helping businesses thrive through technology, had Pzzle, an advanced platform designed to streamline IT service delivery to clients. It is designed in partnership with Dreamtsoft, the development team behind ServiceNow. Pzzle is the industry's first enterprise-grade IT service management (ITSM) and rapid application development platform. By combining the speed of innovation, product flexibility, and multi-client segmented architecture, Pzzle expands traditionally managed service provider (MSP) support and improves the client experience, data quality, and security.
- The development of rapid application development is anticipated to be driven by the increasing requirement for instantaneous customization and scalability of business processes in enterprises to satisfy the needs of end users. The move to mobility in enterprises is boosting the use of smartphones and supporting the trend of bringing your device, boosting the rapid application development market. The requirement for organizations to close gaps in essential IT skills and speed up the coding process for both coders and non-coders is driving the rapid application development market forward.
- Prominent software development firms often excel in delivering top-notch software solutions due to their substantial financial capabilities, which enable them to attract top talent and effectively address customer feature requests. Conversely, smaller businesses may find themselves inundated with a multitude of feature requests from their clients but might require additional resources to adequately respond to these pressing demands.
- When a well-established, larger company has a long-standing presence in the industry, clients can reasonably expect the product to encompass a comprehensive set of features tailored to their needs. However, it's worth noting that this level of expertise and extensive feature set often comes with a higher price tag.
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