MarketsandMarkets forecasts the global capacity management market size to grow from USD 597.5 million to USD 1,557.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast. The major growth factors that are expected to drive the adoption of the capacity management market include efficient use of IT resources, management of demand for computing resources, and improved decision management systems.

The storage capacity management subsegment under the solutions segment is expected to hold the largest market size in the capacity management market. Storage capacity management solutions enable enterprises to plan and manage their storage systems.

The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to be the fastest growing industry vertical in terms of adoption of capacity management solutions and services during the forecast period. The BFSI industry vertical collectively includes organizations that are into banking services, such as core, corporate, retail, investment, and private banking, and cards; financial services, such as payment gateways, stock broking, and mutual funds; and insurance services that cover both life and general insurance policies.

The BFSI industry vertical is expected to generate prospective opportunities for capacity management vendors, as the industry vertical needs effective solutions to manage IT resources for meeting its customers’ ever-changing demands.

With the increasing proliferation of the cloud technology, the cloud deployment type is opted by many organizations. Therefore, it is expected to be the fastest growing type during the forecast period. Cloud-based deployment model reduces the total cost of ownership by cutting down the cost associated with installing hardware to support capacity management solutions.