A revised study report issued by Fact.According to MR, the market for IT operations and services management is expected to reach a valuation of US$31.35 billion by 2024.
The increasing acceptance of cloud computing services by enterprises worldwide has resulted in a sharp rise in the need for cloud-based ITOSM services and solutions. Any organization's operating model will undergo significant changes as a result of the increasing usage of cloud technologies. Centralization and consolidation are seen as the two main benefits of using cloud-based solutions.
Download a Sample Copy Of Report
Leading companies like Atlassian Corporation, Hewlett Packard Enterprise Company, and others are making aggressive investments in them to enable them to provide end customers with more efficient solutions that meet their needs.
Massive amounts of data are being generated as a result of the IT industry's ongoing developments and growing complexity. There is a growing need to provide more effective ITOSM solutions since traditional tools are insufficient to meet operational needs. The market for IT operations and services management is expanding as more SMEs and startups choose to use cloud-based apps and as demand for managed cloud IT solutions rises.
Key Companies Profiled
IBM Corporation; ServiceNow, Inc.; Oracle Corporation; Compuware Corporation; HP Inc.; BMC Software; Broadcom; Serviceaide; Freshworks Inc.; Microsoft Corporation; Dell, Inc.; CA Technology.
Utilizing cloud-based applications at an accelerated rate
Cloud-based apps are rapidly being used by SMEs and startups in an effort to save operating costs for IT infrastructure, increase scalability, and fortify company stability. The increasing use of AI, big data, cloud computing, and the Internet of Things is driving up demand for ITOSM services for management. Additionally, the growing mobile workforce and the expanding BYOD tendencies are defining market trends for IT operations and services management.
The intricacies linked to IT architecture
With the aid of virtual machines, containers, and clouds, an increasing number of enterprises are putting into practice an IT architecture to increase the agility and dynamic nature of the IT industry. These cloud-based services' dynamic features enable businesses adapt to changing market conditions. But there are a number of issues that are becoming more apparent as a result of organizations' reduced visibility. Some businesses are not investing in ITOSM solutions because they are unaware of the issues and the complexity that still exist. The market size for IT operations and services management is not growing as a result of these issues.
Government initiatives that are supportive of the widespread use of cloud-based delivery models
Because cloud computing services are flexible and affordable, more businesses are using them to store data. In order to increase efficiency and streamline their IT operations, particularly with regard to transactions involving citizens, governments are also prepared to make more investments in cloud-based delivery models. It is anticipated that startups would take advantage of these chances by creating ITOSM solutions that are more efficient in upkeep of technological platforms.
By 2034, China is expected to hold a 47.5% revenue share in the East Asian market. In order to provide a better customer experience, ITOSM solutions are being used more often in a number of industries, including manufacturing, consumer products, and transportation logistics. Players in the industry are also benefiting from the growing investment made by these industries in ITOSM solutions to improve their capabilities.
By the end of 2034, Japan is expected to hold a 29.4% market share in East Asia. IT operations and services management solution vendors are finding new opportunities as a result of the nation's growing digital transformation. Growing levels of digitization are producing large amounts of data, which in turn is increasing demand for efficient operation services like ITOSM systems.
Competitive Landscape
To get a competitive edge, major players in the IT operations and services management market engage in collaborations, partnerships, mergers and acquisitions, and other strategies.
- In November 2023, Broadcom purchased VMware. This is anticipated to support Broadcom's goal of helping business clients build and update their cloud and hybrid environments. By investing in VMware Cloud Foundation, the firm will make it possible for customers to transform their conventional heterogeneous enterprise IT infrastructure into a virtualized and containerized environment.
- October 2023 saw the formation of a cooperation between ServiceNow and ANSR. With this agreement, ANSR should be able to set up ServiceNow Centers of Excellence in about 60 GCCs (Global Capability Centers) to teach 3,500 individuals in India on the ServiceNow platform.
Segmentation of IT Operations and Services Management Market Research
- By Type :
- ITSM
- ITOM
- By Application :
- Configuration Automation Discovery
- Event Management
- Cloud Provisioning
- Workload IT Automation
- By Industry Vertical :
- BFSI
- Government
- Telecom IT
- Healthcare/Medical/Pharmaceuticals
- Aerospace/Defense
- Manufacturing
- Retail/Wholesale/Distribution
- Education
- Energy Utilities
- Hospitality/Entertainment/Recreation/Travel
- Others
- By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- MEA
The IT Operations and Services Management (ITOSM) market is on a strong growth trajectory, driven by the increasing demand for efficient and scalable IT infrastructure solutions across industries. As businesses continue to prioritize digital transformation and automation, the need for robust ITOSM solutions is expected to rise, fueling market expansion.
FAQ:
What is North America's contribution to global market revenue?
North America is forecasted to hold 31.5% share of the global market by 2034.
What is the projected growth rate of the market in Japan?
The ITOSM market in Japan is projected to increase at 7.5% CAGR through 2034.
What percentage of global market revenue is expected to be held by ITSM solutions?
ITSM solutions are forecasted to hold 55% share of global market revenue by 2034.
