IT Operations and Service Management (ITOSM) Market
IT Operations and Service Management (ITOSM) Market (ITOM Type - Configuration, Automation and Discovery, Event Management, Cloud Provisioning, Workload and IT Automation; End-use - BFSI, Telecom and IT, Government, Healthcare/Medical/Pharmaceutical, Aerospace/Defense, Retail/Wholesale/Distribution, Manufacturing, Education, Hospitality/Entertainment/Recreation/Travel, Energy and Utilities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Increased Cloud Assets Create New Playing Field for ITOSM Service Providers
The global IT operations and service management (ITOSM) market had reached US$17.44 bn in 2015. The market is on pace to exhibit a 6.5% CAGR between 2016 and 2024. Although the adoption of enterprise IT has palpably been on the rise in larger organizations, small and mid-sized businesses are still not entirely sold on the idea of investing in IT operations and service management because they continue to remain skeptical about the return on investment. While this challenges the growth of the ITOSM market’s growth, it is also where untapped opportunities lie, TMR expects.
Nevertheless, as more organizations in the manufacturing and IT and telecom sectors vie to keep abreast of the latest trends in enterprise IT, particularly cloud computing, the deployment of IT operations and service management solutions is bound to increase, says TMR. The need for IT application management, workload management, and configuration will continue to mount, enabling the ITOSM market to be worth US$30.96 bn by the end of 2024.
Digital Service Management is a Trend Worth Taking Note Of
Digitization is making inroads into virtually every industry vertical leading multibillion-dollar opportunities to spring up for companies in the IT enterprise solutions and services business. The value of virtually each solution is being measured based on how agile, scalable, and responsive it is – especially in the context of cloud-based systems. Against this backdrop, investment sentiment relating to IT operations and service management is expected to remain positive.
This has resulted in a greater assortment of services being offered by companies competing for a larger share of the pie in the ITOSM market. A case in point would be BMC Software’s announcement in February 2016 that it would be adding digital service management services and solutions to its existing mix of ITOSM offerings. Companies are also exploring takeovers and mergers to acquire digital service management (DSM) capabilities. Cisco Systems, Inc., for instance, has adopted this strategy by announcing an interest in DSM provider, DiviTech A/S.
Asia Pacific to Exhibit Fastest Growth as Organizations Pursue a Public Cloud Strategy
Asia Pacific will be front and center of the global IT operations and service management (ITOSM) market in terms of growth rate. Countries such as China, India, Japan, and South Korea are witnessing rising investor interest in enterprise IT and, subsequently, ITOSM. This trend will manifest in the form of an 8.1% CAGR for the Asia Pacific ITOSM market through the report’s forecast period. As the number of internet users in Asia Pacific rises and technologies such as 4G LTE make inroads in emerging economies, the amount of data generated is expected to soar. This factor will augur well for the growth of the ITOSM market. SMEs represent a massive untapped opportunity in the APAC region.
In 2015, ITOSM represented a US$5.70-bn opportunity in North America. The traditional ITOSM market is on the cusp of a sweeping digital transformation in North America, where enterprises want to be more agile and mobile. Innovation thus remains the cornerstone of growth for companies operating in the U.S. and Canada. This trend will add value to conventional suite of ITOSM services and put the North America ITOSM market firmly on the growth track.
In the Middle East and Africa, upcoming big-ticket events such as the 2022 FIFA World Cup in Qatar and the Dubai World Expo 2020 has prompted enterprises to invest more in analytics, rich media, and smart devices. This will lead to greater demand for ITOSM services and solutions in the Middle East and Africa.
Brazil leads in Latin America, in terms of technology adoption. The country is followed by others such as Mexico, Argentina, and Chile. The overall increase in IT expenditure and the launch of secure mobile platforms for enterprises will benefit the growth of the ITOSM market in Latin America.
Companies at the forefront of the global ITOSM market include: Microsoft Corporation, BMC Software Inc., Oracle Corp., IBM Corporation, HP Inc., CA Technology, Inc., and Dell, Inc.
The research report on IT operations and service management (ITOSM) market provides a detailed analysis of how various organization use ITOSM solutions that helps to monitor, identify and recognize an irregular behavior of IT infrastructure and IT services and provide solutions aimed at improvement in management of the IT infrastructure. The IT operations and service management (ITOSM) market report provides analysis for the period from 2014 to 2024, wherein the period from 2016 to 2024 is the forecast period, 2015 is considered the base year, while data from 2014 has been considered as historical data. The report provides complete outlook of all the major countries across the geography of Asia Pacific, Latin America, North America, Europe, and Middle East & Africa (MEA). The Further, it also covers all the major trending factors and technologies supporting the growth of ITOSM market. Since not all the regions project similar growth, the reports also highlights the major factors supporting market expansion with respect to the region. In addition, opportunities that are anticipated to influence the market are also included in this report.
Cloud computing is a dynamic trend that has significantly impacted on the way that business are operated. The increasing prevalence of cloud solutions has brought change in the operating models of an enterprise. Consolidation and centralization being the major advantage of the cloud based solutions, it has significantly accelerated the demand for ITOSM tools, and the report explains significance and impact of the factors trending and driving the market. Moreover, the report includes a broad coverage of underlying economic, environmental, and technological factors influencing the ITOSM market. An impact analysis of the key trends has additionally been provided for each geographic area in this report, keeping in mind the end goal to give an inside - out analysis of the situation of the ITOSM market, on a worldwide premise. The ITOSM market valuations are the outcome of our thorough market exploration, primary interviews, and in-house expert panel opinions.
The report segments the global ITOSM market of by type into ITSM and ITOM, and subdivides the ITOM type into configuration, automation and discovery, event management, cloud provisioning, and workload and IT automation. Furthermore, it has been classified under industry verticals into the banking, financial services, and insurance (BFSI), telecom and IT, education, aerospace, government, and energy & utilities industry verticals. Further, the reports explains which industry segment/sector is helping the expansion of ITSOM market and which is fastest growing sector likely to drive the market in a long run. Thus, the report provides in-depth cross-segment analysis of the ITOSM market and with categorization in various levels, thereby providing valuable insights at macro as well as micro levels.
Considering the highly competitive nature of market due to emergence of cloud phenomenon, the report provides a brief overview of the major players operating in the ITOSM market. The report also gives an outline of different strategies implemented by key players in the ITOSM market. Company strategy is formulated after thorough analysis of the company’s collected data which includes data related to mergers and acquisitions, partnership agreements, product launches, and forthcoming activities which a company is likely to undertake.
Furthermore, the report also analyzes the share of major companies operating in the ITOSM market. IBM Corporation, Oracle Corp., HP Inc., BMC Software Inc., ServiceNow Inc., LANDESK Software, Cherwell Software, Compuware Corporation, CA Technology, Inc., and ASG Software Solutions, are some of the major service providers within the global ITOSM market, profiled in this study. These company profiles provides insights about the company, further it also highlights the competitive scene of the ITOSM market, the positioning of the key players is based on their financial data, product portfolio, recent developments and their geographical presence.
IT Operations and Services Management (ITOSM) Market
By ITOM Type
- Configuration, Automation and Discovery
- Event Management
- Cloud Provisioning
- Workload and IT Automation
By End Use
- Telecom and IT
- Energy and Utilities
- North America
- Middle East and Africa
- Latin America