As organizations become decidedly clearer about investing in more agile IT infrastructure, players in the IT operations and services management (ITOSM) market are compelled to be highly responsive to this change, a new report by Transparency Market Research finds. To this end, the change in the ITOSM competitive landscape is already evident.
The future of IT operations and service management will increasingly be defined by the sharp focus on an unmatched end-user experience and customer satisfaction – the two proven ways of ensuring that key accounts stay with the service provider.
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.
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.
Rising Association with Telecom Sector to Support Market Development
In spite of the fact that the popularity of big-scale IT has noticeably been high in the large associations, mid and small-sized organizations are as yet not convinced on putting resources into IT operations and service management since they are in constant doubt about the ROI. While this hampers the development of the ITOSM market's development, it is a space where undiscovered opportunities could be found.
In any case, as more associations in the IT and telecom and manufacturing segments compete to stay up to date with the most recent patterns in big business IT, especially cloud computing, the installation of IT operations and service management system is expected to grow,. The requirement for IT application management, management of workload, and configuration is estimated to rise, helping the ITOSM market.
Advancement in Digitization to Contribute in Market Development
Cloud computing is a latest trend that has altogether affected the operation method of business. The increasing prevalence of cloud system has altered the working models of a company. Centralization and consolidation are the key benefits of the cloud based systems, it has essentially fastened the demand for ITOSM.
Digitization is making advances into almost every sector driving lucrative opportunities for organizations in the IT sector companies and services business. The estimation of each solution is being estimated dependent on how coordinated, adaptable, and responsive it is – particularly with regards to cloud-based frameworks. Against this, investments with respect to IT operations and service management is likely to stay positive.
This has brought about a more prominent type of services being offered by organizations competing for a bigger share of the ITOSM market.
The reconciliation of IT operations and service management solutions is the key hindrance that players are right now attempting to work upon. The efficient effort needed along with various phases and co-related procedures in IT operations and service management is making the installation difficult. The combination of services sourced from numerous providers is likewise become a challenge as well. In this situation, the accomplishment of the ITOSM solutions essentially relies upon how the service supplier can characterize the better subtleties in the SLA.
The data and information presented is based on the findings of a TMR report, titled “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.”
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