IT Operations and Services Management Market

Global IT Operations and Services Management Market Outlook

The global IT operations and services management market valued US$ 26.2 Billion in 2021 and is likely to reach US$ 27.8 Billion by 2022.

IT operations and services management (ITOSM) market is expected to reach a valuation of US$ 53.2 Billion during the forecast period, 2022-2032. 

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 26.2 Billion
Expected Market Value (2022)	US$ 27.8 Billion
Projected Forecast Value (2022-2032)	US$ 53.2 Billion
Anticipated Market Size of China (2032)	US$ 3.8 Billion
Projected CAGR of Japan (2022-2032)	6.5%
Expected Market Size of Australia	US$ 1.6 Billion
Key Players Profiled	IBM Corporation Oracle Corporation HP Inc. Compuware Corporation ServiceNow, Inc.

From 2021 to 2022, the market is expected to exhibit a Y-o-Y growth rate of 6.1%.  Expansion of the market can be attributed to the growing demand for cloud-based ITSM solutions and services owing to the increasing adoption of cloud computing among organizations.

The global IT operations and services management market is expected to garner absolute dollar growth of US$ 25.5 Billion by 2032. The industry is witnessing rapid growth owing to the expanding market size of APAC and North America. The growing prevalence of cloud solutions has brought a change in the operating models of an organization. Centralization and consolidation is the most significant advantage of cloud-based solutions. Deployment of these tools is expected to help organizations in reducing IT costs by 25-45% and enhance operational efficiency by 45-65%.

North America has been identified as the most attractive market for ITSM. This can be credited to the high adoption of cloud technology and the increasing demand to improve IT services by the end-user sectors of the region. The U.S is projected to make the most crucial contribution to expanding the regional market.

Global IT Operations and Services Management Market Revenue Analysis 2015-2021 Vs Future Outlook 2022-2032

As per the analysis, the global IT operations and services management market is likely to expand at a CAGR of 7.1% during the time span of 2015-to 2021. The burgeoning IT operations data and growing focus on the adoption of cloud-based ITOA solutions are likely to have positively influenced the market during the above-mentioned timeframe. With changing IT industry and growing complexities in the IT sector, a massive amount of data is generated.

The conventional tools were not efficient enough and resulted in inefficient ROI for large operational data. With the introduction of ITOSM solutions, enterprises could analyze data effectively and derive useful insights.

With the rising inclination of startups and SMEs toward the adoption of cloud-based applications and the growing demand for managed Cloud IT services, the market is expected to bolster during the forecast period. As per the analysis, the market is anticipated to exhibit a CAGR of 6.7% during the forecast period from 2022-to 2032.

The strong development of the market during 2022-2032 can be attributed to the aggressive investment by established players such as; Hewlett Packard Enterprise Company, Atlassian Corporation, and others. For instance, in January 2020, Atlassian Corporation PLC rolled out its advanced and updated Jora project management ITSM software. The ITSM software aims to help users in managing and monitor software development initiatives.

Salient Factors Driving the Global IT Operations and Services Management Market

Growing Adoption of Cloud-based applications to drive the Market

Increasing adoption of cloud-based applications among startups and SMEs is expected to boost the market in the forecast period. Cloud-based applications help organizations in lessening IT infrastructure operating costs, enhancing scalability, and strengthening business stability.

Increasing adoption of advanced technologies such as; big data, AI, IoT, and cloud computing is anticipated to augment the demand for ITSM services. Moreover, the growing deployment of the BYOD trend and the rising mobile workforce across the APAC and Europe is likely to propel the growth of the IT operations and services market during the forecast period.

Furthermore, the increasing investment by key players such as; IBM Corporation, Hewlett Packard, and BMC Software are likely to bolster the market in the forecast period. For instance, in April 2019, Cherwell Software launched its information technology service management solution, known as, Cherwell Service Management. The cloud-based software helps in developing the speed and scalability of the IT infrastructure.

Integration of ITSM Solutions with AI to Propel the Market Growth

The growing integration of cloud ITSM solutions with modern AI is expected to offer various remunerative opportunities to the market in the forecast period. The AI platform helps organizations in providing a wide range of IT and enterprise management services, which is anticipated to positively influence the market in the forecast period.

Players such as; BMC Software, IBM Corporation, and Serviceaide are developing modern ITSM solutions and services based on the AI platform. For instance, in September 2020, Serviceaide, Inc. rolled out LUMA 2.5, which is a service and support agent for IT and enterprise service management. LUMA 2.5 has an AI platform machine learning platform, and natural language processing, that helps to offer a conversational medium over chat, voice, email, and other platforms.

Similarly, in February 2019, BMS software disclosed its partnership with IBM Corporation to integrate BMC Helix and BMC Software’s Cognitive service management with the AI capabilities of IBM Watson.

Factors Inhibiting the Global IT Operations and Services Management Market

Increasing Complexities of IT Architecture to Limit the Market Growth

Organizations are implementing IT architecture to make the IT sector more dynamic and agile with the help of virtual machines, clouds, and containers. The dynamic attributes of cloud-based services have allowed enterprises to meet fluctuating demands. However, this has decreased visibility for organizations, as workflows are away from their existing physical IT infrastructure. This results in identifying various challenges.

Also, various organizations do not make investments in ITSM solutions owing to the prevailing complexities and also due to a lack of awareness. These organizations are dependent on conventional tools which demand limited funds for their maintenance. Furthermore, various regions such as MEA and South America, are yet not aware of such services, which is anticipated to hinder the market growth in the forecast period.

Country-Wise Analysis

Why is North America Expected to Lead the Global IT Operations and Services Management Market?

Increasing Investment by Key Players to Boost the Regional Market

According to the analysis, North America is expected to dominate the global market during the forecast period. Among all, the U.S is expected to dominate the region during the time span of 2022-2032. The U.S market size is projected at US$ 12.9 Billion while expanding at a CAGR of 5.6% during the forecast period.

The presence of robust technology providers and the development of core technologies are some of the salient factors driving the market growth in the forecast period. Furthermore, the increasing investment by key players such as; IBM Corporation, Hewlett Packard, and BMC Software are anticipated to bolster the industry growth in the assessment tenure. Also, with growing acquisitions, and partnerships, the market in the region is flourishing.

For instance, in May 2019, ServiceNow, Inc., accomplished the partnership with Google LLC to deploy its ITSM solutions with the Google Cloud Platform. The initiative is expected to benefit both companies in expanding their reach in the global market.

Why is APAC Expected to Expand at the Fastest CAGR during the Forecast Period?

Developing Infrastructure in Various Evolving Economies to Benefit the Regional Market

As per the analysis, APAC is projected to expand at the fastest CAGR during the forecast period. The growth of the regional market can be attributed to the presence of various developing nations in the region. As per Fact. MR, China is projected to garner a market value of US$ 3.8 Billion by 2032, and Japan is expected to procure US$ 2.8 Billion during the forecast period. The anticipated CAGR of China and Japan is 6.8% and 6.5% respectively.

An increase in technology adoption from consumer goods, the manufacturing industry, and transportation and logistics to offer a better customer experience is expected to boost the market in APAC during the forecast period. Also, with favorable. Furthermore, established players across the globe are making efforts to expand their reach in APAC owing to the presence of various opportunities. For instance, in August 2019, ServiceNow Inc. enhanced its presence by establishing an R&D Center in Hyderabad, India. The center was announced to develop the AI capabilities of ITSM product offerings.

Country	Estimated CAGR (2022-2032)
U.S	5.6%
Brazil	5.9%
China	6.8%
Japan	6.5%
Australia	9.3%

Category-Wise Analysis

Based on type, what is the Role of ITOM in Developing the Global IT Operations and Services Management Market?

As per the analysis, by type, the ITOM segment is expected to dominate the market during the forecast period. Fact. MR reveals that the segment is projected to expand at a CAGR of 6.1% from 2022-to 2032.

The increasing adoption of cloud-based solutions by SMEs and startups is expected to play an important role in strengthening the market in the forecast period.

Which ITOM Type is likely to Reign Supreme across the Coming Decade?

Based on ITOM type, the configuration automation, and discovery segment is anticipated to lead the market in the forecast period. As per the analysis, the segment is expected to exhibit a CAGR of 6% from 2022 to 2032.

Increasing demand to enhance operational efficiency, lessen cost, and reduce errors is expected to augment the segmental growth of the market in the forecast period.

Competitive Landscape

Key players in the global IT operations and services management market focus on product development, mergers & acquisition, and collaborations. Players are taking various efforts to collaborate with several technologies provider to offer lucrative results. Recent Key developments among players are:

• In January 2020, Freshworks Inc., disclosed its partnership with Splashtop, a player that provides remote support solutions, remote access, and collaboration. The partnership is expected to offer remote support solutions to the users of Freshworks’ ITSM software.
• In July 2020, SolarWinds expanded its IT operations management portfolio to meet the demands of IT professionals functioning in hybrid IT realities and sustain economic pressures.

Key Segments Profiled in the Global IT Operations and Services Management Market

• by Type :

  • ITSM
  • ITOM

• by ITOM Type :

  • Configuration Automation and Discovery
  • Event Management
  • Cloud Provisioning
  • Workload and IT Automation

• by Industry Verticals :

  • BFSI
  • Telecom and IT
  • Government
  • Healthcare/ Medical/ Pharmaceutical
  • Aerospace/ Defense
  • Retail/ Wholesale/Distribution
  • Manufacturing
  • Education
  • Hospitality/ Entertainment/ Recreation/ Travel
  • Energy Utilities
  • Others

• by Region :

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America