IT Operations and Service Management (ITOSM) Market Worth $69.21 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

The IT operations and service management (ITOSM) market size is expected to reach US$ 69.21 billion by 2031 from US$ 27.74 billion in 2023 to record a CAGR of 12.1% during 2023–2031.

NEW YORK, Oct. 9, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global IT operations and service management market is observing significant growth owing to growing adoption of remote work culture and rising BYOD trend.

Global IT operations and service management (ITOSM) market experiences significant growth due to growing adoption of remote work culture and rising BYOD trend. Browse More Insights: https://www.theinsightpartners.com/reports/it-operations-and-service-management-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the IT operations and service management market comprises a vast array of type, application, deployment, enterprise size, industry, and geography which are expected to register strength during the coming years.

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Overview of Report Findings:

1. Market Growth: The IT operations and service management market was valued at US$ 27.74 billion in 2023 and is projected to reach US$ 69.21 billion by 2030; it is expected to register a CAGR of 12.1% during 2022–2030. 
   
   
2. Technological Innovations: AI is revolutionizing the way companies manage IT services. By leveraging AI technology, organizations can automate repetitive tasks, gain valuable insights from data, and bolster security. The incorporation of AI in IT operations and service management is a relatively new development; it is expected to continue gaining traction due to the ITOSM solution's ability to automate many mundane tasks, streamline network operations, and predict equipment failures. AI empowers IT professionals to focus on implementing strategic initiatives to optimize operational efficiency. This results in cost savings, improved uptime, and a proactive approach to IT management. Furthermore, the integration of AI into ITSM offers many benefits for companies by enabling more efficient support services, faster problem-solving, and a better user experience.
   
   
3. Cloud-Based Solutions: Businesses nowadays are becoming increasingly dependent on cloud services and applications due to the recent shift toward remote work. Cloud platforms provide access to cutting-edge technologies such as machine learning, big data analytics, and artificial intelligence, allowing enterprises to make better decisions and extract insightful information from collected data. According to the Flexera 2022 State of the Cloud Report, the Americas has 63% heavy cloud users, 23% moderate cloud users, and 14% light cloud users. Furthermore, more than half of enterprise IT spending will shift to the cloud by 2025. According to Spacelift, Inc., 84% of companies use the private cloud. Also, public cloud spending is expected to grow from less than 17% in 2021 to more than 45% in 2026. The growing adoption of cloud computing by organizations is raising the need for ITOSM solutions for cloud migration and deployment.
   
   
4. Growing Adoption of Remote Work Culture: Remote work has become the new normal for many organizations in recent years, especially after the COVID-19 pandemic, to maintain flexibility in working conditions. Various teams and departments in an organization successfully manage to work together in remote and hybrid workspaces. According to Gallup, Inc. report of June 2022, ~65% of full-time employees are ready to work remotely. Working in a remote environment helps employees reduce traveling time as well as maintain a work-life balance. A study conducted by the National Bureau of Economic Research in January 2023 showed that remote work saved an average of 72 minutes spent by employees on their daily travel to and from their on-site jobs during 2021–2022. As organizations adapt to remote work culture, they need robust IT infrastructure, enhanced cloud services, and strict cybersecurity measures. This shift necessitates more advanced remote IT support, automated IT operations and service management (ITOSM) tools, and enhanced monitoring systems to maintain smooth operations across distributed teams.
   
   
5. Geographical Insights: North America dominated the IT operations and service management market in 2023 with a share of 37.1%; it would continue to dominate the market during the forecast period. Europe is the second-largest contributor to the global IT operations and service management market, followed by Asia Pacific.

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Market Segmentation:

• On the basis of type, the IT operations and service management market is segmented into solution and services. The solution segment held the largest share in the IT operations and service management market in 2023.
• On the basis of application, the IT operations and service management market is segmented into operation and performance management, dashboard, reporting, and analytics, configuration automation and discovery, and others. The operation and performance management segment held the largest share in the IT operations and service management market in 2023.
• Based on deployment, the market is segmented into cloud and on premises. The cloud segment held the largest share in the IT operations and service management market in 2023.
• By enterprise size, the market is segmented into large enterprises and SMEs. The large enterprises segment held the largest share in the IT operations and service management market in 2023.
• Based on industry, the IT operations and service management market is segmented into IT and telecom, BFSI, healthcare, manufacturing, government, and others. The IT and telecom segment held the largest share in the IT operations and service management market in 2023.
• The IT operations and service management market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Competitive Strategy and Development:

• Key Players: A few of the major players operating in the global IT operations and service management (ITOSM) market include Ivanti; Fujitsu Ltd; Oracle Corp; BMC Software, Inc.; Happiest Minds; ServiceNow Inc; NTT Data Corp; Ardent IT Private Limited; PROV INTERNATIONAL INC.; Alnafitha IT; International Business Machines Corp; Lumen Technologies Inc; Broadcom Inc; DELL, INC.; Juniper Networks Inc; Zoho Corp Pvt Ltd; Lenovo Group Ltd; Rackspace Technology Inc; Telefonaktiebolaget LM Ericsson; Open Text Corp.
• Trending Topics: IT service management (ITSM), IT Management as a Service (ITMaaS), IT Asset Management (ITAM),

Global Headlines on IT Operations and Service Management Market:

• "BMC announced the signing of a definitive agreement to acquire Netreo, the award-winning provider of smart and secure IT network and application observability solutions. With Netreo, the BMC Helix platform will provide customers with a full-stack, open observability, and AIOps solution. The Netreo OpenTelemetry-based observability provides application performance management (APM), network performance monitoring and diagnostics (NPMD), and IT infrastructure management (ITIM), enabling IT Ops, DevOps, developers, and network teams with deep and wide-ranging visibility across their applications, infrastructure, and networks."
• "ServiceNow and Fujitsu announced a new strategic commitment to launch innovative cross-industry solutions designed to maximize value for customers globally. The companies launched a new Fujitsu-ServiceNow Innovation Center to focus on digital transformation and customer success. Fujitsu expands its use of the Now Platform on its way to provide even greater value to customers."

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In terms of revenue, North America dominated the IT operations and service management (ITOSM) market share, followed by Europe and APAC. The IT operations and service management (ITOSM) market in North America is subsegmented into the US, Canada, and Mexico. In terms of revenue, US dominated the IT operations and service management (ITOSM) market share. The high rate of digitization in various industries, a rise in the adoption of digital tools, and high technological spending by government agencies are a few factors expected to fuel the IT operation and service management market in the US over the forecast period. Moreover, the US has a large number of IT operations and service management market players who have been increasingly focusing on developing innovative solutions. For instance, in March 2024, Service Now launched Now Assist for IT Service Management, which combines the ability of generative AI to arrange unstructured data with organized procedures and automated processes. This tool empowers Enterprise IT executives to significantly increase agent productivity by providing dynamic assistance to overcome various issues across the incident lifecycle. With intelligent knowledge creation and context-aware virtual agents, problems may be avoided, and employee experiences can be improved.

Increasing Complexity of IT Infrastructure to Fuel IT Operations and Service Management (ITOSM) Market Growth During Forecast Period:

IT infrastructure includes all the hardware, software, networks, and related services needed to run IT-related activities in an organization. It also comprises data centers, servers, routers, computing platforms, and other components. To manage IT infrastructure, there is a need to properly plan, maintain, and optimize these resources to ensure uninterrupted operation. The continuous evolution of software introduces complexity to the IT infrastructure, demanding compatibility and security. Also, ineffective data management is another crucial issue that needs to be addressed, as it can lead to data loss, higher expenses, and decreased productivity. Moreover, cloud infrastructure is becoming increasingly attractive to enterprises trying to optimize their operations and prevent disruptions. Cloud solution integration can be highly challenging and requires careful planning. In addition, there is a growing demand for automation to increase the organization's productivity. For instance, according to flair.hr, 31% of businesses have fully automated at least one function as of February 2024. However, implementing automation technologies and processes necessitates a strategic approach to ensure that they align with an organization's objectives. Efficient IT infrastructure management solutions are crucial to minimize inefficiencies and maximize the use of resources. Moreover, as organizations grow, their corporate IT infrastructure expands accordingly as new elements are incorporated. New implementations require more elements in an information system, leading to increased vulnerabilities. The growing software advancements, increasing integration of cloud infrastructure, and growing adoption of automation technology are increasing the complexity of IT infrastructure. Therefore, the increasing complexity of IT infrastructure fuels the market growth.

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Conclusion:

The global IT operations and service management market is experiencing significant growth in terms of revenues pertaining to an increasing focus on data-driven decision-making. One of the most significant developments in the market is the incorporation of artificial intelligence (AI) with IT operations and service management solutions. These technologies are transforming the way IT services are managed and provided, allowing enterprises to solve difficult issues with remarkable efficiency. AI-powered technologies can now diagnose and resolve IT issues autonomously, drastically lowering downtime and increasing service uptime. These systems use machine learning algorithms to detect possible problems before they occur, allowing for proactive management of IT infrastructure.

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The report from The Insight Partners, therefore, provides several stakeholders—including service providers, regulatory bodies, and end-users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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