The global IT Operations and Service Management market was valued at USD 17 billion in 2021 and is anticipated to expand at a CAGR of 12.5% during the forecast period of 2023 and 2030. During the aforementioned time frame, the increased IT operations data and rising emphasis on the deployment of cloud-based ITOA solutions had a positive effect on the sector. Due to the evolution of the IT business and the rising complexity of the sector, enormous quantities of data are generated. Due to the inefficiency of typical approaches, large operational data generated an ROI that was wasteful. With the advent of ITOSM systems, companies were able to efficiently analyze data and get useful insights. During the forecast period, the market is expected to expand due to the increasing tendency of start-ups and SMBs to adopt cloud-based applications, as well as the rising need for managed Cloud IT services. As a result of the rise of the APAC and North American markets, the industry is seeing rapid expansion. As the use of cloud technology has expanded, operational tactics have altered inside a business. The ability of cloud-based solutions to centralize and consolidate data is their greatest advantage. It is projected that the use of these solutions will help businesses reduce their IT expenses by 25-45% and increase their operational efficiency by 45-65%.
Increased use of cloud-based applications by start-ups and SMBs is expected to drive market expansion throughout the forecast period. Cloud-based applications help businesses reduce IT infrastructure operating costs, improve scalability, and strengthen company stability. It is anticipated that the increasing usage of cutting-edge technologies such as big data, AI, IoT, and cloud computing will raise demand for ITSM services. Additionally, the increasing implementation of the BYOD trend and the rising mobile workforce in APAC and Europe is anticipated to boost the growth of the IT operations and services market throughout the forecast period. In addition, the increasing investments of major firms such as IBM Corporation, Hewlett-Packard, and BMC Software are expected to stimulate the market in the next years. In April 2019, Cherwell Software announced Cherwell Service Management, a solution for IT service management. The cloud-based software improves the speed and scalability of the IT infrastructure.
During the projection period, the rising integration of cloud ITSM solutions with contemporary AI is expected to generate a number of profitable market opportunities. The AI platform facilitates the delivery of a large array of IT and enterprise management services, which is anticipated to have a positive impact on the sector in the coming years.
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On the AI platform, BMC Software, IBM Corporation, and Serviceaide are developing cutting-edge ITSM products and services. In September 2020, for instance, Serviceaide, Inc. published LUMA 2.5, a service and support agent for IT and enterprise service management. LUMA 2.5 is equipped with an AI platform, a platform for machine learning, and natural language processing, allowing it to provide a conversational medium spanning chat, audio, email, and other platforms. Similarly, BMS software announced in February 2019 a partnership with IBM Corporation to integrate BMC Helix and BMC Software's Cognitive service management with IBM Watson's AI capabilities.
Organizations are utilizing IT architecture to make the IT sector more dynamic and adaptive with the use of virtual machines, clouds, and containers. Businesses are now able to meet shifting demands due to the dynamism of cloud-based services. Nonetheless, as workflows are removed from their existing physical IT infrastructure, this reduces enterprise visibility. This results in the discovery of multiple problems.
In addition, many organizations do not invest in ITSM solutions due to common challenges and a lack of awareness. These organizations rely on conventional equipment whose upkeep demands limited funding. In addition, a lot of regions, including the Middle East, Africa, and South America, are uninformed of these services, which is anticipated to hinder market progress throughout the forecast period.
The analysis indicates that the ITOM category is expected to dominate the market during the projection period. During the period from 2023 to 2032, the segment is projected to expand at a CAGR of 12%. The increasing adoption of cloud-based solutions by SMBs and startups is expected to have a substantial impact on the growth of the market throughout the forecast period.
On the basis of ITOM type, it is projected that the configuration automation and discovery segment will lead the market throughout the forecast period. According to the analysis, the segment is predicted to increase at a CAGR of 12.2% between 2023 and 2032. During the forecast period, the segment expansion of the market is predicted to be driven by an increase in demand to increase operational efficiency, reduce costs, and reduce errors.
The report forecasts that North America would lead the global market over the forecast period. The traditional ITOSM market in North America is on the verge of undergoing a profound digital transformation as firms seek to become more agile and mobile. Thus, innovation continues to be the cornerstone of economic growth in the United States and Canada. This trend will add value to the conventional range of ITOSM services and place the ITOSM market in North America firmly on the route to growth. Between 2023 and 2032, it is expected that the United States would dominate the region. The presence of dependable technology suppliers and the development of essential technologies are two of the most influential aspects propelling the market growth during the forecast period. In addition, increasing investments by leading firms such as IBM Corporation, Hewlett-Packard, and BMC Software are anticipated to fuel market expansion over the forecast period. In addition, the region's market is flourishing due to a growth in mergers and partnerships. In May of 2019, for instance, ServiceNow, Inc. finalized its partnership with Google LLC to deploy its ITSM solutions on the Google Cloud Platform. It is envisaged that the project will promote the expansion of both firms' global market presence.
APAC is predicted to expand at the highest CAGR during the forecast period, according to the data. The expansion of the regional market is attributable to multiple developing nations in the region. During the projection period, the APAC market is expected to be supported by an increase in the adoption of technology by the consumer products, manufacturing, and transportation and logistics industries to enhance the customer experience. Similarly, with positive. Additionally, established players from all over the world are striving to expand their presence in APAC as a result of several opportunities. In August of 2019, for instance, ServiceNow Inc. expanded its presence by establishing a research and development center in Hyderabad, India. The center will advance the artificial intelligence capabilities of ITSM product offerings.
Asia-Pacific will be the fastest-growing region for IT operations and service management (ITOSM). Investor interest in enterprise IT and, consequently, ITOSM is growing in nations such as China, India, Japan, and South Korea. As the number of internet users in Asia-Pacific grows and technologies like 4G LTE penetrate emerging nations, it is anticipated that the volume of data created would increase substantially. This element augurs well for ITOSM's market expansion. Small and medium-sized firms in the APAC region represent a great untapped opportunity.
Key market participants in the global market for IT operations and services management are concentrating on product development, mergers & acquisitions, and collaborations. Diverse initiatives are being made by participants to collaborate with a variety of technology providers in order to reap lucrative benefits. Following are some examples:
