Overview:

The global change management software market expected to witness a noteworthy growth, expanding at a CAGR of 12.8% during the forecast period from 2021 to 2029. The growth of this market is mainly credited to the increase in digital transformation and automation of IT applications and processes. Change management is an ITSM (information technology service management) discipline. Its objective is to keep a track and check whether standardized procedures and methods are adopted for prompt handling of changes. The rate of change has been accelerating incessantly. As a result, in order to stay competitive, every business organization must be able and nimble to respond rapidly to the new market needs. Change management software benefits an organization in large number of ways and is relevant when there is any kind of change with respect to cost and timeline of the project.

Change can be difficult, but investing some thoughts, time and money into change management helps an organization ensure effective implementation of a new enterprise software system. Benefits associated with change management software serve as motivators and assessment of progress. The main purpose of change management software is to implement the approved changes into the project with minimal amount of disruption. Change management software provides plans, procedures, and other related artifacts necessary for establishing an effective change management program to complete the documentation set to support it. The software helps in improving performance, minimize resistance, reduce costs, enhance innovation, improve work productivity and simplify complete IT change management process.

The goal of change management software is to ensure that changes to the IT services are arranged in a way that minimizes impact to the business. The addition of new technologies and devices to address the growing business needs has significantly increased and is contributing to the growing network size. Furthermore, cost reduction due to automation in the process projected to augment the growth of change management software market in the near future.

"Standalone Software held Largest Market Share in 2020"

In terms of offerings, the global change management software market is segmented into standalone software and SaaS. The standalone software segment accounted for the largest market share in 2020. Owing to security, control and integration considerations, many business organizations still opt for the standalone software implementation, with the application residing on their in-house server and being managed by company’s IT department. Nevertheless, a recent movement towards SaaS is indicative of a trend across several industry verticals and business applications. SaaS allows organizations to enjoy the benefits while minimizing the implementation, maintenance and infrastructure costs as well as the IT staffing requirements. As a result, the SaaS expected to emerge as the fastest growing segment in the years to come.

"Cloud-based Likely to Expand during the Forecast Period from 2021 to 2029"

The global change management software market, based on deployment model was led by on-premise segment in 2020. The superior security features offered by on-premise solutions over cloud is supporting the growth of this segment. Although there is a paradigm shift from on-premise to cloud, several organizations across the globe are still largely dependent on the on-premise model.  As a result, cloud-based model likely to expand and witness widespread adoption in the coming years. Adoption rate of cloud is rapidly ticking upwards and businesses are taking advantage of its benefits including agility, efficiency and flexibility. Several organizations are focusing on minimizing their infrastructure costs and implementation of timeframes, which in turn is boosting the growth of cloud-based model.

"IT & Telecom Garnered Largest Market Share in 2020"

The change management software is adopted by several end-use verticals to manage, track and enhance the overall productivity. In 2020, based on end-use vertical, the global change management software market was led by IT & telecom vertical. Change is inevitable in the IT & telecom organizations as technological advancements and fierce competitions are constantly enforcing these organizations to change at a rapid pace. Rising trend towards digital transformation coupled with increasing investments in digitization by the IT & telecom sector is facilitating the growth of change management software market worldwide.

"North America Leads the Change Management Software Market Globally"

Change management software technology gaining massive preference worldwide. Based on geography, North America dominated the market in 2020 and expected to demonstrate significant growth in the coming years. The presence of prominent players such as BMC Software, Inc., International Business Machines Corp., Ivanti, Microsoft Corporation, Oracle Corporation, etc. supports the market's growth and expected to provide lucrative opportunities in the coming years. In 2020, U.S. dominated the North America change management software market and likely to continue its supremacy throughout the forecast period from 2021 to 2029.

Competitive Insights

Major players in the change management software market include Axios Systems, BMC Software, Inc., CA Technologies, Cherwell Software, LLC, EasyVista Inc., Freshworks Inc., Gensuite, International Business Machines Corp., Ivanti, Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, Rocket Software, Inc., ServiceNow, Inc., Serviceaide, Inc., SunView Software, Inc., and VMware, Inc. among others

The change management software market appears to be highly fragmented and competitive in nature owing to the presence of regional as well as international players. Prominent players present in the market are increasingly focusing on gaining deep penetration, strong momentum, and high visibility in the market. For strengthening their position in the market, these players are incorporating several strategies including mergers & acquisitions, new product development, etc.

For instance, in August 2021, Cherwell Software, LLC entered into a strategic collaboration with FixStream Network Inc., one of the pioneer company in Artificial Intelligence solutions for IT operations (AIOps). The collaboration is aimed to accelerate digital transformation. Both the organizations will be integrating their expertise and technologies for providing customers with next-generation solutions leveraging machine learning with workflow automation to help more accurately and quickly predict, find and resolve information technology service management (ITSM) issues.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Change Management Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Change Management Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Change Management Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Change Management Software market?
• Which is the largest regional market for Change Management Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Change Management Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Change Management Software market worldwide?