The global IT operations and service management market was worth USD 17 billion in 2021 and is projected to register a CAGR of 12.5% during the forecast period of 2023 to 2032. The expanding IT operations data and increasing emphasis on the adoption of cloud-based ITOA solutions certainly had a beneficial impact on the industry throughout the aforementioned time span. Massive amounts of data are produced as a result of the evolving IT industry and the sector's increasing complexity. Large operational data yielded an ROI that was inefficient due to the inefficiency of the standard techniques. With the development of ITOSM systems, businesses were able to analyze data efficiently and gain valuable insights. During the projected period, the market is anticipated to expand due to the growing propensity of start-ups and SMBs to embrace cloud-based applications and the rising need for managed Cloud IT services.  Due to the expansion of the APAC and North American markets, the industry is seeing tremendous growth. An organization's operating strategies have shifted as the prevalence of cloud technologies has increased. The most significant benefit of cloud-based systems is their ability to centralize and consolidate data. It is anticipated that the deployment of these solutions will assist firms in lowering their IT costs by 25-45% and improving their operational efficiency by 45-65%.

Rising Adoption of Cloud-Based Applications to Drive the Market

The increasing use of cloud-based apps by start-ups and SMBs is anticipated to drive market growth over the forecast period. Cloud-based applications aid firms in reducing IT infrastructure operating expenses, boosting scalability, and bolstering business stability. Increasing adoption of cutting-edge technologies, such as big data, AI, IoT, and cloud computing, is predicted to increase demand for ITSM services. In addition, the increasing implementation of the BYOD trend and the rising mobile workforce in APAC and Europe is expected to drive the growth of the IT operations and services market throughout the forecast period. In addition, the growing investments of key companies like IBM Corporation, Hewlett Packard, and BMC Software are anticipated to boost the market in the coming years. For example, Cherwell Software released Cherwell Service Management in April 2019 as their solution for information technology service management. The cloud-based software aids in enhancing the IT infrastructure's speed and scalability.

Integration of AI with ITSM Solutions

During the forecast period, the increasing integration of cloud ITSM solutions with current AI is anticipated to create a number of lucrative prospects for the market. The AI platform aids firms in providing a vast array of IT and enterprise management services, which is projected to have a beneficial impact on the industry in the coming years.

BMC Software, IBM Corporation, and Serviceaide are building cutting-edge ITSM solutions and services on the AI platform. For example, Serviceaide, Inc. released LUMA 2.5 in September 2020, which is a service and support agent for IT and enterprise service management. LUMA 2.5 is equipped with an AI platform, a machine learning platform, and natural language processing, which enable it to provide a conversational medium across chat, voice, email, and other platforms. Similarly, BMS software announced in February 2019 its relationship with IBM Corporation to connect BMC Helix and BMC Software's Cognitive service management with the AI capabilities of IBM Watson.

Increasing IT Architecture Complexity Will Limit Market Growth

With the aid of virtual machines, clouds, and containers, organizations are using IT architecture to make the IT industry more dynamic and adaptable. The dynamic characteristics of cloud-based services have enabled businesses to satisfy fluctuating demand. Nonetheless, this has reduced visibility for enterprises, as workflows are separated from their existing physical IT infrastructure. This leads to the identification of several issues.

In addition, many businesses do not invest in ITSM solutions due to the prevalent difficulties and a lack of awareness. These organizations rely on conventional tools, the maintenance of which requires a restricted budget. In addition, a number of regions, such as the Middle East and Africa, and South America, are unaware of these services, which is predicted to impede market expansion throughout the forecast period.

ITOM Dominated the Market by Type

The ITOM segment is anticipated to dominate the market during the forecast period, as shown by the analysis. During the forecast period of 2023 to 2032, the segment is anticipated to grow at a CAGR of 12%.  The growing adoption of cloud-based solutions by SMBs and start-ups is anticipated to play a significant influence on the market's growth throughout the forecast period.
 
Configuration Automation and Discovery Segment Dominates the ITOM Market by Type

On the basis of ITOM type, the configuration automation and discovery segment is predicted to lead the market over the forecast period. The segment is anticipated to grow at a 12.2% CAGR between 2023 and 2032, according to the report. During the projection period, the segment expansion of the market is anticipated to be bolstered by a rise in demand to improve operational efficiency, cut costs, and minimize errors.

North America Remains as the Global Leader

During the forecast period, the analysis predicts that North America would lead the global market. The traditional ITOSM market is on the edge of a radical digital change in North America, as businesses desire to become more agile and mobile. Thus, innovation remains the cornerstone of growth for businesses in the United States and Canada. This tendency will add value to the standard suite of ITOSM services and place the North American ITOSM market firmly on the growth path. During the period between 2023 and 2032, it is anticipated that the U.S. will dominate the region.  The presence of robust technology suppliers and the advancement of fundamental technologies are two of the most important factors driving market expansion over the predicted period. In addition, growing investments by key companies such as IBM Corporation, Hewlett-Packard, and BMC Software are predicted to boost market growth throughout the forecast period. In addition, the market in the region is thriving due to an increase in mergers and collaborations. For example, in May 2019, ServiceNow, Inc. finalized its relationship with Google LLC to put its ITSM solutions on the Google Cloud Platform. The project is anticipated to facilitate the expansion of both companies' global market presence.

APAC to Witness the Fastest Growth

According to the data, APAC is expected to grow at the highest CAGR throughout the forecast period. Multiple developing nations in the region are responsible for the expansion of the regional market.  During the forecast period, the market in APAC is anticipated to be bolstered by a rise in the adoption of technology by the consumer products, manufacturing, and transportation and logistics industries in order to improve the customer experience. Likewise, with positive. In addition, established players from all over the world are attempting to extend their presence in APAC due to the presence of several chances. For example, in August 2019, ServiceNow Inc. expanded its presence by opening a research and development center in Hyderabad, India. The center will develop the AI capabilities of ITSM product offerings.

Asia-Pacific will lead the global market for IT operations and service management (ITOSM) in terms of growth rate. Countries including China, India, Japan, and South Korea are experiencing an increase in investor interest in enterprise IT and, consequently, ITOSM. As the number of internet users in Asia-Pacific expands and technologies such as 4G LTE penetrate emerging nations, the volume of data created is projected to increase dramatically. This factor bodes well for the market expansion of ITOSM. In the APAC area, small and medium-sized businesses provide a tremendous untapped opportunity.

Product Development to Have High Impact on Market Share

Key market players in the global IT operations and services management market are focusing on product development, mergers and acquisitions, and partnerships. Diverse attempts are being made by players to engage with a variety of technology providers in order to yield profitable benefits. A few examples are as follows:

• In January 2020, Freshworks Inc. announced a relationship with Splashtop, a player that offers remote support, remote access, and collaboration. The alliance is anticipated to provide remote support solutions to users of Freshworks' ITSM software.
• In July 2020, SolarWinds enhanced its IT operations management portfolio to satisfy the needs of IT professionals operating in hybrid IT environments and to withstand economic challenges.
• Microsoft Corporation, BMC Software Inc., Oracle Corporation, IBM Corporation, HP Inc., CA Technology, Inc., and Dell, Inc. are among the leading companies in the global ITOSM market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

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 IT Operations And Services Management 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 IT Operations And Services Management 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 IT Operations And Services Management 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 2032.
• 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 IT Operations And Services Management market?
• Which is the largest regional market for IT Operations And Services Management 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 IT Operations And Services Management market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the IT Operations And Services Management market worldwide?