The global IT operations and service management (ITOSM) market had reached US$17.44 bn in 2015. The market is on pace to exhibit a 6.5% CAGR between 2016 and 2024. Although the adoption of enterprise IT has palpably been on the rise in larger organizations, small and mid-sized businesses are still not entirely sold on the idea of investing in IT operations and service management because they continue to remain skeptical about the return on investment. While this challenges the growth of the ITOSM market’s growth, it is also where untapped opportunities lie, TMR expects.
Nevertheless, as more organizations in the manufacturing and IT and telecom sectors vie to keep abreast of the latest trends in enterprise IT, particularly cloud computing, the deployment of IT operations and service management solutions is bound to increase, says TMR. The need for IT application management, workload management, and configuration will continue to mount, enabling the ITOSM market to be worth US$30.96 bn by the end of 2024.
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Digitization is making inroads into virtually every industry vertical leading multibillion-dollar opportunities to spring up for companies in the IT enterprise solutions and services business. The value of virtually each solution is being measured based on how agile, scalable, and responsive it is – especially in the context of cloud-based systems. Against this backdrop, investment sentiment relating to IT operations and service management is expected to remain positive.
Asia Pacific will be front and center of the global IT operations and service management (ITOSM) market in terms of growth rate. Countries such as China, India, Japan, and South Korea are witnessing rising investor interest in enterprise IT and, subsequently, ITOSM. This trend will manifest in the form of an 8.1% CAGR for the Asia Pacific ITOSM market through the report’s forecast period.
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In the Middle East and Africa, upcoming big-ticket events such as the 2022 FIFA World Cup in Qatar and the Dubai World Expo 2020 has prompted enterprises to invest more in analytics, rich media, and smart devices. This will lead to greater demand for ITOSM services and solutions in the Middle East and Africa.
Brazil leads in Latin America, in terms of technology adoption. The country is followed by others such as Mexico, Argentina, and Chile. The overall increase in IT expenditure and the launch of secure mobile platforms for enterprises will benefit the growth of the ITOSM market in Latin America.
Companies at the forefront of the global ITOSM market include: Microsoft Corporation, BMC Software Inc., Oracle Corp., IBM Corporation, HP Inc., CA Technology, Inc., and Dell, Inc.