According to our latest study on "IT Operations and Service Management (ITOSM) Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Deployment, Enterprise Size, Industry Vertical," 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. The market is estimated to record a CAGR of 12.1% from 2023 to 2031.

The IT operations and service management (ITOSM) market is segmented into six major regions- North America, Europe, Asia Pacific (APAC), the Middle East, Africa, and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The IT operations and service management (ITOSM) market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, the UK dominated the IT operations and service management (ITOSM) market share. The IT operations and service management (ITOSM) market in the UK is experiencing significant growth. As organizations increasingly rely on technologies to streamline their operations, optimize service delivery, and enhance customer experiences, the demand for ITOSM solutions has surged. With the rapid technological advancement, businesses find complex IT infrastructures challenging, which boosts the need for ITOSM solutions. In addition, the proliferation of cloud computing, virtualization, and hybrid environments has led to a surge in the number of interconnected systems, applications, and devices. Managing this intricate network of IT resources efficiently and effectively has become crucial for organizations, which has fueled the demand for ITOSM solutions.

The IT operations and service management (ITOSM) market in Germany is experiencing a surge, paving the way for unprecedented growth and opportunities. With a rapidly expanding digital landscape and increasing focus on technological advancements, Germany has emerged as a thriving market for ITOSM solutions and services. Furthermore, the remote work culture has gained significant traction in Germany, as it offers employees flexibility and convenience. According to the Statistisches Bundesamt, a federal authority in Germany, in 2022, ~24.2% of the employed workforce in Germany was engaged in remote work. Among them, 14.7% utilized home offices on a daily basis, while an additional 9.5% worked from home for less than half of their working days. Hence, this trend has necessitated the implementation of ITOSM solutions that cater to the unique challenges of managing a diverse range of devices and ensuring secure access to corporate data.

Key Findings of Cost-Estimating Software Market Study:

The IT operations and service management (ITOSM) market is segmented into type, application, deployment, enterprise size and industry. Based on type, the market is bifurcated into solution and services. Based on application, the market is segmented into operation and performance management, dashboard, reporting, and analytics, configuration automation and discovery, and others. Based on deployment, the market is bifurcated into on-premise and cloud. In terms of industry, the market is segmented into IT & telecom, healthcare, BFSI, government, manufacturing, and others. Based on enterprise size, the market is divided into large enterprises and small and medium enterprises. By geography, the IT operations and service management (ITOSM) market is segmented into North America, Asia Pacific, Europe, the Middle East, Africa, and South & Central America.

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 IT Operations and Service Management (ITOSM) market share. ITOSM solutions help IT and telecommunication firms in telecommunication network optimization and management. ITOSM service providers offer these firms real-time monitoring, analytics, predictive maintenance, and automated provisioning. Furthermore, ITOSM empowers IT and telecom firms to proactively manage network resources and distribute superior quality services to customers. It streamlines the response to telecommunications network issues with machine learning and advanced analytics. Moreover, ITOSM solution helps the IT & telecom market players to overcome complex IT infrastructure and service disruptions. It plays a major role in bringing telecom services and operations on a single platform.

The adoption of digitization has rapidly risen in the BFSI industry, which fuels the need for IT operation and service management solutions. In addition to utilizing some of the most sophisticated IT infrastructure, the financial industry uses advanced programming interfaces, cloud computing, and data analytics. The implementation of ITOSM in the BFSI industry focuses on automating operations, workflow, and services in an on-premises or cloud-based environment. It helps financial institutions with change management, analytics, knowledge management, and incident management to reach their business goals. According to Dx Sherpa Technologies Pvt. Ltd., financial businesses are focusing on advanced change management, and some are focusing on simplifying or upgrading old IT infrastructure.

Ardent IT Private Limited; Alnafitha IT; PROV INTERNATIONAL INC.; BMC Software, Inc.; Happiest Minds; IBM Corporation.; Oracle Corporation; Microsoft Corporation, Fujitsu; and NTT DATA Corp are among the key players profiled in the IT Operations and Service Management (ITOSM) market report. Several other major players were studied and analyzed during the IT Operations and Service Management (ITOSM) market analysis to get a holistic view of the market and its ecosystem. The IT Operations and Service Management (ITOSM) market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current IT Operations and Service Management (ITOSM) market trends and their foreseeable impact during the forecast period.

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