it operations and service management (itosm) Market

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. North America is one of the fastest-growing regions in terms of technological innovations and adoption of advanced technologies, and the region has a good IT infrastructure. Per the International Trade Administration, the US is the world's largest information technology (IT) market, accounting for one-third of the US$ 5 trillion global market. The region has witnessed massive adoption of technologies such as machine learning (ML), artificial intelligence (AI), and blockchain in the past three years i.e. 2021, 2022, and 2023 across all the major industry verticals. With the rising penetration of digitization in various industries, IT operations and service management have become a vital component of businesses. The region is home to a majority of key market players such as IBM Corporation; Oracle; BMC Software, Inc.; ServiceNow Inc; and Broadcom. In addition, according to CompTIA, there are over 557,000 software and IT service companies in the US

The Asia Pacific IT operations and service management (ITOSM) market is projected to experience highest growth rate from 2023 to 2031. APAC is witnessing an increase in the adoption of new technologies. The region is home to several tech and high-tech groups. Digital capabilities are constantly being developed in the region to maintain long-term competitiveness. Governments of various countries are taking strategic steps for digitalization. For instance, in February 2023, the government of China published the Overall Layout Plan for the development of a Digital China. The plan is to encourage the use of digital technology in economic, political, cultural, social, and environmental sectors. According to the plan, China will establish a statewide system by 2025 in order to accomplish its Digital China aim. By 2035, China aims to be among the world's top countries in terms of digitalization level. As businesses across industries undergo digital transformation, the need for efficient ITOSM solutions becomes crucial. Hence, the growing adoption of digital technologies is expected to fuel the growth of the IT operations and service management (ITOSM) market in the region

On the basis of type, the IT operations and service management market is segmented into solution and services. The solutions segment held the largest IT operations and service management market share. Businesses are widely adopting unified ITOSM solutions, which is further fueling the IT operations and service management (ITOSM) market. Automating IT functions and workflow helps businesses gain a competitive advantage. For example, in April 2024, Nutanix (NASDAQ: NTNX), a leader in hybrid multicloud computing, announced the findings of its sixth annual global Public Sector Enterprise Cloud Index (ECI) survey and research report-which measures enterprise progress with cloud adoption in the industry. The research showed that Public Sector IT leaders expect substantial near-term adoption of multiple IT operating models (87%), with current usage (57%) being slightly lower than the average compared to other industries (60%). Public sector organizations are eager to modernize their IT infrastructure and lay the foundation to adopt innovative technologies to deliver better services.

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 IT operations and service management market players that are profiled in this market study.

The overall IT operations and service management market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the IT operations and service management market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the IT operations and service management market.