The global ITOSM market was valued at US$17.40 bn in 2015 and it is expected to expand at a CAGR of 6.5% from 2016 to 2024 to reach US$30.96 bn in 2024.
Albany, NY -- (SBWIRE) -- 12/14/2016 -- Increased Cloud Assets Create New Playing Field for ITOSM Service Providers
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.
Digital Service Management is a Trend Worth Taking Note
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.
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This has resulted in a greater assortment of services being offered by companies competing for a larger share of the pie in the ITOSM market. A case in point would be BMC Software's announcement in February 2016 that it would be adding digital service management services and solutions to its existing mix of ITOSM offerings. Companies are also exploring takeovers and mergers to acquire digital service management (DSM) capabilities. Cisco Systems, Inc., for instance, has adopted this strategy by announcing an interest in DSM provider, DiviTech A/S.
Asia Pacific to Exhibit Fastest Growth as Organizations Pursue a Public Cloud Strategy
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. As the number of internet users in Asia Pacific rises and technologies such as 4G LTE make inroads in emerging economies, the amount of data generated is expected to soar. This factor will augur well for the growth of the ITOSM market. SMEs represent a massive untapped opportunity in the APAC region.
In 2015, ITOSM represented a US$5.70-bn opportunity in North America. The traditional ITOSM market is on the cusp of a sweeping digital transformation in North America, where enterprises want to be more agile and mobile. Innovation thus remains the cornerstone of growth for companies operating in the U.S. and Canada. This trend will add value to conventional suite of ITOSM services and put the North America ITOSM market firmly on the growth track.
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.