IT Operations and Service Management (ITOSM) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/15/2017 -- As organizations become decidedly clearer about investing in more agile IT infrastructure, players in the IT operations and services management (ITOSM) market are compelled to be highly responsive to this change, a new report by Transparency Market Research finds. To this end, the change in the ITOSM competitive landscape is already evident.
The future of IT operations and service management will increasingly be defined by the sharp focus on an unmatched end-user experience and customer satisfaction – the two proven ways of ensuring that key accounts stay with the service provider.
Large Companies Leverage Deeper Vertical Presence while Smaller Players Trying to Gain More Ground in ITOSM Market
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TMR observes that while tier 1 companies such as BMC Software Inc. are seeking out new avenues to strategically expand their end customer solutions portfolio, others such as HP Inc. are betting on performance management, cloud computing, and analytics to gain a competitive edge. The wider geographical presence of large companies and their presence in ancillary verticals such as cloud management is enabling them to move full steam ahead in the ITOSM space.
"The game plan for tier 2 companies, however, will be slightly different considering they do not enjoy the same regional presence as their larger contemporaries. The next few years will see more tier 2 companies venturing into partnerships and M&As to gain more ground in the ITOSM market," says a TMR analyst. Tier 2 companies are expected to earmark more funds in expansion activities to compete more fiercely in the coming years. In terms of product portfolio, it is the tier 1 companies that boast wider offerings because of their key clients being small and medium enterprises scattered across various industries.
Public Cloud Adoption will be a Pivotal Trend for Growth
According to TMR, public cloud adoption will steer the growth of the IT operations and service management market. The Cisco Global Cloud Index 2014, for instance, reveals that public cloud workloads will rise at a 44% CAGR between 2014 and 2019. In comparison, the workload increase in private cloud workload will be 16% in the same period. As more data shifts to the mobile and handheld devices such as tablets and smartphones, cloud storage solutions will be in high demand. As the cost of on-premise ITOSM spirals, more companies will shift toward cloud-based ITOSM in a bid to reduce OPEX and CAPEX.
Complexities in SLAs Stemming from Integration Issues Could Suppress Growth
The integration of IT operations and service management solutions is the greatest challenge that players are currently struggling to address. The sheer effort required in coordinating between the myriad phases and interrelated processes in IT operations and service management is making seamless deployment challenging, TMR finds. The integration of services being sourced from multiple suppliers is also often a challenge. The disparate cloud deployment models and services further make for very complex service level agreements (SLAs). In this context, the success of the ITOSM solution primarily depends on how clearly the service provider is able to define the finer nuances in the SLA.
IT Service Management to Attract More Investments in the Coming Years
According to TMR, IT operations management (ITOM) was largest segment (by type) in the global ITOSM market in 2015 and will continue to retain its leading position until 2024. However, with a CAGR of 7.5% between 2016 and 2024, the IT service management (ITSM) segment is expected to fare better than the others through the forecasting horizon. The manufacturing sector and IT and telecom industry will generate appreciable demand for ITOSM through the report's forecast period, says TMR.
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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.
Top players in the market are: IBM Corporation, Oracle Corp., Microsoft Corporation, BMC Software Inc., HP Inc., ServiceNow Inc., VMware Inc., Compuware Corporation, and CA Technology, Inc.