Global problem management software market expected to generate revenue of around USD 3,500 million by end of 2026, growing at a CAGR of more than 5.5% between 2018 and 2026. A problem management software solution helps the organization to achieve transparency with known error database.
Sarasota, FL -- (SBWIRE) -- 07/19/2018 -- Zion Market Research has published a new report titled "Problem Management Software Market by Component (Software and Services); by Deployment Model (On-premise and Cloud); by Vertical (Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Retail, Healthcare, and Manufacturing): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 - 2026". According to the report, global problem management software market was valued at approximately USD 2,100 million in 2017 and is expected to generate revenue of around USD 3,500 million by end of 2026, growing at a CAGR of more than 5.5% between 2018 and 2026.
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The problem management software identifies, troubleshoots, documents, and resolves the root reasons for recurrent incidents. Some of the major factors driving the growth of problem management software market are growing demand for problem management software to prevent incidents with workarounds and solutions. Moreover, the growing adoption of cloud-based solutions is expected to propel the growth of the global problem management software market globally. Continuous and safe performance of the database system is one of the most significant factors in the modern information technology industry. Isolating, detecting, and solving problems in primary phase decreases the threat of possible outages of definite parts of the system or of the complete system and in that way, it directly influences the growth of problem management software market.
A problem management software solution helps the organization to achieve transparency with known error database. It identifies and records all problems discovered within supported services or the infrastructure, provides optimized workarounds for incidents that will allow users to continue to perform their jobs until a permanent fix is implemented. Moreover, problem management software solutions connect problems to existing incidents, releases or changes and plans ahead for interruption or service disturbances.
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The problem management software market is segmented on the basis of the component, deployment model, industry vertical, and by geography. Based on the component, the problem management software market is segmented into software and services. The software segment accounted for a high share of 67.30% in the global problem management software market in 2017. Growing adoption of software for detection and resolving the problem has increased the demand for problem management software and is expected to propel the growth of the market in the coming years. The service segment is estimated to register a high CAGR of 5.58% from 2018 to 2026.
By deployment model, the global problem management software market is segmented into on-premises and cloud. The cloud-based problem management solution segment is estimated to register a high CAGR of 10.87% in the global market. The cloud system is cost-effective, more efficient, and ease of data use are aspects boosting the growth of the cloud segment in the global problem management software market. Computing resources have become economic, more available, and more powerful due to the rapid development of storage and processing industry and the success of the internet. The technological advancements have enabled the awareness of a new computing technology called cloud computing. The growing adoption of cloud-based solutions is attributed to the availability of resources and services of cloud computing in an on-demand fashion.
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Banking, Financial Services, and Insurance (BFSI), IT & telecommunication, retail, healthcare, and manufacturing are the key industry verticals of the global problem management software market. The healthcare segment is projected to have the highest CAGR during the forecast period. The increasing adoption of IoT in the healthcare industry and a growing number of instruments with software applications in the industry are the key factor contributing towards the high growth of segment in the global problem management software market.
North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa are key regional segments of the global problem management software market. North America and Europe are anticipated to remain the leading regions over the forecast period. There is good adoption rate of the advanced software for problem management in retail, manufacturing, and banking industry in North America and Europe is expected to boost the growth of the market in the region. Asia Pacific is expected to register a high CAGR of 7.14% in the global problem management software market. Developing nations like India and China are promising markets owing to the large population base and the growing number of patients.
Some of the key players in problem management software market include Atlassian, Axios, BMC Software Inc., Cherwell Software, LLC, Freshworks Inc., IBM Corporation, Ivanti, ServiceNow, Soft Expert, SolarWinds, Team Quest Corporation, and Zendesk. Major players are engaged in mergers & acquisitions to diversify their product portfolio and retain market share.