IT Operations & Services Management Market to Reach $57.22 Billion by 2034, Driven by Digitalization & Network Optimization


Digitalization Trend in Manufacturing, BFSI, and Telecom Sectors Pushing High Need for IT Operations and Services Management Solutions: Fact.MR Report
Digitalization Trend in Manufacturing, BFSI, and Telecom Sectors Pushing High Need for IT Operations and Services Management Solutions: Fact.MR Report
The global IT operations and services management market is expected to reach a value of US$ 31.35 billion in 2024. According to a recently updated market analysis released by Fact.MR, revenue from the market is projected to increase at a CAGR of 6.2% from 2024 to 2034.
Digitalization has made serious inroads into several industry verticals such as manufacturing, telecom & IT, BFSI, and others. Rising need for configuration, workload management, and IT application management has led to the growing deployment of IT operations and services management solutions across the world. Efficient network infrastructure monitoring and management are ensured with the deployment of these software solutions.
ITOSM solutions provide in-the-moment insights for identifying potential problems, and network performance and facilitating speedy troubleshooting. Businesses are maintaining optimum network performance with the adoption of these services. Furthermore, these solutions also ensure reduced downtime with the use of network management solutions.
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Key Takeaway from Market Study
“Several leading market players have invested significantly to offer customized IT operations and services management solutions with improved operational effectiveness,”says a Fact.MR analyst.
Adoption of ITSM solutions on Operational Expenditure Models Reducing Overall Ownership Costs
Global demand for ITSM solutions is projected to increase at a CAGR of 5.6% and reach a market value of US$ 31.47 billion by the end of 2034. Increased demand for ITSM services is attributed to the integration of these solutions with modern and advanced AI systems. These solutions are used on operational expenditure models, which helps in reducing overall ownership costs, thereby making it more affordable. Several market players, such as Serviceaide, IBM Corporation, and BMC Software are investing significantly in developing modern and more advanced ITSM services based on AI platforms.
Key Market Players
IBM Corporation, ServiceNow, Inc., Oracle Corporation, Compuware Corporation, HP Inc., BMC Software, Broadcom, Serviceaide, Freshworks Inc., Microsoft Corporation, Dell, Inc., and CA Technology are some of the leading providers of IT operations and services management solutions.
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IT Operations and Services Management Industry News:
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the IT operations and services management market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (ITSM, ITOM), application (configuration automation &discovery, event management, cloud provisioning, workload & IT automation), and industry vertical (BFSI, government, telecom & IT, healthcare/medical/pharmaceuticals, aerospace/defense, manufacturing, retail/wholesale/distribution, education, energy & utilities, hospitality/entertainment/recreation/travel, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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IT operations management refers to the processes and services that manage and maintain IT infrastructure and services, ensuring optimal performance and availability.
Digitalization is the process of converting information into a digital format, enabling businesses to improve efficiency and enhance customer experiences through technology.
Network optimization involves improving the performance and efficiency of a network by adjusting configurations, managing bandwidth, and reducing latency.
IT application management refers to the process of managing and maintaining software applications to ensure they function effectively and meet business needs.
Configuration management is a process for maintaining computer systems, servers, and software in a desired, consistent state, ensuring system integrity and performance.
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