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

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.

For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7289

Key Takeaway from Market Study

• The market for IT operations and services management solutions is projected to reach a value of US$ 57.22 billion by the end of 2034.
• The event management segment is forecasted to account for 38% share of the global market by 2034.
• The market in South Korea is analyzed to expand at a CAGR of 7.7% from 2024 to 2034.
• North America is projected to account for a share of 31.5% of the global market by 2034.
• Demand for ITOSM solutions in Japan is evaluated to increase at 7.5% CAGR through 2034.
• ITSM solutions are forecasted to occupy 55% share of the global market by 2034.

“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.

Get Customization on this Report for Specific Research Solutions-
https://www.factmr.com/connectus/sample?flag=S&rep_id=7289

IT Operations and Services Management Industry News:

1. VMware was acquired by Broadcom in November 2023. This is likely to assist Broadcom in its intention of empowering enterprise customers to build and transform their hybrid as well as cloud environments. The firm will invest in VMware Cloud Foundation, thus empowering consumers to transform their conventional heterogeneous enterprise IT infrastructure into a containerized and virtualized environment.
2. ServiceNow partnered with ANSR in October 2023. The agreement is likely to help ANSR create ServiceNow Centers of Excellence in some 60 GCC (Global Capability Centers) for training 3,500 individuals on the ServiceNow platform in India.

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).

Check out More Related Studies Published by Fact.MR:

The cloud computing market is set to grow from $628.6B (2024) to $2,371.6B (2034) at a CAGR of 14.2%.

The IWMS market is valued at $4B (2024) and is expected to reach $10.6B (2034), growing at 10.2% CAGR.

The big data technology market will expand from $40B (2023) to $210B (2033) at a CAGR of 18%.

The marketing operations management market is projected to grow from $12.13B (2024) to $25.01B (2034) at a 7.5% CAGR.

The operational predictive maintenance market will rise from $4.2B (2024) to $32.92B (2034) at a CAGR of 22.9%.