IT operations and service management systems are a solution to problems that consumers face with their daily online and offline operations. They provides a hassle-free environment for the IT world by creating a responsive organization with automation and service-level discernibility. With the implementation of IT operations and service management technology, enterprises make sure that their applications and infrastructure are efficiently optimized and constantly accessible for business.
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IT operations and service management systems connect business needs to IT activities in ways other than internal IT procedures and management. They also manage business services along with infrastructure components and fundamental applications. The global IT operations and service management tools market is expected to rise at a CAGR of 6.5% from 2016 to 2024. It exhibited a market value of US$17.4 bn in 2015 and is set to touch a valuation of US$30.9 bn by 2024.
Rise of Cloud Computing to Positively Impact Global IT Operations and Services Management Industry
Cloud computing has turned out to be a vital tool in recent years and has substantially impacted the operating style of business worldwide. Enterprises have witnessed a significant change in their operating models due to the adoption of cloud computing. As cloud-based solutions provide crucial characteristics such as centralization and consolidation, the demand for cloud-based IT operations and services management tools has increased.
Rise in Cloud Assets to Create New Innovation Opportunities for IT Operations and Services Management Vendors
Many large and medium-sized IT enterprises are keen on investing in the latest IT technologies to increase the profitability of their enterprises. Cloud computing is emerging as the latest trend among the IT manufacturing and telecom segments. The increasing demand for cloud computing and other virtual solutions is expected to provide service providers with substantial growth and innovation opportunities in the coming years. The deployment of IT operations and service management systems is expected to increase as manufacturers are focusing on meeting the needs of consumers and innovating cloud computing systems.
Digital Service Management to Rise among IT Enterprises
As IT enterprises are demanding virtual solutions for ease in operations and management, digitization is flourishing. With the rise of cloud-based systems, the value of virtual solutions and digital services is also increasing due to their scalable responses and investment rate. Companies operating in the global IT operations and services management market are offering more services to maintain a large share in the market. For instance, BMC Software announced in February 2016 the addition of digital service management solutions and services to its present ITOSM service group.
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Non-acceptance of ITOSM by Smaller IT Enterprises to Impede Market Growth of ITOSM Systems
The wide reach of large companies is enabling them to expand their virtual market presence, whereas small companies are still struggling to maintain their market position. In spite of the rising adoption of enterprise IT among large organizations, small and medium organizations are still not comfortable investing in IT operations and service management systems because of the insecurity regarding returns on investment. This is likely to impede the growth of the global IT operations and services management market.
A few of the top market players in the global IT operations and services management industry are IBM Corporation, Microsoft Corporation, Oracle Corp., BMC Software Inc., ServiceNow Inc., Compuware Corporation, VMware Inc., HP Inc., and CA Technology, Inc.