Information Technology
IT Operations and Service Management (ITOSM) Market Worth $69.21 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners
Global IT operations and service management (ITOSM) market experiences significant growth due to growing adoption of remote work culture and rising BYOD trend.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the IT operations and service management market comprises a vast array of type, application, deployment, enterprise size, industry, and geography which are expected to register strength during the coming years.
Competitive Strategy and Development:
Global Headlines on IT Operations and Service Management Market:
In terms of revenue, North America dominated the IT operations and service management (ITOSM) market share, followed by Europe and APAC. The IT operations and service management (ITOSM) market in North America is subsegmented into the US, Canada , and Mexico . In terms of revenue, US dominated the IT operations and service management (ITOSM) market share. The high rate of digitization in various industries, a rise in the adoption of digital tools, and high technological spending by government agencies are a few factors expected to fuel the IT operation and service management market in the US over the forecast period. Moreover, the US has a large number of IT operations and service management market players who have been increasingly focusing on developing innovative solutions. For instance, in March 2024 , Service Now launched Now Assist for IT Service Management, which combines the ability of generative AI to arrange unstructured data with organized procedures and automated processes. This tool empowers Enterprise IT executives to significantly increase agent productivity by providing dynamic assistance to overcome various issues across the incident lifecycle. With intelligent knowledge creation and context-aware virtual agents, problems may be avoided, and employee experiences can be improved.
IT infrastructure includes all the hardware, software, networks, and related services needed to run IT-related activities in an organization. It also comprises data centers, servers, routers, computing platforms, and other components. To manage IT infrastructure, there is a need to properly plan, maintain, and optimize these resources to ensure uninterrupted operation. The continuous evolution of software introduces complexity to the IT infrastructure, demanding compatibility and security. Also, ineffective data management is another crucial issue that needs to be addressed, as it can lead to data loss, higher expenses, and decreased productivity. Moreover, cloud infrastructure is becoming increasingly attractive to enterprises trying to optimize their operations and prevent disruptions. Cloud solution integration can be highly challenging and requires careful planning. In addition, there is a growing demand for automation to increase the organization's productivity. For instance, according to flair.hr, 31% of businesses have fully automated at least one function as of February 2024 . However, implementing automation technologies and processes necessitates a strategic approach to ensure that they align with an organization's objectives. Efficient IT infrastructure management solutions are crucial to minimize inefficiencies and maximize the use of resources. Moreover, as organizations grow, their corporate IT infrastructure expands accordingly as new elements are incorporated. New implementations require more elements in an information system, leading to increased vulnerabilities. The growing software advancements, increasing integration of cloud infrastructure, and growing adoption of automation technology are increasing the complexity of IT infrastructure. Therefore, the increasing complexity of IT infrastructure fuels the market growth.
The global IT operations and service management market is experiencing significant growth in terms of revenues pertaining to an increasing focus on data-driven decision-making. One of the most significant developments in the market is the incorporation of artificial intelligence (AI) with IT operations and service management solutions. These technologies are transforming the way IT services are managed and provided, allowing enterprises to solve difficult issues with remarkable efficiency. AI-powered technologies can now diagnose and resolve IT issues autonomously, drastically lowering downtime and increasing service uptime. These systems use machine learning algorithms to detect possible problems before they occur, allowing for proactive management of IT infrastructure.
The report from The Insight Partners, therefore, provides several stakeholders—including service providers, regulatory bodies, and end-users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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