IT Operations and Services Management Market

IT Operations and Services Management Market Outlook (2024 to 2034)

An updated research report released by Fact.MR states that the global IT operations and services management market is projected to be valued at US$ 31.35 billion in 2024. Worldwide revenue from IT operations and services management (ITOSM) solutions is analyzed to increase at 6.2% CAGR to reach US$ 57.22 billion by the end of 2034.

There has been a rapid increase in the demand for cloud-based ITOSM services and solutions due to the rising adoption of cloud computing services among organizations across the world. Growing adoption of cloud solutions is bringing noteworthy changes in the operation models of any organization. Consolidation and centralization are considered key advantages of using cloud-based solutions.

Aggressive investments by leading players, such as Atlassian Corporation, Hewlett Packard Enterprise Company, and others are helping them offer more effective solutions matching the requirements of end users.

For instance :

• Atlassian Corporation PLC, in January 2020, came up with updated and more advanced Jira project management software. This IT operations and services management software helps in managing and monitoring software development initiatives.

Increasing complexities and constant changes in the IT sector are resulting in massive data generation. Traditional tools are not component enough to match operational requirements, thereby an increased demand for introducing more effective ITOSM solutions is witnessed. A growing preference of more SMEs and startups for adopting cloud-based applications and an increasing demand for managed cloud IT solutions are contributing to IT operations and services management market growth.

• East Asia is evaluated to account for 26% of the global market share by 2034-end.
• The market in Canada is projected to expand at 6% CAGR from 2024 to 2034.
• Demand for ITOSM solutions is forecasted to increase at 5.6% CAGR and reach a market valuation of US$ 31.47 billion by 2034.
• The market in South Korea is projected to expand at 7.7% CAGR through 2034.

Report Attribute	Detail
IT Operations and Services Management Market Size (2024E)	US$ 31.35 Billion
Forecasted Market Value (2034F)	US$ 57.22 Billion
Global Market Growth Rate (2024 to 2034)	6.2% CAGR
Japan Market Growth Rate (2024 to 2034)	7.5% CAGR
North America Market Share (2034F)	31.5%
Market Share of Event Management Services (2034F)	38%
Key Companies Profiled	IBM Corporation; ServiceNow, Inc.; Oracle Corporation; Compuware Corporation; HP Inc.; BMC Software; Broadcom; Serviceaide; Freshworks Inc.; Microsoft Corporation; Dell, Inc.; CA Technology.

Why is Demand for IT Operations and Services Management Solutions Accelerating Globally?

“Rapidly Increasing use of Cloud-based Applications”

There is surging adoption of cloud-based applications among SMEs and startups to help reduce the cost of IT infrastructure operations, strengthen business stability, and enhance scalability. The adoption of several advanced technologies, such as AI, big data, cloud computing, and IoT is augmenting demand for ITOSM services for management purposes. Further, the increased deployment of BYOD trends along with the increasing mobile workforce is setting IT operations and services management market trends.

Which Primary Issue are Market Players Actively Working On?

“Complexities Associated with IT Architecture”

More and more organizations are implementing an IT architecture to make the IT sector more agile and dynamic with the assistance of virtual machines, containers, and clouds. Dynamic attributes of these cloud-based services are helping enterprises match fluctuating demands. However, the decreased visibility for organizations is resulting in identifying several challenges. Certain organizations are not investing in ITOSM solutions due to their lack of awareness and prevailing complexities. These factors are impeding the expansion of the IT operations and services management market size.

What is Helping Start-ups Gain Ground in This Business Space?

“Supportive Government Initiatives and High Use of Cloud-based Delivery Models”

More organizations are turning to cloud computing services for data storage due to their affordability and flexibility. Governments are also willing to invest more in cloud-based delivery models to streamline their tech operations and improve efficiency, especially issues related to citizen-facing transactions. Start-ups are expected to leverage these opportunities with the development of more effective ITOSM solutions in maintaining technology platforms.

Country-wise Insights

North America is evaluated to capture 31.5% of the global IT operations and services management market share by 2034, according to a recently updated report by Fact.MR, a market research and competitive intelligence provider. The prominence of the region is attributed to the growing adoption of cloud technology with a well-established infrastructure along with surging demand for improved IT services.

What is Complementing Market Growth in the United States?

“Well-established IT Infrastructure Stimulating Demand for ITSM Solutions”

Attribute	United States
Market Value (2024E)	US$ 4.6 Billion
Growth Rate (2024 to 2034)	6% CAGR
Projected Value (2034F)	US$ 8.22 Billion

The United States is analyzed to occupy a share of 45.6% in North America by the end of 2034. The presence of well-established robust technology providers along with the development of some core technologies are widening the demand for IT operations and services management solutions. Furthermore, the presence of some key market players, such as BMC Software, Hewlett Packard, IBM Corporation, and others is strengthening the country’s presence in the region.

Why Has China Become an Epicenter for ITSM Solution Providers?

“Rising Adoption of ITSM Solutions in Manufacturing, Consumer Goods, and Transportation Sectors”

Attribute	China
Market Value (2024E)	US$ 3.6 Billion
Growth Rate (2024 to 2034)	7% CAGR
Projected Value (2034F)	US$ 7.07 Billion

China is forecasted to account for 47.5% share of East Asian market revenue by 2034. There is increased adoption of ITOSM solutions in several industries, such as manufacturing, consumer goods, and transportation & logistics for offering a better consumer experience. Growing investment by these industries in enhancing their capabilities with the use of ITOSM solutions is also creating opportunities for market players.

Why is Need for ITSM Solutions So High in Japan?

“Rapid Digital Transformation Leading to Substantial Bulk Data Generation”

Attribute	Japan
Market Value (2024E)	US$ 2.13 Billion
Growth Rate (2024 to 2034)	7.5% CAGR
Projected Value (2034F)	US$ 4.37 Billion

Japan is projected to occupy a share of 29.4% of the market in East Asia by 2034-end. Increasing digital transformation in the country is opening new doors for providers of IT operations and services management solutions. Rising digitalization is resulting in bulk data generation, which is ultimately driving demand for effective operation services, such as ITOSM solutions.

Category-wise Insights

As revealed in Fact.MR’s report, ITSM solutions are analyzed to occupy more than half of the share of global market revenue by 2034 driven by their assistance in cost optimization, streamlined operations, and constant improvements in organizational functioning.

Which Type of IT Operations and Services Management Solution is Preferred Globally?

“Integration of ITSM Solutions with AI Widening Application Scope”

Attribute	ITSM
Segment Value (2024E)	US$ 18.18 Billion
Growth Rate (2024 to 2034)	5.6% CAGR
Projected Value (2034F)	US$ 31.47 Billion

ITSM solutions are analyzed to account for 55% share of the global market by the end of 2034. The rising integration of cloud ITSM solutions with more advanced and modern AI is offering lucrative opportunities for market players. AI platforms help companies with a wide range of enterprise and IT management services. Several market players, such as IBM Corporation, Serviceaide, and BMC Software are investing in developing modern ITSM services and solutions based on AI platforms.

For instance :

• Serviceaide, Inc., in September 2020, came up with LUMA 2.5, a support and service agent for enterprise and IT service management. This is equipped with an AI platform. Its natural language processing helps in offering a traditional medium over email, voice, chat, and other platforms.

Which Application Accounts for High Revenue Streams?

“Widespread Use of ITOSM Solutions in Event Management for Enhanced Services”

Attribute	Event Management
Market Value (2024E)	US$ 11.29 Billion
Growth Rate (2024 to 2034)	6.8% CAGR
Projected Value (2034F)	US$ 21.74 Billion

Event management solutions are evaluated to hold a share of 38% of global market revenue by 2034. Increasing demand for IT operations and services management solutions for a gamut of events is attributed to their improved efficiency in planning, management, and enhanced service availability.

Competitive Landscape

Key players in the IT operations and services management market are involved in mergers & acquisitions, collaborations, partnerships, and others to get a competitive edge.

For instance :

• VMware was acquired by Broadcom in November 2023. This is expected to help Broadcom in its motive of enabling enterprise customers to create and modernize their hybrid as well as cloud environments. The company will invest in VMware Cloud Foundation, thereby enabling consumers to convert their typical heterogeneous enterprise IT infrastructure into a containerized and virtualized environment.
• ServiceNow entered into a partnership with ANSR in October 2023. This deal is expected to enable ANSR to establish ServiceNow Centers of Excellence in about 60 GCC (Global Capability Centers) for the ServiceNow platform training of 3,500 people in India.

Fact.MR provides detailed information about the price points of leading providers of IT operations and services management solutions positioned across the world, sales growth, production capacity, and speculative technological expansion, in this recently updated market report.

Segmentation of IT Operations and Services Management Market Research

• By Type :

  • ITSM
  • ITOM

• By Application :

  • Configuration Automation & Discovery
  • Event Management
  • Cloud Provisioning
  • Workload & IT Automation

• By Industry Vertical :

  • BFSI
  • Government
  • Telecom & IT
  • Healthcare/Medical/Pharmaceuticals
  • Aerospace/Defense
  • Manufacturing
  • Retail/Wholesale/Distribution
  • Education
  • Energy & Utilities
  • Hospitality/Entertainment/Recreation/Travel
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA