ITACM & ITOM Market Size, Share, Growth, And Industry Analysis, By Type (Configuration Management, Cloud and Hybrid Management, Infrastructure Management, Service Orchestration and Automation Platforms, Observability, Infrastructure Monitoring, Application Monitoring and Network Monitoring), By Application (Large Enterprises and SMEs), Regional Forecast to 2028

Updated On: 13 March 2023

Report Overview

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The global ITACM & ITOM market size was USD 22910 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with ITACM & ITOM experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 44700 million in 2028, exhibiting a CAGR of 9.9% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

ITOM refers to the specific procedures and services that an IT division manages, such as management procedures, hardware and software support, and services for both internal and external clients. An organization's services and procedures are available, performant, and efficient when ITOM is effective. ITOM describes the techniques used by IT to manage services, support, and deployment to ensure reliability, consistency, and high-quality services. They are usually management departments inside an IT team that develop policies on how services and support are handled and resolved, incorporating policies and processes that center around how companies intend to meet the needs and SLAs of the client and the business. A variety of advantages are offered to firms by effective ITOM.

 Predicting problems, reducing user impact, automating fixes, modern DevOps, and data linkage are all included in this. Certain issues can be avoided before they arise, and when they do, ITOM enables you to lessen their effects on end users before they even become a problem. By linking changes and incidents, ITACM & ITOM enables you to more quickly and accurately pinpoint root causes. You can use insights to collaborate amongst teams while also launching actions based on guided recommendations to stop service degradations and outages and give employees more autonomy.

COVID-19 Impact: Involvement of ITOM in Health Sector to Help Market Survive

One of the primary causes of this sector's upward tendency in terms of growth and demand is the recent involvement of the IT industry in the healthcare sector to address the coronavirus epidemic. The tech sector is helping the healthcare system in every way possible, and many apps and platforms have been developed in the past few months to carry out various healthcare-related tasks. These include contact tracing platforms, advanced technologies for rapid testing, and remote patient surveillance.

Latest Trends

"Reduced Complexity due to the Services to Help Market Growth"

Mobile application developers need ITOM services like backend as a service (BaaS) and web integrated development environment (IDE) solutions in order to create cutting-edge mobile application development solutions. The complexity of creating and designing mobile applications is reduced by IT services for mobile application development. Mobile app developers may reduce the amount of time spent on application development, improve front-end chores like design and content creation, and improve UI design for a better user experience with the aid of IT services like BaaS solutions.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Configuration Management, Cloud and Hybrid Management, Infrastructure Management, Service Orchestration and Automation Platforms, Observability, Infrastructure Monitoring, Application Monitoring and Network Monitoring.

In terms of product, hybrid management is the largest segment.

• By Application Analysis

Based on application, the market can be divided into Large Enterprises and SMEs.

In terms of application, large enterprises is the largest segment.

Driving Factors

"Growth Of Virtualized Networks and Cloud Services to Augment Market Growth"

The growth of virtualized networks and cloud services has increased the number of operations that need complicated and quick provisioning. The performance of the ITACM industry is being boosted by the system's ability to supply services with greater security, consistency, and speed. IT Automation and Configuration Management is regarded as the best option for these activities. The ITACM & ITOM market growth has been increasing as a result of the increasing trend towards IT automation and configuration management to meet the orchestration automation requirements of microservices-based applications, hybrid cloud architectures, digital organizations, and DevOps. Another factor fueling market expansion on a global scale is the growing necessity for automated container management.

"Deployment of ITACM in Various Sectors to Accelerate Market Growth"

One of the key factors driving the demand for IT Automation and Configuration Management globally is the growing expenditures made by enterprises around the world in technologies like workflow controls, self-service reporting, complicated ERP workload management, and big data and analytics. There is a huge amount of sophisticated data that needs to be handled as a result of the increasing use of such high-tech solutions by IT organizations. The use of ITACM in a company aid in handling large data effectively while guaranteeing zero error as it minimizes human interference in all procedures. However, one of the factors limiting the industry's growth is the large initial capital expenditures required for the deployment of the ITACM & ITOM system.

Restraining Factors

"Reduced attrition and resource loss to Impede Market Expansion"

Reduced attrition and resource loss are problems for the ITOM services sector, particularly when businesses are undertaking significant investments. Attrition rates are rising and are expected to rise significantly during the forecast period as a result of the availability of greater chances and higher earnings provided by multinational corporations. Therefore, a lack of qualified workers would have a negative effect on the expansion of the IT market during the predicted period.

Regional Insights

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"North America to Dominate the Market Due to Highest Growth Rate in the Region"

The market will likely remain dominated by North America for the duration of the forecast. In the years to come, market growth is anticipated to be fueled by the presence of major players in this area and rising demand from SMEs and large corporations for IT Asset Management (ITAM) software. In terms of growth rate, the region will dominate the worldwide IT operations and service management (ITOSM) industry. Investor interest in enterprise IT and, consequently, ITACM & ITOM market share, is growing in nations. Through the forecast period, market will exhibit this trend. The amount of data created is anticipated to increase as internet usage increases and upcoming technologies like 4G LTE gain traction there. The ITOSM market will grow well as a result of this reason. SMEs represent a large untapped market opportunity.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Splunk (U.S.)
• SolarWinds (U.S.)
• IBM (U.S.)
• Cicso (U.S.)
• Microsoft (U.S.)
• BMC (India)
• Elastic (U.S.)
• CA Technologies (Broadcom) (U.S.)
• HP (U.S.)

Report Coverage

This research profiles a report on ITACM & ITOM with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.