Problem Management Software Market Increasing Demand, Growth Analysis and Future Outlook by 2031

The global problem management software is anticipated to grow at a CAGR of 14.5% during the forecast period. The US is anticipated to hold a considerable share of the global problem management software market, owing to the growing adoption of problem management software across various industries, including BFSI, retail, IT, and Telecom across the country. There exist an increasing demand among these industries to efficiently manage the lifecycle of all problems that could happen in an IT service infrastructure. The region is a pioneer in technology adoption and IT infrastructure optimization.

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Additionally, the region is a pioneer in the adoption of cloud services including cloud-based problem management software, the market is projected to grow during the forecast period. Moreover, the region has a strong foothold of problem management software vendors contributing to the market's growth. Some include Atlassian Inc., BMC Software, Inc., Freshworks Inc., and ServiceNow, Inc. among others. Furthermore, according to the US Small Business Administration (SBA), more than 30.2 billion small businesses in the US use problem management software to solve problems regarding IT service. Small businesses comprise about 99.9% of all US businesses. Thus, the rise in the number of small and medium-sized companies in the US is expected to drive the market's growth.

Moreover, new startups are emerging in the problem management software market and further getting support from rising regional investments. For instance, in March 2023, FieldOS, a start-up that has launched a mobile solution to solve the real-time problems that a physical asset would have, is targeting a round of $664,289, of which $21,428 on SeedBlink, an investment platform that enables the ?nancing of European technology start-ups. The sum will be used mainly for the company's international expansion, in the restaurant segment in the US and in the office and residential building area in the UK.

Global Problem Management Software Market Report Segment

By Deployment

• On-Premises
• Cloud

By End-User Vertical

• BFSI
• IT & Telecommunication
• Retail & E-Commerce
• Healthcare
• Manufacturing
• Others (Transportation & Logistics)

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Problem Management Software Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• BMC Software, Inc.
• Cherwell Software, LLC
• Freshworks Inc.
• Halo Service Solutions Ltd.
• InvGate
• Ivanti, Inc.
• Mindarray Systems Pvt. Ltd.
• ServiceNow, Inc.
• Soft Expert Software
• SolarWinds Worldwide LLC
• SysAid Technologies Ltd.

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