Information Technology (IT) Operations Management Software Global Market Report 2024 by The Business Research Company | Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Hewlett-Packard Company, International Business Machines Corporation, Cisc

The information technology (IT) operations management software market size has grown strongly in recent years. It will grow from $2.33 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growing enterprise use of cloud computing technologies, explosive growth of the banking industry, e-commerce, and cloud-based services, increased use of cloud video streaming services, growing data center infrastructure.

The information technology (IT) operations management software market size is expected to see strong growth in the next few years. It will grow to $3.10 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to emerging technologies Investing into advanced data centers, IT companies turning to BYOD and CYOD Systems, demand for cloud management services, adoption of multi-cloud platform, the growing spending on IT infrastructure, increasing demand for the automation of processes. Major trends in the forecast period include rapid technological improvements, monitor their systems in real-time, resolve issues quickly and effectively, ongoing operations and spur innovation, implementation of virtualization technologies.

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Information Technology (IT) Operations Management Software Market Major Segments
The information technology (IT) operations management software market covered in this report is segmented -

1) By Type: Cloud Based, On-Premise
2) By Application: Large Enterprises, Small And Midsize Enterprises (SMEs)
3) By End-User: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecom, Retail And Consumer Goods, Manufacturing, Energy And Utilities, Media And Entertainment, Government, Healthcare, Other End-Users

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The rise in cybersecurity concerns is expected to drive the growth of the IT operations management software market going forward. Cybersecurity concerns refer to the risks and threats of protecting digital assets, information, systems, and networks from unauthorized access, data breaches, cyberattacks, and other malicious activities. The cybersecurity concern is rising due to the proliferation of cyber threats, shortage of cybersecurity professionals and skilled personnel, shift to remote work, and adoption of emerging technologies. IT operations management software plays a vital role in strengthening cybersecurity defenses, enhancing threat detection and response capabilities, and ensuring the resilience of IT infrastructure against cyber threats and attacks. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the 2021-22 financial year saw over 76,000 cybercrime reports in Australia, a 13% rise from 2020. Further, on average, a cybercrime report is lodged approximately every 7 minutes, up from one report every 8 minutes in 2020-21. Therefore, the rise in cybersecurity concerns is driving the growth of the IT operations management software market.

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Prominent Trend - Integration Of IoT Platform Software In IT Operations Management: Enhancing Monitoring, Management, And Security Solutions

Major companies operating in the IT operations management software market focus on developing advanced software, such as IoT platform software, to integrate with Internet of Things (IoT) devices and provide comprehensive monitoring, management, and security solutions for interconnected networks and devices. IoT platform software refers to a type of software specifically designed to facilitate the management, monitoring, and control of Internet of Things (IoT) devices and applications within an organization's IT infrastructure. For instance, in April 2022, Manufacturing Automation & Software Systems Group Inc. (MASS Group), a US-based software solutions company, launched ScannerIO, an innovative IoT platform software solution. This technology integrates seamlessly with their manufacturing execution system (MES) offering, empowering it to automate the creation of digital work instructions for manufacturing processes. ScannerIO facilitates data collection from various devices, including Bluetooth, barcode scanners, RFID readers, and IoT devices.

Information Technology (IT) Operations Management Software Market Players
Major companies operating in the information technology (IT) operations management software market are Microsoft Corporation, Amazon Web Services Inc., Siemens AG, Hewlett-Packard Company, International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Efecte Oyj, Adobe Systems Inc., ServiceNow Inc., Autodesk Inc., OpenText Corporation, Citrix Systems Inc., SAP SE, Atlassian Corporation Plc, Splunk Inc., BMC Software Inc., IFS AB, Zendesk Inc., Zoho Corporation, LogMeIn Inc., Ivanti Inc., Elastic N.V., SolarWinds Worldwide LLC, SymphonyAI Corporation, Freshworks Inc., EasyVista Inc., Binmile LLC

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Largest And Fastest Growing Region In The Market
North America was the largest region in the IT operations management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (IT) operations management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Information Technology (IT) Operations Management Software Market Report Structure
3. Information Technology (IT) Operations Management Software Market Trends And Strategies
4. Information Technology (IT) Operations Management Software Market - Macro Economic Scenario
5. Information Technology (IT) Operations Management Software Market Size And Growth
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27. Information Technology (IT) Operations Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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