Change Management Software Market Size, Growth, Trends And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Change Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The change management software market size has grown rapidly in recent years. It will grow from $1.80 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to the rise in growth of the IT and telecommunication sector, increasing complexity of business operations, increasing globalization, regulatory requirements, and growing focus on employee engagement.

The change management software market size is expected to see rapid growth in the next few years. It will grow to $3.20 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to growing demand for cloud-based solutions, increasing need for remote work collaboration tools, rising adoption of agile methodologies, emphasis on digital transformation initiatives, and growing internet facilities with advanced speed. Major trends in the forecast period include AI-driven change management, focus on employee engagement, integration with collaboration tools, emphasis on data analytics, and agile methodologies adoption.

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Market Drivers and Trends:

The increase in cyberattacks on businesses is expected to propel the change management software market going forward. Cyber-attacks refer to malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or data. The increase in cyberattacks on businesses is primarily due to the growing reliance on digital technologies, the expanding attack surface, and the evolving sophistication of cybercriminal tactics. Change management software enables organizations to conduct risk assessments and evaluations of proposed IT systems and infrastructure changes by providing risk mitigation strategies, such as testing, validation, and rollback procedures. For instance, according to the Federal Bureau of Investigation, a US-based law enforcement agency, complaints about business investment fraud increased by 127%, from $1.45 billion in 2021 to $3.31 billion in 2022. Further, there were 183% more charges of bitcoin investment fraud, from $907 million in 2021 to $2.57 billion in 2022. Therefore, the increase in cyberattacks on businesses is driving the growth of the change management software market.

Major companies operating in the change management software market are focused on developing AI and machine learning-based solutions, such as Halo for Change Management, to optimize decision-making processes and streamline change implementation. Halo for Change Management offers quality and product teams guidance on affected items due to change orders and facilitates real-time visibility to evaluate and address the consequences of alterations efficiently. For instance, in January 2021, Greenlight Guru, a US-based software company, announced the launch of Halo for change management, an AI and machine learning recommendation engine for medical device quality. By leveraging AI and machine learning capabilities, Halo for change management allows medical device companies to transition from a reactive state to a predictive approach, enhancing their ability to predict downstream impacts, reduce risks, and improve overall quality in the manufacturing process.

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Major Key Players of the Market:

Microsoft Corporation, Microsoft Corporation, IBM Corporation, Broadcom Inc, Sunview Software, ServiceNow Inc, BMC Software Inc, Micro Focus International plc, Zoho Corporation, Solarwinds Worldwide LLC, Ivanti, Freshworks, Sparta Systems Inc, Chef Software, The Puppet Company, Whatfix, Cherwell Software LLC, EasyVista Inc, CA Technologies Inc, Integrify, Axios Systems plc, OMNINET, SysAid Technologies Ltd, NetZoom Inc, Cognician, Pointel, Canfigure, ideas4all Innovation, Kinvey Inc, The Change Compass

Change Management Software Market 2024 Key Insights:

• The change management software market size is expected to see rapid growth in the next few years. It will grow to $3.20 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Cyber Attack Surge Fuels Growth In Change Management Software Market
• Integration Of AI And Machine Learning In The Change Management Software Market
• North America was the largest region in the change management software market in 2023

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