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Change And Configuration Management Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Change And Configuration Management Market Outlook
According to The Business Research Company's, The change and configuration management market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.30 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to rapid growth of IT complexity, increasing frequency of Software releases, escalating costs of downtime and errors, adoption of IT service management (ITSM) frameworks and demand for scalability.
The change and configuration management market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to advancements in AI and machine learning, expansion of Hybrid and multi-cloud environments, focus on zero trust security principles, embrace of edge computing and internet of things (IoT) and shift towards self-service and automation. Major trends in the forecast period include integration with devsecops practices, focus on hybrid and multi-cloud environments, continuous compliance and governance, embrace of infrastructure as code (IaC) principles, and embrace of infrastructure as code (IaC) principles.
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Market Drivers and Trends:
Rising risk management and security concerns are expected to propel the growth of the change and configuration management market going forward. Risk management involves identifying, assessing, and mitigating potential risks that could impact an organization's objectives, while security concerns focus on safeguarding assets and data from unauthorized access, breaches, or damage. Risk management and security concerns are rising due to increasing cyber threats, regulatory requirements, and the growing complexity of IT environments. Change and configuration management processes enable organizations to comply with security standards and regulations by documenting changes, tracking configurations, and enforcing change control procedures, thereby mitigating the risk of penalties or legal repercussions. For instance, in September 2023, AAG IT Services, a UK-based provider of IT support services, reported that 39% of UK companies had experienced a cyberattack in 2022. Additionally, during the first half of the same year, cybercrime affected 53.35 million individuals in the US. Therefore, risk management and security concerns are driving the growth of the change and configuration management market.
Major companies operating in the change and configuration management market are developing technologically advanced products, such as web-based plan configuration management tools, to enhance the management of complex health plan offerings across multiple business lines. Web-based plan configuration management tools are software applications that enable organizations to manage changes to their IT infrastructure and applications while maintaining a centralized repository of configuration items and their relationships. For instance, in August 2023, Health Edge, a US-based healthcare software provider, launched HealthRules Promote, a web-based plan configuration management tool. The unique feature of HealthRules Promote is its ability to allow analysts to swiftly test configuration changes within minutes using an intuitive web-based interface. Leveraging this capability, Health Rules Promote empowers health plans to swiftly adapt and withstand pressures from members, providers, regulations, and competitors in the dynamic healthcare environment. Moreover, the solution offers unmatched integrity in the configuration and promotion processes, ensuring reliability and consistency.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Hewlett Packard Enterprise Company (HPE), Amazon Web Services Inc., ServiceNow Inc., Red Hat Inc., Atlassian Corporation Plc, Micro Focus International Plc, BMC Software Inc., ManageEngine, QualiTest Group, SolarWinds Corporation, Ivanti Inc., HashiCorp Inc., Rocket Software Inc., JFrog Ltd., GitLab Inc., CloudBees Inc., CircleCI Inc., Octopus Deploy Pty. Ltd., SaltStack Inc., Clearvision Ltd.
Change And Configuration Management Market 2024 Key Insights:
• The change and configuration management market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Rising Risk Management And Security Concerns Driving The Change And Configuration Management Market Growth
• Technological Advancements In The Change And Configuration Management Market
• North America was the largest region in the change and configuration management market in 2023
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