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IT Operations Management Software Market Size, Share, Growth & Trends 2024-2033 | Competitive Landscape
IT Operations Management Software Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Information Technology (IT) Operations Management Software Market 2024 Key Insights:
• 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%.
• Role Of IT Operations Management Software In Addressing Rising Cybersecurity Concerns
• Integration Of IoT Platform Software In IT Operations Management: Enhancing Monitoring, Management, And Security Solutions
• North America was the largest region in the IT operations management software market in 2023
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