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Role Of IT Operations Management Software In Addressing Rising Cybersecurity Concerns: An Emerging Driver Transforming The Information Technology (IT) Operations Management Software Market Landscape
Information Technology (IT) Operations Management Software
What Is the Projected Growth of the Information Technology (IT) Operations Management Software Market?
The information technology (IT) operations management software market size has grown strongly in recent years. It will grow from $2.46 billion in 2024 to $2.61 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. 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, increasing use of cloud video streaming services, and growing data center infrastructure.
The information technology (IT) operations management software market is forecasted to see significant growth in the upcoming years, reaching $3.28 billion by 2029 with a CAGR of 5.8%. This growth is attributed to the rise of emerging technologies, IT companies adopting bring-your-own-device (BYOD) and choose-your-own-device (CYOD) systems, the growing demand for cloud management services, multi-cloud platform adoption, and increased spending on IT infrastructure, as well as a rise in demand for process automation. Key trends in this market include rapid technological advancements, real-time system monitoring and issue resolution, and the implementation of virtualization technologies.
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What Are the Different Information Technology (IT) Operations Management Software Market 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
Subsegments:
1) By Cloud-Based - Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premise - Local Servers, Infrastructure
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What Are the Primary Drivers Shaping the Information Technology (IT) Operations Management Software Market?
Growing concerns over cybersecurity are expected to fuel the IT operations management software market. These concerns involve the protection of networks, systems, and digital data from malicious access and breaches. The uptick in threats is tied to remote work trends, emerging tech adoption, and a shortage of cybersecurity experts. IT operations management software enhances cyber defenses, improves incident response, and boosts infrastructure resilience. For example, in February 2023, the Australian Cyber Security Centre reported 76,000 cybercrime reports in 2022-a 13% increase from the year before. As a result, cybersecurity challenges are driving demand in the IT operations management software market.
Which Companies Are Leading in the Information Technology (IT) Operations Management Software Market?
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
What Are the Latest Developing Trends in the Information Technology (IT) Operations Management Software Market?
Major firms in the IT operations management software industry put a high emphasis on crafting sophisticated software like IoT platform software. This software integrates with Internet of Things (IoT) devices, delivering all-encompassing monitoring, management, and security measures for interconnected networks and devices. Essentially, IoT platform software is a specialized software engineered to assist in the administration, supervision, and regulation of IoT devices and applications within a company's IT framework. For instance, in April 2022, US-based software solutions provider, Manufacturing Automation & Software Systems Group Inc. (MASS Group), introduced an innovative solution named ScannerIO, an IoT platform software. This technology perfectly dovetails with their Manufacturing Execution System (MES) services, lending it the ability to automate the production of digital work guidelines for manufacturing procedures. ScannerIO aids in gathering data from a wide range of devices, such as Bluetooth, barcode scanners, RFID readers, and IoT devices.
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What Are the Top Revenue-Generating Geographies in the Information Technology (IT) Operations Management Software 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Information Technology (IT) Operations Management Software Market?
2. What is the CAGR expected in the Information Technology (IT) Operations Management Software Market?
3. What Are the Key Innovations Transforming the Information Technology (IT) Operations Management Software Industry?
4. Which Region Is Leading the Information Technology (IT) Operations Management Software Market?
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