The global IT Operations and Service Management (ITOSM) market is anticipated to reach $29.7 billion by 2026, registering a CAGR of 12.4% from 2021 to 2026.
IT Operations and Service Management (ITOSM) encompasses all activities carried out by an entity to develop, schedule, deliver, operate, and monitor information technology (IT) services provided to customers, as guided by policies, coordinated and configured in processes and supporting procedures. Although enterprise IT adoption has increased in larger companies, small and mid-sized enterprises investing in IT operations and service management due to concerns about the return on investment.
Digitization is infiltrating almost every market vertical, resulting in multibillion-dollar opportunities for companies in the IT enterprise solutions and services industry. In the case of cloud-based applications, the importance of practically any solution is determined by how agile, flexible, and receptive it is. Acquisitions and mergers are also being considered by companies looking to acquire digital service management (DSM) capabilities.
The IT Operations and Service Management (ITOSM) Market is segmented by Product Type (ITOM type, Configuration, Automation and Discovery, Event Management, Cloud Provisioning, Workload and IT Automation, Managed Services, Project Oriented Services), by Size Type (Large Enterprise, Small Enterprise, Medium Enterprise), by End-User (BFSI, Telecom and IT, Government, Healthcare, Medical, Pharmaceutical, Aerospace, Defense, Retail and Wholesale Distribution, Education, Hospitality, Travel, Energy and Utilities). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- BFSI is the largest end-use segment, owing to the widespread use of cloud systems to handle their operations. Over the next few years, the ITOM market is expected to expand due to increased demand for IT operations from niche industries such as travel, healthcare, and education.
- The disease has spread to almost every country across the globe since the COVID-19 virus outbreak, prompting the World Health Organization to declare it a public health emergency. The implications of coronavirus disease are already being felt around the world, and they will have a huge impact on the IT operations and service management market.
- In terms of growth rate, Asia Pacific will be at the forefront of the global IT operations and service management (ITOSM) industry. Investor interest in enterprise IT and, as a result, ITOSM is growing in countries such as China, India, Japan, and South Korea.
Key Participants like Thermo Fisher Scientific, QUIGEN, Promega Corporation, Agilent Technologies Inc., New England Bio labs, General Electric Company, Illumina Inc., LGC Limited, NMS Labs, Hamilton Company.
For this report, Introspective Market Research have segmented the IT Operations and Service Management (ITOSM) market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM