Published on : Jul 01, 2016
Digitization has made an entry into virtually almost every industry vertical today. This has resulted into several opportunities to open up for the operators in the IT operations and service management market. As per a report published by a market intelligence company called Transparency Market Research (TMR), the global IT operations and service management market is expected to expand at a 5.5% CAGR from 2016 to 2024 and rise from US$17.44 bn in 2015 to US$29 bn by the end of 2024.
Cloud Storage Solutions to be in Demand in ITOSM Market
The rising data shift to mobile and handheld devices such as mobiles, smartphones, tablets, and others will lead to a heightened demand for cloud storage solutions. The increasing expenses of on-premise IT operations and service management will propel many businesses, enterprises and organizations to shift to cloud-based IT operations and service management. This will help companies to reduce operating expense (OPEX) and capital expenditure (CAPEX).
Integration of IT Operations and Service Management Solutions to Act as Challenge for Operators
The effort required for the co-ordination of inter-related processes and myriad phases makes deployment a very challenging and tedious job. The integration of IT operations and service management solutions is a major challenge for the companies operating in the market. The disparity regarding the different cloud deployment models and services leads to a complicated service level agreement (SLA). However, the rising investments by companies in IT operations and service management will boost the market.
Asia Pacific to be Fastest Growing Region in ITOSM Market
Asia Pacific will grow at the fastest rate owing to the rising investments by companies in China, Japan, South Korea, and India. The rising number of internet users in Asia Pacific is expected to make the market soar in the region. SMEs too are will open new doors of opportunities in Asia Pacific. Technologies such as 4G LTE will penetrate and the amount of data generated will soar, thus benefiting the IT operations and service management solutions market.