The global change management software market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing digitalization of the IT sector, along with automation of management services. Additional factors, such as, work from home situation, and need for remote management are estimated to raise the demand for change management software. The dependency on automated digital medium, and AI is raising amongst every sector, such as, finance, IT, healthcare, education, and others, for various applications. Growing penetration of AI in IT and Telecom sector is forecasted to positively influence the market growth. According to a report by the World Economic Forum, AI is expected to result in a surge of an estimated USD 15.7 trillion, or 26% increase, in the global GDP, by 2030. Management software provide higher accuracy, reduce system downtime, and improve efficiency, which is another major driver estimated to fuel the market growth. The growing adoption of management software, such as, enterprise resource management, among others, is further anticipated to boost the market growth.
The market is bifurcated on the basis of deployment type into cloud-based and on-premise. Among these, the on-premise segment is anticipated to hold the notable share in the global change management software market over the forecast period on account of high adoption amongst organizations that are managed by their internal IT staff. Moreover, it provides a cheaper and more efficient service, which is estimated to boost the segment growth. On the basis of organization size, the market is segmented into SMEs, and large enterprises, out of which, the large enterprises segment is projected to hold a higher share in the market owing to the global functionality and large scalability of these enterprises. Moreover, these enterprises can afford management software, owing to the higher investment capacity, which is further foreseen to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global change management software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing implementation of automation, AI, cloud technology, and other advanced technologies in the IT sector in the APAC region. Moreover, economic development in the countries, such as, India and China, is estimated to strengthen the market growth in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high adoption of advanced technology, growth in the IT sector, and growing digitalization in the developed countries, such as, the U.S., and Canada.
The global change management software market is further classified on the basis of region as follows:
Our in-depth analysis of the global change management software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing adoption of automation in management services is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Growing third party collaborations, and poor infrastructure in the IT sector are estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities owing to the high adoption of advanced technologies in the region.
The major players in the market are ServiceNow, BMC Software, Inc., Kinvey, Inc., SUSE Group, Microsoft Corporation, Red Hat, Inc., SysAid Technologies Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, deployment, organization size, end-user, and by region.
The telecom and IT segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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