IT Operations Management Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 31 Billion |
| Market Size (2029) | USD 50 Billion |
| CAGR (2024 - 2029) | 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
IT Operations Management Market Analysis
The IT Operations Management Market size is estimated at USD 31 billion in 2024, and is expected to reach USD 50 billion by 2029, growing at a CAGR of 9% during the forecast period (2024-2029).
- The ITOM market is witnessing a significant trend: the increasing integration of AI and automation. Solutions driven by AI, commonly referred to as AIOps (Artificial Intelligence for IT Operations), offer features like predictive analytics, anomaly detection, and automated incident resolution. Such functionalities empower organizations to navigate intricate IT landscapes with reduced human oversight, minimizing downtime and heightened efficiency.
- Automation is increasingly streamlining functions such as network management, configuration, and resource provisioning, enabling IT teams to concentrate on strategic initiatives. In March 2024, ServiceNow, one of the leading digital workflow companies, announced its generative AI (GenAI) leadership with new capabilities in its Washington, DC, platform release. These enhancements bolster the Now Assist GenAI functionalities, directly delivering responsible and intelligent automation within the ServiceNow ecosystem.
- As organizations increasingly adopt hybrid and multi-cloud strategies, ITOM solutions are adeptly evolving to manage these varied environments. Traditional ITOM tools, once centered on on-premises infrastructure, are now being replaced or augmented by cloud-native solutions.
- In 2023, HPE bolstered its GreenLake Hybrid Cloud by acquiring OpsRamp. HPE GreenLake serves as a hybrid cloud platform, enabling organizations to operate workloads on both private clouds seamlessly and on-premises infrastructure. By integrating OpsRamp into the HPE GreenLake platform, HPE aims to simplify the operational complexities associated with multivendor and multi-cloud IT environments.
- Seamlessly weaving ITOM solutions into pre-existing IT ecosystems, especially those anchored in legacy systems, can prove intricate and time-intensive. As modern enterprises gravitate toward multi-cloud architectures to fulfill their business objectives, the challenge intensifies for those with dispersed IT operations across diverse environments.
- Digital transformation stands out as a pivotal macroeconomic force. With companies and government ramping up their digital initiatives, there's a notable surge in investments toward IT infrastructure, cloud services, and automation. As global IT spending witnesses a robust uptick, driven by the digital transformation wave, the demand for adept ITOM solutions capable of navigating intricate digital landscapes continues to soar.
IT Operations Management Market Trends
IT and Telecom Sector Witnessing Demand
- The IT and telecom sector spans a diverse array of operations, ranging from traditional network infrastructure to contemporary cloud services and data centers. As data volumes surge and devices like 5G become ubiquitous, the demand for robust ITOM solutions has intensified. Data from Open Signal highlights that countries such as Puerto Rico, South Korea, Kuwait, and the United States lead in 5G availability.
- Telecom and IT service providers spearhead the digital transformation, channeling significant investments into cloud-first strategies. With the migration of workloads to the cloud, there's an escalating demand for ITOM solutions adept at managing hybrid and multi-cloud environments.
- Moreover, the sector is progressively embracing automation and AI-driven operations to navigate the scale and intricacies of modern networks. The infusion of AI into ITOM solutions revolutionizes how telecom companies oversee and refine their operations. In response, major ITOM vendors are strategically acquiring businesses to bolster their offerings tailored for the telecom industry.
- In February 2024, ServiceNow revealed its agreement to acquire Atrinet's NetACE network management and automation technology. This move aims to expedite business transformations for telecommunications companies. By integrating Atrinet’s NetACE technology into its platform, ServiceNow will offer telcos a unified, AI-driven digital workflow platform for comprehensive, end-to-end network lifecycle management.
- Telecom companies are increasingly partnering with ITOM vendors to craft solutions tailored to the industry's distinct needs. In addition, these companies are making strategic investments in telecommunication service providers. For example, in July 2024, ServiceNow declared its strategic investment in Prodapt, a prominent provider of digital and network services catering to the telecom and technology sectors.
North America Holds One of the Largest Share
- Regional companies are leading the way in adopting AIOps (Artificial Intelligence for IT Operations), automation, and cloud-native ITOM platforms. These organizations invest significantly in digital transformation and collaboration to enhance their product offerings.
- In 2023, Cognizant and ServiceNow forged a strategic partnership, aiming to propel AI-driven automation across various industries. By merging Cognizant's industry expertise and solutions, notably the AI-led Cognizant Neur suite, with ServiceNow's intelligent platform, they drive end-to-end digital transformation and fuel market growth.
- In 2024, Amdocs, a prominent software and services provider for communications and media companies, teamed up with BMC, a global frontrunner in software solutions for the Autonomous Digital Enterprise. This alliance aims to enhance connected digital operations in the telecommunications and financial services sectors, fostering growth, automation, and efficiency for their clientele. The partnership seeks to expedite access to BMC's premier automation, operations, and service management solutions by capitalizing on Amdocs' stature as a top IT and network services provider.
- As telecom behemoths such as Verizon, AT&T, and T-Mobile broaden their 5G networks, the demand for real-time automated ITOM tools has intensified. A report from Viavision highlights that the United States leads with 503 cities boasting 5G access, trailed by China with 356 cities.
- ITOM vendors are forging alliances with major cloud service providers, including Amazon Web Services, Microsoft Azure, and Google Cloud, to deliver integrated solutions. These collaborations empower enterprises to optimize cloud resource management, ensuring both scalability and compliance, thereby propelling market growth.
IT Operations Management Industry Overview
The IT operations management market is fragmented, with numerous established players and new entrants offering a wide range of solutions. The rapid adoption of cloud computing, digital transformation, and the growing complexity of IT environments drives the competition. Key vendors like ServiceNow, BMC, IBM, etc, dominate, while smaller and specialized providers compete through niche offerings or innovative features like AI-driven automation.
• In July 2024, LS Digital unveiled DigiVerse 2.0, an operations management platform tailored to bridge the essential gaps in digital business transformation. This platform addresses current needs and gears brands for an AI-centric future. DigiVerse 2.0 captures data in an organized manner and preserves historical data. This ensures brands access to high-quality, structured data that is vital for AI applications and future preparedness.
• In March 2024, RAH Infotech Teams Up with EverestIMS to Deliver IT operations management solutions. EverestIMS Technologies Pvt. Ltd, a prominent software firm, specializes in IOTM, AIOps, and Telecom OSS solutions. RAH Infotech stands as India's premier value-added distributor, providing technology products, and spearheading digital transformation services.
IT Operations Management Market Leaders
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ServiceNow
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BMC Software, Inc
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SolarWinds Worldwide, LLC
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Splunk Inc (Cisco Systems Inc)
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IBM
*Disclaimer: Major Players sorted in no particular order
IT Operations Management Market News
- August 2024 - Hewlett Packard Enterprise (HPE) announced it is buying Morpheus Data, a leader in hybrid cloud management software. This move underscores HPE's dedication to streamlining IT complexities, further bolstering the hybrid operations features of its HPE GreenLake cloud. With Morpheus onboard, HPE GreenLake is expected to benefit from enhanced capabilities, including multi-vendor and multi-cloud application provisioning, orchestration, automation, and advanced FinOps tools for optimizing cloud costs.
- July 2024 - Operative IQ, a frontrunner in software solutions, unveiled its newest module: facilities management. This module offers organizations a unified platform to access all facility-related data, facilitating informed decision-making. From fundamental details like address, lot size, and year built to crucial insights such as door codes and essential documents, organizations can seamlessly upload a diverse array of information.
IT Operations Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing IT Complexity
5.1.2 Adoption of AI and Automation
5.2 Market Restraints
5.2.1 Integration Challenges
6. MARKET SEGMENTATION
6.1 By Solution Type
6.1.1 Network and Infrastructure Management
6.1.2 Application Performance Management
6.1.3 Configuration Management
6.1.4 Cloud and Hybrid IT Management
6.1.5 IT Operations Analytics
6.1.6 Automation and Orchestration
6.2 By Deployment
6.2.1 On Premise
6.2.2 Cloud Based
6.2.3 Hybrid
6.3 By End User Vertical
6.3.1 BFSI
6.3.2 IT and Telecom
6.3.3 Healthcare
6.3.4 Retail
6.3.5 Manufacturing
6.3.6 Government and Public Sector
6.3.7 Energy and Utilities
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 ServiceNow
7.1.2 BMC Software, Inc
7.1.3 IBM Corporation
7.1.4 Microsoft Corporation
7.1.5 SolarWinds Worldwide, LLC
7.1.6 Splunk Inc (Cisco Systems Inc)
7.1.7 Broadcom
7.1.8 Open Text Corporation
7.1.9 Zoho Corporation Pvt. Ltd.
7.1.10 Dynatrace LLC
7.1.11 New Relic, Inc.
7.1.12 Datadog
7.1.13 Hewlett Packard Enterprise Development LP
7.1.14 Dell Inc.
7.1.15 PagerDuty, Inc
7.1.16 ScienceLogic
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
IT Operations Management Industry Segmentation
IT operations management refers to the processes and tools used to manage and control an organization's IT infrastructure, including networks, servers, applications, and cloud resources. ITOM encompasses monitoring system performance, managing system configurations, automating routine operations, and resolving incidents. By providing visibility into the health and performance of IT assets, ITOM helps ensure that business-critical systems remain operational, efficient, and secure.
The study tracks the revenue generated from the sale of ITOM products and services by various companies across the world. It also tracks the key market parameters, underlying growth influencers, and major manufacturers operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The IT operations management (ITOM) market is segmented by solutions type (network and infrastructure management, application performance management, configuration management, cloud and hybrid IT management, IT operations analytics, automation, and orchestration), by deployment (on-premises, cloud-based, hybrid), by end-user vertical (BFSI, IT and telecom, healthcare, retail, manufacturing, government and public sector, and energy and utilities) and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
IT Operations Management Market Research FAQs
How big is the IT Operations Management Market?
The IT Operations Management Market size is expected to reach USD 31 billion in 2024 and grow at a CAGR of 9% to reach USD 50 billion by 2029.
What is the current IT Operations Management Market size?
In 2024, the IT Operations Management Market size is expected to reach USD 31 billion.
Who are the key players in IT Operations Management Market?
ServiceNow, BMC Software, Inc, SolarWinds Worldwide, LLC, Splunk Inc (Cisco Systems Inc) and IBM are the major companies operating in the IT Operations Management Market.
Which is the fastest growing region in IT Operations Management Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in IT Operations Management Market?
In 2024, the North America accounts for the largest market share in IT Operations Management Market.
What years does this IT Operations Management Market cover, and what was the market size in 2023?
In 2023, the IT Operations Management Market size was estimated at USD 28.21 billion. The report covers the IT Operations Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the IT Operations Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
IT Operations Management Industry Report
Statistics for the 2024 IT Operations Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. IT Operations Management analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
