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In 2021, the global IT operations and services management market was worth $26.2 billion, and by 2022, it is expected to be worth $27.8 billion. During the projection period, 2022-2032, the IT operations and services management (ITOSM) market is estimated to reach a worth of US$ 53.2 billion.

The market is predicted to increase at a 6.1 percent Y-o-Y rate from 2021 to 2022. The market’s growth can be due to the rising demand for cloud-based ITSM solutions and services, which is a result of enterprises’ increased usage of cloud computing.

By 2032, the worldwide IT operations and services management industry is predicted to expand by 25.5 billion dollars in absolute terms. Due to the rising market sizes of APAC and North America, the sector is seeing significant expansion. The increasing use of cloud technologies has resulted in a shift in an organization’s operating methods. The most significant benefit of cloud-based systems is centralization and consolidation. The use of these solutions is predicted to help firms save 25-45 percent on IT costs while also improving operational efficiency by 45-65 percent.

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Competitive Landscape:

Product development, mergers and acquisitions, and collaborations are top priorities for key players in the worldwide IT operations and services management market. Players are putting up diverse attempts to engage with a variety of technology providers in order to get profitable results. The following are some of the most recent key developments among players:

• Freshworks Inc. announced a relationship with Splashtop, a provider of remote support, remote access, and collaboration solutions, in January 2020. Users of Freshworks’ ITSM software should expect remote help as a result of the partnership.
• SolarWinds enhanced its IT operations management package in July 2020 to fulfil the demands of IT professionals working in hybrid IT environments while also maintaining economic pressures.

Key Segments Profiled in the Global IT Operations and Services Management Market

By Type:

• IT Operations and Services Management by ITSM
• IT Operations and Services Management by ITOM

By ITOM Type:

• IT Operations and Services Management by Configuration Automation and Discovery
• IT Operations and Services Management by Event Management
• IT Operations and Services Management by Cloud Provisioning
• IT Operations and Services Management by Workload and IT Automation

By Industry Verticals:

• IT Operations and Services Management by BFSI
• IT Operations and Services Management by Telecom and IT
• IT Operations and Services Management by Government
• IT Operations and Services Management by Healthcare/ Medical/ Pharmaceutical
• IT Operations and Services Management by Aerospace/ Defense
• IT Operations and Services Management by Retail/ Wholesale/Distribution
• IT Operations and Services Management by Manufacturing
• IT Operations and Services Management by Education
• IT Operations and Services Management by Hospitality/ Entertainment/ Recreation/ Travel
• IT Operations and Services Management by Energy Utilities
• Others

By Region :

• IT Operations and Services Management in North America
• IT Operations and Services Management in Europe
• IT Operations and Services Management in Asia Pacific
• IT Operations and Services Management in Middle East & Africa
• IT Operations and Services Management in Latin America

These insights are based on a report on IT operations and Services Management Market by Fact.MR.

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