At 8.4% CAGR, Middle East IT Operations and Service Management Market is Projected to be Worth US$ 2,753.47 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East IT operations and service management market was valued at US$ 1,443.72 million in 2023 and is expected to reach US$ 2,753.47 million by 2031, registering a CAGR of 8.4% from 2023 to 2031. Growing adoption of remote work culture and incorporation of AI in ITOSM are among the critical factors attributed to drive the Middle East IT operations and service management market growth.

Remote work has become the new normal for many organizations in recent years, especially after the COVID-19 pandemic, to maintain flexibility in working conditions. Various teams and departments in an organization successfully manage to work together in remote and hybrid workspaces. According to Gallup, Inc. report of June 2022, ~65% of full-time employees are ready to work remotely. Working in a remote environment helps employees reduce traveling time as well as maintain a work-life balance. A study conducted by the National Bureau of Economic Research in January 2023 showed that remote work saved an average of 72 minutes spent by employees on their daily travel to and from their on-site jobs during 2021-2022. As organizations adapt to remote work culture, they need robust IT infrastructure, enhanced cloud services, and strict cybersecurity measures. This shift necessitates more advanced remote IT support, automated IT operations and service management (ITOSM) tools, and enhanced monitoring systems to maintain smooth operations across distributed teams. ITOSM provides employees the capabilities to enhance service requests and manual business operations 24/7 while streamlining regular and often mundane tasks for all organizational departments. Furthermore, ITSM, when implemented across multiple business domains, can enhance interdepartmental cooperation and can integrate internal services such as payroll, HR, and finance into a single platform. Thus, many businesses have shifted to WFH (Work from Home) and WFA (Work from Anywhere) workforce models, boosting the demand for customer-grade IT service management, which drives the IT operations and service management (ITOSM) market.

On the contrary, high initial and associated cost hamper the growth of Middle East IT operations and service management market.

Based on type, the Middle East IT operations and service management market is bifurcated into solution and services. The solution segment held 67.8% market share in 2023, amassing US$ 410.98 million. It is projected to garner US$ 885.96 million by 2031 to register 10.1% CAGR during 2023-2031.

In terms of application, the Middle East IT operations and service management market is segmented into operation and performance management, dashboard reporting and analytics, configuration automation and discovery and others. The operation and performance management segment held 47.3% share of Middle East IT operations and service management market in 2023, amassing US$ 286.86 million. It is anticipated to garner US$ 631.72 million by 2031 to expand at 10.4% CAGR during 2023-2031.

By deployment, the Middle East IT operations and service management market is divided into cloud and on premises. The cloud segment held 62.5% share of Middle East IT operations and service management market in 2023, amassing US$ 378.86 million. It is projected to garner US$ 806.37 million by 2031 to expand at 9.9% CAGR from 2023 to 2031.

Based on enterprise size, the Middle East IT operations and service management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 66.1% share of Middle East IT operations and service management market in 2023, amassing US$ 400.80 million. It is predicted to garner US$ 845.39 million by 2031 to expand at 9.8% CAGR between 2023 and 2031.

By industry, the Middle East IT operations and service management market is segmented into IT and Telecom, BFSI, healthcare, manufacturing, government and others. The IT and telecom segment held 36.5% share of Middle East IT operations and service management market in 2023, amassing US$ 221.40 million. It is estimated to garner US$ 514.51 million by 2031 to expand at 11.1% CAGR during 2023-2031.

Based on country, the Middle East IT operations and service management market is categorized into the UAE, Saudi Arabia, Qatar, Oman, Bahrain, and the Rest of Middle East. Our regional analysis states that the UAE captured 42.0% share of Middle East IT operations and service management market in 2023. It was assessed at US$ 606.08 million in 2023 and is likely to hit US$ 1,243.57 million by 2031, registering a CAGR of 9.4% during 2023-2031.

Key players operating in the Middle East IT operations and service management market are Fujitsu Ltd; Oracle Corp; BMC Software, Inc.; Happiest Minds; ServiceNow Inc; NTT Data Corp; PROV INTERNATIONAL INC.; Alnafitha IT; and International Business Machines Corp, among others.

• In 2024, ServiceNow and Fujitsu announced a new strategic commitment to launch innovative cross-industry solutions designed to maximize value for customers globally. The companies launched a new Fujitsu-ServiceNow Innovation Center to focus on digital transformation and customer success. Fujitsu expands its use of the Now Platform on its way to provide even greater value to customers.
• In 2024, Ivanti, the tech company, released Ivanti Neurons for External Attack Surface Management (EASM), which helps combat attack surface expansion with full visibility of external-facing assets and actionable intelligence on exposures.
  
  

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