At 12.8% CAGR, North America IT Operations and Service Management Market is Projected to be Worth US$ 27,009.97 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America IT operations and service management market was valued at US$ 10,285.30 million in 2023 and is expected to reach US$ 27,009.97 million by 2031, registering a CAGR of 12.8% from 2023 to 2031. Shift toward cloud-based solutions and incorporation of AI in ITOSM are among the critical factors attributed to drive the North America IT operations and service management market growth.

Businesses nowadays are becoming increasingly dependent on cloud services and applications due to the recent shift toward remote work. Cloud platforms provide access to cutting-edge technologies such as machine learning, big data analytics, and artificial intelligence, allowing enterprises to make better decisions and extract insightful information from collected data. According to the Flexera 2022 State of the Cloud Report, the Americas has 63% heavy cloud users, 23% moderate cloud users, and 14% light cloud users. Furthermore, more than half of enterprise IT spending will shift to the cloud by 2025. According to Spacelift, Inc., 84% of companies use the private cloud. Also, public cloud spending is expected to grow from less than 17% in 2021 to more than 45% in 2026. The growing adoption of cloud computing by organizations is raising the need for ITOSM solutions for cloud migration and deployment. After cloud migration, ITOSM providers help organizations manage cloud infrastructure, including provisioning, configuring, and managing cloud infrastructure components such as virtual machines and networks. Furthermore, ITOSM service providers assist in implementing plans to monitor cloud expenditure, offer cost-saving techniques, and guarantee that resources are optimized and used appropriately. Thus, the shift towards cloud-based solutions is likely to be a key trend in the IT operations and service management (ITOSM) market in the coming years.

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

Based on type, the North America IT operations and service management market is bifurcated into solution and services. The solution segment held 65.9% market share in 2023, amassing US$ 6,776.52 million. It is projected to garner US$ 18,706.17 million by 2031 to register 13.5% CAGR during 2023-2031.

In terms of application, the North America 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 40.1% share of North America IT operations and service management market in 2023, amassing US$ 4,128.26 million. It is anticipated to garner US$ 11,843.77 million by 2031 to expand at 14.1% CAGR during 2023-2031.

By deployment, the North America IT operations and service management market is divided into cloud and on premises. The cloud segment held 75.4% share of North America IT operations and service management market in 2023, amassing US$ 7,758.17 million. It is projected to garner US$ 20,784.30 million by 2031 to expand at 13.1% CAGR from 2023 to 2031.

Based on enterprise size, the North America IT operations and service management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 64.4% share of North America IT operations and service management market in 2023, amassing US$ 6,620.95 million. It is predicted to garner US$ 17,736.58 million by 2031 to expand at 13.1% CAGR between 2023 and 2031.

By industry, the North America IT operations and service management market is segmented into IT and telecom, BFSI, healthcare, manufacturing, government and others. The IT and telecom segment held 31.4% share of North America IT operations and service management market in 2023, amassing US$ 3,231.96 million. It is estimated to garner US$ 9,810.34 million by 2031 to expand at 14.9% CAGR during 2023-2031.

Based on country, the North America IT operations and service management market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.0% share of North America IT operations and service management market in 2023. It was assessed at US$ 8,840.22 million in 2023 and is likely to hit US$ 23,990.28 million by 2031, registering a CAGR of 13.3% during 2023-2031.

Key players operating in the North America IT operations and service management market are Fujitsu Ltd; Oracle Corp; BMC Software, Inc.; Happiest Minds; ServiceNow Inc; NTT Data Corp; PROV INTERNATIONAL INC.; International Business Machines Corp; Ivanti; Lumen Technologies Inc; Broadcom Inc; DELL, INC; Juniper Networks Inc; Zoho Corp Pvt Ltd; Lenovo Group Ltd; Rackspace Technology Inc; Telefonaktiebolaget LM Ericsson; and Open Text 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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