Rising BYOD Trend Fuels IT Operations and Service Management (ITOSM) Market Growth
According to our latest study, “IT Operations and Service Management (ITOSM) Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Application, Deployment, Enterprise Size, and Industry," the market was valued at US$ 27.74 billion in 2023 and is expected to reach US$ 69.21 billion by 2031; it is estimated to record a CAGR of 12.1% from 2023 to 2031. The report includes growth prospects owing to the current IT operations and service management (ITOSM) market trends and their foreseeable impact during the forecast period.
Over the years, especially after the COVID-19 pandemic, the Bring Your Own Device (BYOD) trend has become more popular due to the rising adoption of hybrid work models. BYOD allows employees to use personal devices such as computers, tablets, and smartphones to access confidential company data, resources, and applications. For instance, according to Cass Information Systems, Inc., the average BYOD adoption rate is 70% worldwide. BYOD is an innovative approach that makes employees’ lives much easier. With this, it becomes flexible for the employees to use the company data from anywhere, anytime. The abovementioned benefits of BYOD boost its widespread adoption among various businesses. For example, according to Jamf, in July 2023, ~75% of people were using personal devices for office work, which has resulted in 34% increase in productivity; also, organizations can save approximately US$ 250 per employee with a BYOD plus stipend policy.
IT Operations and Service Management (ITOSM) Market Analysis — by Geography
IT Operations and Service Management (ITOSM) Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Solution and Services), Application (Operation and Performance Management, Dashboard Reporting and Analytics, Configuration Automation and Discovery, and Others), Deployment (Cloud and On-Premises), Enterprise Size (Large Enterprises and SMEs), Industry (IT & Telecom, BFSI, Healthcare, Manufacturing, Government, and Others), and Geography
IT Operations and Service Management (ITOSM) Market by 2031
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Source: The Insight Partners Analysis
IT operations and service management (ITOSM) play a crucial role in implementing bring your own device (BYOD) policies effectively. ITOSM needs to be involved from the initial stage of a BYOD strategy to ensure all risks and issues downstream are identified, logged, and addressed and adequate funding is obtained to support a BYOD strategy. ITOSM helps enterprises easily incorporate a variety of devices into corporate systems while maintaining robust security measures to protect sensitive data. It is essential in maintaining productivity and ensuring smooth operations in a BYOD environment. Thus, the rising BYOD trend leads to associated risks, which boost the demand for ITOSM solutions, fueling the IT operations and service management (ITOSM) market growth.
Ardent IT Private Limited; Alnafitha IT; PROV INTERNATIONAL INC.; BMC Software, Inc.; Happiest Minds; IBM Corporation.; Oracle Corporation; Microsoft Corporation; Fujitsu; and NTT DATA Corp are among the key players profiled in the IT operations and service management (ITOSM) market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the IT operations and service management (ITOSM) market forecast by type, application, deployment, enterprise size, and industry. Based on type, the IT operations and service management (ITOSM) market is divided into solution and services. In terms of revenue, the solution segment held a larger IT operations and service management (ITOSM) market share and is expected to record a higher CAGR during the forecast period.
The scope of the IT operations and service management (ITOSM) market report focuses on North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia and the Rest of Europe), Asia Pacific (India, Malaysia, Indonesia, Philippines, China, Japan, South Korea, Australia, and the Rest of Asia Pacific), the Middle East (UAE, Saudi Arabia, Qatar, Oman, Bahrain, and the Rest of Middle East), Africa (Kenya, Ethiopia, Uganda, Zambia, Zimbabwe, Rwanda, and the Rest of Africa) and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.
The Asia Pacific IT operations and service management (ITOSM) market is segmented into India, Malaysia, Indonesia, Philippines, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. In terms of revenue, China held the largest IT operations and service management (ITOSM) market share. China has witnessed a shift in work dynamics, with a growing number of companies embracing remote work arrangements. This shift has been primarily driven by advancements in technology, an increase in globalization, and changes in workforce preferences. As a result, organizations are recognizing the need for ITOSM solutions to effectively manage remote teams, ensure uninterrupted service delivery, and maintain operational efficiency. With the surge in remote work, businesses in China are realizing the importance of scalable IT infrastructure to support a dispersed workforce. For instance, according to the 49th China Statistical Report on Internet Development, the number of remote employees in China reached 469 million in December 2021, representing a significant year-on-year increase of 35.7%. This data, reported by the People's Daily Overseas Edition, highlights the growing prevalence of remote work in China's business landscape. ITOSM solutions facilitate seamless remote collaboration by providing features such as real-time messaging, virtual meetings, project management, and document sharing.
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