The global change management software market is expected to reach a valuation of US$ 4.4 Bn by 2032 from US$ 1.9 Bn in 2022, rising at a CAGR of 8.8% throughout the forecast period.
The change management software market is likely to be driven by an increase in digital transformation and automation of IT processes and applications.
The change management software market is projected to be restrained by the complexity of integrating technologies and toolsets. However, the rise in demand for artificial intelligence and machine learning as value-added capabilities in vendors’ solutions is expected to generate a big opportunity for them as DevOps and AI usage develop.
Furthermore, advancements in wireless technology, increased internet penetration, and an increase in the number of connected devices are driving the Internet of Things forward, which is also positively impacting the change management software market adoption trends. As a result, new opportunities for change management software manufacturers are opening up, strengthening the global industry.
During the forecasting period, North America accounted for the highest share of the change management software market. The ITSM solution includes a change management software solution that is used to monitor and track changes in the IT infrastructure. It aids in reducing the negative effects of IT-related changes on an organization.
The change management software market share’s expansion can be linked to the IT sector’s increasing digitalization, as well as the automation of management services.
Additional considerations, such as the requirement for remote management and the ability to work from home, are expected to drive up demand for change management software.
For diverse applications, the reliance on automated digital mediums and AI is growing in every area, including banking, IT, healthcare, education, and others. The increasing adoption of AI in the IT and telecom sectors are expected to boost the change management software market growth.
As per the global change management software market study, the continuous expansion of internet connectivity around the world, as well as various technological breakthroughs like as 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), have bolstered economic growth tremendously in the last two decades.
Globally, more than 4.5 billion people were actively using the internet as of April 2021.
Furthermore, the rise of the ICT sector has contributed greatly to GDP growth, worker productivity, and R&D spending, among other economic shifts in various countries around the world. Furthermore, the ICT sector’s production of goods and services contributes to economic growth and development.
The change management software industry is expected to grow even faster as management software, such as enterprise resource management, becomes more widely adopted.
Key Takeaways
• The software component segment of the change management software is projected to advance at a CAGR of 9% throughout the forecast period.
• In 2026, North America is predicted to have a market share of over 30%, followed by the Asia Pacific. Increased cyber security threats, particularly among the government and banking sectors, are credited to the growth of the change management software industry in North America.
• During the projection period, the market in the Asia Pacific is expected to grow at a CAGR of more than 15%, followed by South America. India, China, and Japan are among the major countries in the region that are driving the change management software industry. Market growth is expected to be hampered by increasing third-party partnerships and weak IT infrastructure.
• Over the projection period, the telecom and IT segment are expected to hold the biggest change management software market share and offer considerable development prospects.
Competitive Landscape
• ServiceNow Corporation, BMC Software, Inc., CA Technologies, IBM Corporation, Cherwell Software, LLC., Ivanti, Axios Systems, EasyVista Inc., Micro Focus International Plc, and Zoho Corporation are among the major participants in the worldwide change management software industry.
• These companies have used a variety of growth tactics to enhance their global footprint and market share, including new product launches, partnerships, contracts, collaborations, acquisitions, and expansions.
These insights are based on a report on Change Management Software Market by Future Market Insights.
