New York, NY, July 17, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Problem Management Software Market by Component (Software and Services); by Deployment Model (On-premise and Cloud); by Vertical (Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, Retail, Healthcare, and Manufacturing): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 - 2026”. According to the report, global problem management software market was valued at approximately USD 2,100 million in 2017 and is expected to generate revenue of around USD 3,500 million by end of 2026, growing at a CAGR of more than 5.5% between 2018 and 2026.
The problem management software identifies, troubleshoots, documents, and resolves the root reasons for recurrent incidents. Some of the major factors driving the growth of problem management software market are growing demand for problem management software to prevent incidents with workarounds and solutions. Moreover, the growing adoption of cloud-based solutions is expected to propel the growth of the global problem management software market globally. Continuous and safe performance of the database system is one of the most significant factors in the modern information technology industry. Isolating, detecting, and solving problems in primary phase decreases the threat of possible outages of definite parts of the system or of the complete system and in that way, it directly influences the growth of problem management software market.
Browse through 72 Tables & 27 Figures spread over 120 Pages and in-depth TOC on "Global Problem Management Software Market: By Type, Size, Share, Segments and Forecast, 2018 - 2026”.
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A problem management software solution helps the organization to achieve transparency with known error database. It identifies and records all problems discovered within supported services or the infrastructure, provides optimized workarounds for incidents that will allow users to continue to perform their jobs until a permanent fix is implemented. Moreover, problem management software solutions connect problems to existing incidents, releases or changes and plans ahead for interruption or service disturbances.
The problem management software market is segmented on the basis of the component, deployment model, industry vertical, and by geography. Based on the component, the problem management software market is segmented into software and services. The software segment accounted for a high share of 67.30% in the global problem management software market in 2017. Growing adoption of software for detection and resolving the problem has increased the demand for problem management software and is expected to propel the growth of the market in the coming years. The service segment is estimated to register a high CAGR of 5.58% from 2018 to 2026.
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By deployment model, the global problem management software market is segmented into on-premises and cloud. The cloud-based problem management solution segment is estimated to register a high CAGR of 10.87% in the global market. The cloud system is cost-effective, more efficient, and ease of data use are aspects boosting the growth of the cloud segment in the global problem management software market. Computing resources have become economic, more available, and more powerful due to the rapid development of storage and processing industry and the success of the internet. The technological advancements have enabled the awareness of a new computing technology called cloud computing. The growing adoption of cloud-based solutions is attributed to the availability of resources and services of cloud computing in an on-demand fashion.
Banking, Financial Services, and Insurance (BFSI), IT & telecommunication, retail, healthcare, and manufacturing are the key industry verticals of the global problem management software market. The healthcare segment is projected to have the highest CAGR during the forecast period. The increasing adoption of IoT in the healthcare industry and a growing number of instruments with software applications in the industry are the key factor contributing towards the high growth of segment in the global problem management software market.
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North America dominates the problem management software market due to well established IT infrastructure and strong manufacturing base of software in the region. Moreover, high awareness about problem management software in the U.S. is expected to boost the growth of the market in the region. Many IT departments are struggling with the negative business impacts of recurrent problems and several also struggle with how to continue with properly inspecting each major problem. The threats are so substantial that IT-related problems are projected to impact the U.S. economy to the cost of around USD 60 billion per year for software errors and about USD 140 billion per year for data/info security breaks. The problem management module of the Information Technology Infrastructure Library (ITIL) structure sets the phase for each association to adopt effective problem-solving approaches that will increase the quality of the interior and exterior IT services. In recent times, IT companies have begun to realize that some of the similar problem-solving best practices used long by other disciplines such as safety, reliability, quality, and maintenance are scalable and adaptable to IT industry. Successful IT organizations in the problem-solving industry are gradually applying formal root cause analysis (RCA) inside their ITIL problem management structure.
Europe is the second leading market and is expected to show significant growth in the years to come due to increasing demand for problem management software market.
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The Asia Pacific is projected to have the highest CAGR during the forecast period. The computer software business has the potential to grow into one of the most globally dispersed high-tech industries. Developing countries in the Asia Pacific such as China and India have shown exhaustive adoption and development of the IT Industry in the last decade. This, in turn, has generated a number of problems and interruption in workflow and thus has increased demand for problem management software market in the Asia Pacific region.
Further, the rise in demand for problem management solution with increasing investments in IT sector along with a preference for best available technology product is leading to a stable growth of the industry in the Asia Pacific region.
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The Middle East and Africa hold the least growth rate in comparison to other regions, due to lack of IT infrastructure hindering the growth of the market. Thus, all the aforementioned parameters are expected to propel the market growth globally.
Some of the key players in problem management software market include Atlassian, Axios, BMC Software Inc., Cherwell Software, LLC, Freshworks Inc., IBM Corporation, Ivanti, ServiceNow, Soft Expert, SolarWinds, Team Quest Corporation, and Zendesk. Major players are engaged in mergers & acquisitions to diversify their product portfolio and retain market share.
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This report segments the global problem management software market as follows:
Global Problem Management Software Market: Component Type Segment Analysis
- Software
- Services
Global Problem Management Software Market: Deployment Model Type Segment Analysis
- On-premise
- Cloud
Global Problem Management Software Market: vertical Segment Analysis
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunication
- Retail
- Healthcare
- Manufacturing
Global Problem Management Software Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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