Many Organizations across the world make use of IT in their operations and services. In recent times, that number has continued to grow, especially after the impact of the COVID-19 pandemic. The onset of the pandemic forced industries to digitize their customer and supply chain interactions, making ITOM industry trends a hot topic recently. 95% of U.S. business owners report using at least one technology platform to run their business.
These days, there is an increase in the supply and demand of IT services. Organizations must meet the needs and preferences of their consumers in this digital world. The factors driving this adoption includes customer demand, rapid growth, and inflation.
Modern businesses have now established IT operations to deliver and maintain the IT services they offer or use.
Introduction to IT Operations Management (ITOM) Industry Trends
Businesses can deliver quality IT services by employing key ITOM industry trends. This is important for customer satisfaction. ITOM helps these businesses better plan, monitor, and control their IT operations, increasing productivity and actualizing business goals. IT professionals manage these operations using various tools and techniques, including IOTM software. Some common examples of ITOM software include Splunk Enterprise, ControlUP, Squadcast, and Pentaho Business Analytics.
ITOM and ITSM (IT service management) are often used interchangeably, and although they may serve the same purpose of providing high-quality IT services, they mean different things. ITOM focuses on the organization’s day-to-day IT infrastructure management and service delivery. ITSM, on the other hand, has a broader framework and range of techniques to provide high-quality services such as change management, strategic development of a network, service desk management, experience management, etc.
It is without doubt that ITOM provides immense value to industries and modern businesses. ITOM offers a range of possibilities for individuals, too. Pursuing a career in IT operations can be very rewarding. Some career prospects include IT operations analyst, systems administrator, Network operations manager, IT operations manager, Service desk manager, and more.
Current Market Size and Forecast
The market analysis of global IT operations shows immense market potential and future market expansion of the industry. The factors driving the market growth are the demand for digital transformation in the workplace. Safe remote work environment, cybersecurity, and task automation are standard features that today’s organizations must consider to keep their operations optimal and resourceful.
In 2022, global IT operations and services reached a market value of $27.8 billion. According to Statista’s worldwide IT spending forecast, $1.4 trillion will be spent on IT services in 2023. Techbeacon says the market is expected to reach $35.98 billion as the demand for IT operations rises by 2025.
The ITOM software market size is anticipated to reach a multimillion-dollar valuation by 2030.
Market Share and Growth
A Business Insider report provides extensive insight, predicting a CAGR (compound annual growth rate of rate) of 7.5% in the next ten years for the ITOSM (IT operations and service management) market. The market report also highlights the following companies as key players: Splunk, Microsoft, Cisco, IBM, Elastic, BMC, CA Technologies, SolarWinds, and HP.
The Largest consumer market for ITOM is North America, which accounts for 61% of the market share, followed by Europe. An in-depth analysis of the market shows future focus on AlOPs (integration of AI into ITOM solutions), DevOps-oriented ITOM solutions, more ITOM solutions presented as SaaS (software as a service), and ITOM for IoT (Internet of things).
Impact of COVID-19 on ITOM Market
COVID-19 came with a lot of drivers and restraints of ITOM. For one, ITOM software and technology manufacturers had to halt operations at the pandemic’s peak. But all of that changed when the lockdowns began to ease up. An IDC study showed in ITOM software by more than 15% in 2021 despite the pandemic.
The restrictions of human interaction and movement ushered in this software market growth. Industries turned to orchestration and automation platforms to perform tasks that human employees ordinarily did. Global and regional businesses establish hybrid and remote work environments—the complexity of setting up this IT infrastructure called for IT operation software and management.
Regional Insights and Market Segmentation
The global IT operations market has different segment types, geography, component, and end-users.
Type: The market has different types ITSM, ITOM, event management, etc.
Component: ITOM as either Solutions or Services.
End-users: The end-users are government, telecommunication companies, Healthcare facilities, manufacturing plants, education institutes, etc.
Regional segmentation identifies five big markets in North America, Europe, the Middle East and Africa, Asia-Pacific, and South America.
Importance of ITOM Industry Trends
The Role of ITOM in Operations Management
Organizations aim to meet consumer demand through structure, strategy, and efficient systems. Leveraging technology in business operations is what ITOM does. Every successful business embraces innovation, better communication, effective project management, and better customer service. All of this is easy using Information technology. ITOM maintains a solid IT infrastructure and delivers quality IT services. ITOM can improve market opportunities for businesses, helping them produce deliverables at low cost.
Benefits of Enterprise Automation and Service Management
Organizations spend billions of dollars in the cost of operation, most of which technology can prevent. It’s easier to automate repetitive tasks using machines and algorithms for accuracy and precision; with limitless benefit. Here a few of them;
Efficiency of operation process: Processes can be accelerated using ITOM tools, which can help projects finish quickly with little to no error.
Optimization of workflow: There are several platforms that organizations can use to create a workflow for their employees. This eases the burden of management and improves task execution.
Cost reduction: Automation and orchestration reduce labor costs and minimize the need for manual input. It reduces the overall energy cost as automated processes are entirely error-free, and no resources are wasted.
Future ITOM Industry Trends and Opportunities
Market insights suggest that demand for IT services will continue to rise. The global forecast period between 2012-2024 shows the most significant global IT spending to be IT and communication services. An estimated $1,585 million will be spent on IT services in 2024.
Growth Potential for SMEs and Large Enterprises
Global mobile users are expected to reach 5.5 billion by 2030. Businesses that move their businesses online are set to be hit with a new wave of consumers within the market. SMEs and Large enterprises must begin to employ new technologies to accommodate these potential online customers.
Emerging Technologies and Delivery Automation
Supply chain management is a core business operation that needs proper management. This has led to a clamor for better processes and management techniques. These emerging technologies are built to improve the flow, coordination, and optimization of a company’s goods, data, and finances.
IoT (Internet of Things): The need for real-time business operations monitoring can be done using IoT.
Machine Learning and AI: AI can be trained with company data to make decisions and make correct forecasts.
Blockchain technology: This brings transparency to your business and eliminates counterfeiting or other fraudulent activities.
Analysis of Leading ITOM Players
Insights into the competitive landscape identify major key players in global ITOM. These companies are some of the largest producers of IOTM software globally.
- BMC Software
- ASG Software
- Axios Systems
- Micro Focus
Society continues to benefit from the power of technology, from schools to banks to SMEs and more. We have seen the invention of cryptocurrency using blockchain technology. Everyone is very aware of Open AI’s progress with the creation of Chat GPT. There is also Internet banking, augmented reality, and all the emerging technology tools that ease our lives.
IT advancement is nearly impossible without ITOM professionals like DevOps engineers, IT operations managers, and Network operations managers. They work ceaselessly to attend to our IT needs and keep organizations running. Every time you make a call, use an app, or report a technical error, ITOM ensures your favorite internet services run smoothly.
Recommendations for ITOM Implementation
Use these steps to implement ITOM tools in your business correctly:
- Choose the tool that best aligns with the unique goal of your organization. Make sure all your stakeholders are on board when you make this decision
- Perform a thorough evaluation of existing IT infrastructure and processes to determine redundancies and areas of improvement
- Make sure that whatever ITOM or ITSM strategy you implement is user-friendly and seamless
- Equip personnel with the skills needed to use the framework or techniques
- Implementation should be gradual
- Clearly define the KPIs and objectives of your implementation
- Ensure proper communication and documentation; this will help ease the process.