The global innovation management software market is expected to reach a forecast of US $ 4.4 Bn in 2032 from US $ 1.9 Bn in 2022, rising to a CAGR of 8.8% over the entire forecast period. The change management software market is likely to be driven by an increase in digital innovation and automation of IT processes and applications.
The change management software market is expected to be constrained by the complexity of integrating technologies and toolsets. However, the increasing demand for artificial intelligence and machine learning as value-added capabilities in vendors ’solutions is expected to create huge opportunities for them as the use of DevOps and AI evolves.
Furthermore, advances in wireless technology, increased internet penetration, and increasing number of connected devices are driving the Internet of Things forward, which is also positively affecting trends in the adoption of change management software in the market. . As a result, new opportunities for change management software manufacturers are opening up, boosting the global industry.
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During the forecast period, North America recorded for the highest share of the innovation management software market. The ITSM solution includes a change management solution in software used to track and monitor changes in the IT infrastructure. This helps in reducing the negative effects of IT -related changes on an organization.
For diverse applications, the reliance on automated digital mediums and AI is growing in every area, including banking, IT, healthcare, education, and more. The increasing adoption of AI in the IT and telecom sectors is expected to boost the growth of the innovation management software market.
According to global study of change management software market,the continuous expansion of internet connectivity around the world, as well as various technological breakthroughs such as 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), has greatly boosted economic growth over the past two decades.
Major Takeaways
- The software component of change management software is expected to progress at a CAGR of 9% throughout the forecast period.
- In 2026, North America is predicted to have a market share of more than 30%, followed by Asia Pacific. The increased threats to cyber security, particularly in the government and banking sectors, are attributable to the growth of change management software industry in North America.
- During the projection period, the Asia Pacific market 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 driving the change management software industry. Market growth is expected to be hampered by increased third-party partnerships and poor IT infrastructure.
- Over the projection period, the telecom and IT segments are expected to hold the largest change management software market share and offer huge growth 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 software industry players in managing change around the world.
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.
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Key Segments
By Part:
By Deployment Type:
By Organization Size:
By Industry Type:
- BFSI (Banking, Financial Services & Insurance)
- Healthcare and Life Science
- Education
- Government and Public Sector
- Telecom and IT
- Retail and Consumer Packaged Products
- The others
By Geography:
- North America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
- Latin America
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The post Change Management Software Market is Expected to Rise CAGR of 8.8% During 2022-2032 first appeared in Future Market Insights.