Problem Management Software Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Problem Management Software market in 2021?

The global problem management software market is expected to have a market size of USD 3.5 billion in 2021 with a Compound Annual Growth Rate (CAGR) of 8.5%. Problem management software helps organizations to identify, document, and resolve recurring issues in their IT infrastructure efficiently. With the increasing complexity of IT systems and the growing number of digital touchpoints, the demand for problem management software is on the rise.

COVID-19 Impact on the Problem Management Software Market

The COVID-19 pandemic has significantly impacted the problem management software market. As businesses worldwide shifted to remote work, the reliance on digital technologies increased, leading to a surge in the adoption of problem management software. Organizations had to quickly address IT issues remotely, driving the need for efficient problem management solutions. The market witnessed a spike in demand as companies prioritized digital transformation and IT resilience to navigate the challenges posed by the pandemic.

Problem Management Software Dynamics

The dynamics of the problem management software market are influenced by various factors such as technological advancements, increasing IT complexity, growing digitalization, and the rising need for proactive issue resolution. Key players in the market are constantly innovating to offer feature-rich solutions that cater to the evolving requirements of organizations. The integration of artificial intelligence and machine learning capabilities in problem management software is also shaping the market dynamics, enabling proactive issue detection and resolution.

Segments and Related Analysis

The problem management software market can be segmented based on deployment mode, organization size, end-user industry, and region. Cloud-based deployment is gaining traction due to its scalability and flexibility, particularly among small and medium-sized enterprises. Large enterprises prefer on-premise solutions for enhanced control and security. Industries such as IT & telecom, healthcare, BFSI, and manufacturing are among the key adopters of problem management software.

By Region Analysis

The problem management software market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America leads the market due to the early adoption of advanced IT solutions and the presence of key market players in the region. Europe follows closely, with increased investments in digital transformation initiatives. Asia Pacific is witnessing rapid growth driven by the expanding IT infrastructure and increasing digitalization efforts in emerging economies.

Key Market Players and Competitive Landscape

Some of the key players in the problem management software market include ServiceNow, Atlassian, BMC Software, IBM Corporation, Micro Focus, Cherwell Software, Axios Systems, Ivanti, SolarWinds, and ManageEngine. These companies are engaged in strategic partnerships, product enhancements, and acquisitions to strengthen their market presence and offer innovative solutions to customers. The competitive landscape is intense, with players focusing on differentiation through advanced features, user-friendly interfaces, and personalized customer support.

Recent Happenings in the Problem Management Software Market

- In 2021, ServiceNow launched a new version of its problem management software with enhanced automation capabilities and seamless integration with IT service management solutions.

- Atlassian introduced AI-powered analytics tools in its problem management software to provide actionable insights for faster issue resolution.

- IBM Corporation collaborated with leading IT service providers to offer comprehensive problem management solutions to a wider customer base.

- Micro Focus acquired a niche problem management software company to expand its product portfolio and strengthen its market position in the IT service management industry.

- Cherwell Software unveiled a mobile app for its problem management software, enabling IT teams to track and resolve issues on-the-go.

Overall, the problem management software market is poised for significant growth in the coming years, driven by the increasing digitization of businesses, the need for efficient issue resolution, and the continuous advancement of technology.