04-Oct-2022 | Facts and Factors
According to Facts and Factors, the global problem management software market size was worth USD 5,267.50 million in 2021 and is estimated to grow to about USD 12505.36 million by 2028, with a compound annual growth rate (CAGR) of approximately 15.50% over the forecast period. The report analyzes the problem management software market drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the problem management software market.
An organization can achieve transparency with a known error database using problem management software. It detects and records any infrastructure or supported service problems and provides effective workarounds for incidents to keep consumers engaged while a long-term fix is implemented. By proactively examining requests to seek a pattern of recurrence, the fundamental cause of an issue is discovered. It helps businesses avoid additional disruption and lessen the negative effects of service interruptions on their bottom line. Cherwell Software, IBM Corporation, and BMC Software Inc. are some key players in the market. In addition, problem-solving software programs link problems to recent developments, updates, or revisions and plan for interruptions or service disruptions. A system's issues are divided into groups based on their seriousness, significance, and nature. A company can rapidly solve problems using various technologies, such as network monitoring and diagnostic software.
Browse the full “Problem Management Software Market Size, Share, Growth Analysis Report By Component (Software, Service) By Deployment Type (On-Premises, Cloud), By Industry Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, Retail, IT & Telecom, Manufacturing, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/problem-management-software-market
The enormous demand for problem management software services to lower the percentage of error occurrences is blamed for the industry's growth. Additionally, problem management tools give the business increased efficiency and transparency. In addition, the software aids in tying issues to the present and tries to change them and prepare for future service disruptions. Additionally, it is anticipated that the widespread adoption of cloud-based services would drive the global problem management software market's growth during the anticipated time frame. Over the projected period, the business scope will also expand due to the safe operation of database systems and the requirement to identify and address issues early on to minimize outages. The requirement to prevent workarounds will further fuel market expansion over the anticipated time frame. However, the problem's complexity and high implementation costs would hamper the business environment during the forecast period.
The global problem management software market is segmented based on the component, deployment type, industry verticals, and region. Based on the component, the market is segmented into software and services. The software segment accounted for a high share globally in 2021. Based on deployment type, the market is segmented into on-premises and cloud. The cloud segment dominated the market in 2021. Based on industry verticals, the market is segmented into banking financial services & insurance (BFSI), healthcare, retail, IT & telecom, and manufacturing. The healthcare segment dominated the market in 2021.
Due to the region's strong software manufacturing base and well-established IT infrastructure, North America will dominated the global problem management software market in 2021. Additionally, it is projected that the U.S.'s high awareness of problem management software will encourage market expansion in the sector. Many IT departments struggle to examine each important issue and the negative effects of reoccurring difficulties on their company. The hazards are so high that it is anticipated that the United States may encounter IT-related problems. The problem management module of the Information Technology Infrastructure Library (ITIL) structure paves the way for any organization to implement effective problem-solving techniques that will improve the standard of both internal and external IT services.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 5,267.50 Million |
Projected Market Size in 2028 |
USD 12,505.37 Million |
CAGR Growth Rate |
15.50% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
BMC Software Inc., Cherwell Software, IBM Corporation, Alcatel-Lucent, Softexpert, Freshworks Inc, Landesk, Servicenow, Zoho Corporation, Solar Winds, and others. |
Key Segment |
By Component, Deployment Type, Industry Verticals, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Key players in the global problem management software market include BMC Software Inc., Cherwell Software, IBM Corporation, Alcatel-Lucent, Softexpert, Freshworks Inc, Landesk, Servicenow, Zoho Corporation, and Solar Winds.
Global Problem Management Software Market is segmented as follows:
By Component
By Deployment Type
By Industry Verticals
- Banking Financial Services & Insurance (BFSI)
- Healthcare
- Retail
- IT & Telecom
- Manufacturing
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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