Problem Management Software Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[206+ Pages Report] According to the report published by Facts Factors, the global problem management software market size was worth around USD 5,267.50 million in 2021 and is estimated to grow to about USD 12,505.37 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.

Market Overview

An organization can attain transparency with a known error database with problem management software. It recognizes and logs any infrastructure or support services issues and offers efficient workarounds for incidents to keep users productive. At the same time, a long-term solution is put in place. The root cause of an issue is found by proactively reviewing requests to look for a pattern of recurrence. It aids businesses in reducing the negative effects of service interruptions on their bottom line and avoids further disruption. Some major participants in the industry include Cherwell Software, IBM Corporation, and BMC Software Inc. Additionally, problem management software solutions relate issues to current events, releases, or modifications and prepare for interruptions or service disruptions in advance. The software makes effective management of an organization's IT infrastructure. A system's problems are categorized depending on their severity, importance, and kind. Various technologies, such as network monitoring software, diagnostic software, etc., enable an organization to troubleshoot issues quickly. The growth of this market can be ascribed to the growing demand for problem management software and the increased need to increase the efficiency of IT infrastructure. Businesses are investing significantly in creating effective IT infrastructure that will yield better business results sooner than their primary rivals, propelling the market growth during the forecast period.

COVID-19 Impact:

The COVID-19 outbreak significantly impacted the global market. The demand for program management software has increased across several industries, including manufacturing, healthcare, retail, IT & telecom, and BFSI (banking, financial services, & insurance). Additionally, as the need for digital technologies rises, more cloud-based apps are being used than on-premise ones to ensure stable enterprise business operations. To increase their market position, major players use various techniques, including product launches, product upgrades, acquisitions, collaborations, mergers, and others.

Key Insights

• As per the analysis shared by our research analyst, the global problem management software market value is expected to grow at a CAGR of 15.50% over the forecast period.
• In terms of revenue, the global problem management software market size was valued at around USD 5,267.50 million in 2021 and is projected to reach USD 12505.37 million by 2028.
• The growth of this market can be ascribed to the growing demand for problem management software and the increased need to increase the efficiency of IT infrastructure.
• By deployment, the cloud category dominated the market in 2021.
• By industry vertical, the healthcare category dominated the market in 2021.
• North America dominated the problem management software market in 2021.

Drivers

• Escalating demand for problem management software drives the market growth

The industry’s expansion is attributed to the huge demand for problem management software services to reduce the percentage of error occurrences. Tools for problem-solving also boost the organization’s efficiency and openness. The program also assists in attaching problems to the present and works to alter them and prepare for future service disruptions. Additionally, it is projected that the growing usage of cloud-based services will drive the global problem management software market's growth during the anticipated time frame. The safe operation of database systems and the necessity to identify and address issues early on to reduce outage difficulties will cause the business scope to expand throughout the anticipated timeframe. The need to avoid workarounds will further drive industry growth.

Restraints

• Lack of IT infrastructure system may hinder the market growth

A lack of IT infrastructure is hampering the market's expansion. Furthermore, high implementation costs also restrain the market growth as many developing countries and underdeveloped countries focus on the other things that constrain the market growth in underdeveloped countries during the forecast period.  

Segmentation Analysis

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. The need for problem management software has increased due to the increasing use of software for problem detection and resolution, which is anticipated to fuel market expansion over the forecast period.

Based on deployment type, the market is segmented into on-premises and cloud. The cloud segment dominated the market in 2021. The cost-effectiveness, efficiency, and data-use convenience of the cloud system are factors driving the expansion of the cloud sector in the global market for problem management software. The popularity of the internet and the rapid growth of the storage and processing industries have made computing resources more affordable, accessible, and powerful. The development of cloud computing as new computing technology has been made possible by technological developments. The on-demand nature of cloud computing's resources and services is credited with driving the uptake of cloud-based solutions.

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. The primary reason influencing the growth of the segment in the global problem management software market is the growing acceptance of IoT in the healthcare sector and the number of devices with software applications in the industry.

Report Scope

Regional Landscape

• North America dominated the problem management software market in 2021

In 2021, North America dominated the global problem management software due to the region's robust software production base and well-established IT infrastructure. Additionally, the U.S.'s high level of problem management software awareness is anticipated to boost market expansion in the area. Numerous IT departments are battling with the detrimental effects of recurring issues on their businesses, as well as how to continue thoroughly inspecting each significant issue. The risks are so great that the United States is expected to experience IT-related issues. The Information Technology Infrastructure Library (ITIL) structure's problem management module sets the stage for each organization to adopt efficient approaches to problem-solving that will raise the caliber of internal and external IT services.

Competitive Landscape

• BMC Software Inc. 
• Cherwell Software 
• IBM Corporation 
• Alcatel-Lucent 
• Softexpert 
• Freshworks Inc 
• Landesk 
• Servicenow 
• Zoho Corporation 
• Solar Winds.

Global Problem Management Software Market is segmented as follows:

By Component

• Software
• Services

By Deployment Type

• On-Premises
• Cloud

By Industry Verticals

• Banking Financial Services & Insurance (BFSI)
• Healthcare
• Retail
• IT & Telecom
• Manufacturing
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • 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