Facts and Factors Market Research has published a new report titled “Problem Management Software Market By Component Type (Software and Services), By Deployment (On-Premise and Cloud), and By Vertical (Manufacturing, Healthcare, IT & Telecommunication, Retail, and Banking, Financial Services & Insurance (BFSI)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global problem management software market was valued at approximately USD 2,265 million in 2018 and is expected to reach a value of around USD 3,693 million by 2027, at a CAGR of around 5.58 % between 2019 and 2027.
The key activity of problem management activity is to identify the problem and authenticate any workarounds of the problem with the help of the problem database. After diagnosing the problem and identification of the workaround, the problem is referred to as a “known error.” This is documented in the known error database (KEDB), and this may be the same physical database as the problem database.
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Problem management is a reactive process and is invoked after the occurrence of incidents. It is proactive as its key aim is to ensure that occurrences do not recur in the future, or if they do, their impact is minimized.
Escalating demand for problem management software to drive the market growth
The expansion of the industry is attributed to the massive demand for problems management software services for reducing the proportion of error occurrences. Moreover, problem management software also allows the firm to acquire transparency and efficiency. Apart from this, the software also helps in linking problems to current situations and tries to change it as well as plan in advance for service disturbances.
Furthermore, the massive acceptance of cloud-based services is also projected to steer the growth of the market over the forecast period. In addition to this, the safe performance of the database systems and the need for determining as well as solving problems in the initial phase to reduce outage problems will enlarge the business scope over the forecast period. Apparently, the need for avoiding the occurrence of workarounds will further spur the market growth over the forecast timeline. However, complexities in the execution of the problem along with high implementation costs will hinder the business space during the period from 2019 to 2027.
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Software to dominate the component segment over the forecast period
The growth of the segment is due to a rise in the acceptance of software along with the massive competition among software providers.
Cloud segment to register the highest CAGR during the forecast timeline
The cloud segment is projected to record the highest growth rate of nearly over 9% during the period from 2019 to 2027. The growth of the segment is credited to cost benefits related to the cloud-based solutions like the elimination of upfront deployment costs as well as no incurrence of up-gradation or maintenance costs. Apart from this, prevention of data loss, automatic software up-gradation, and monitoring of document control types are some of the benefits offered by cloud storage solutions, thereby resulting in the use of cloud-based models of delivery for problem management software services. This, in turn, will lead to segmental growth over the forecast timeline.
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North America to remain a dominant region during the forecast period
The regional market growth is credited to a rise in the cyber threats in the IT sector along with the need for safe, reliable, and scalable as well as adaptable solutions for the IT sector offered by problem management software.
Some of the key players in the market include Cherwell Software, LLC, Ivanti Software, Inc., Atlassian, Service Now, Inc., BMC Software Inc., TeamQuest Corporation, IBM Corporation, Freshworks Inc., Axios Systems, and SolarWinds.
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This report segments the problem management software market as follows:
Global Problem Management Software Market: By Type Segment Analysis
Global Problem Management Software Market: By Deployment Segment Analysis
Global Problem Management Software Market: By Application Segment Analysis
- IT & Telecommunication
- Banking, Financial Services & Insurance (BFSI)
Global Problem Management Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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