The global change management software market is expected to witness noteworthy growth, expanding at a CAGR of 12.8% during the forecast period from 2018 to 2026. The growth of this market is mainly credited to the increase in digital transformation and automation of IT applications and processes. Change management is an ITSM (information technology service management) discipline. Its objective is to keep track of and check whether standardized procedures and methods are adopted for prompt handling of changes. The rate of change has been accelerating incessantly. As a result, in order to stay competitive, every business organization must be able and nimble enough to respond rapidly to the new market's needs. Change management software benefits an organization in a large number of ways and is relevant when there is any kind of change with respect to the cost and timeline of the project.
Change can be difficult, but investing some thought, time, and money into change management helps an organization ensure the effective implementation of a new enterprise software system. Benefits associated with change management software serve as motivators and indicators of progress. The main purpose of change management software is to implement the approved changes into the project with a minimal amount of disruption. Change management software provides plans, procedures, and other related artifacts necessary for establishing an effective change management program and completing the documentation set to support it. The software helps in improving performance, minimizing resistance, reducing costs, enhancing innovation, improving work productivity, and simplifying the complete IT change management process.
The goal of change management software is to ensure that changes to IT services are implemented in a way that has the least amount of impact on the business. The addition of new technologies and devices to address the growing business needs has significantly increased and is contributing to the growing network size. Furthermore, cost reduction due to automation in the process is projected to augment the growth of the change management software market in the near future.
Market Snapshot
Standalone software held the largest market share in 2017.
In terms of offerings, the global change management software market is segmented into standalone software and SaaS. The standalone software segment accounted for the largest market share in 2017. Owing to security, control, and integration considerations, many business organizations, still opt for standalone software implementation, with the application residing on their in-house server and being managed by the company's IT department. Nevertheless, a recent movement towards SaaS is indicative of a trend across several industry verticals and business applications. SaaS allows organizations to enjoy the benefits while minimizing the implementation, maintenance, and infrastructure costs, as well as the IT staffing requirements. As a result, SaaS is expected to emerge as the fastest-growing segment in the years to come.
Cloud-based Likely to Expand During the Forecast Period from 2018 to 2026
The global change management software market, based on deployment models, was led by the on-premise segment in 2017. The superior security features offered by on-premise solutions over cloud-based solutions are supporting the growth of this segment. Although there is a paradigm shift from on-premise to cloud, several organizations across the globe are still largely dependent on the on-premise model. As a result, cloud-based models are likely to expand and witness widespread adoption in the coming years. The adoption rate of the cloud is rapidly ticking upward, and businesses are taking advantage of its benefits, including agility, efficiency, and flexibility. Several organizations are focusing on minimizing their infrastructure costs and implementation timeframes, which in turn, is boosting the growth of cloud-based models.
IT and telecom garnered the largest market share in 2017.
The change management software is adopted by several end-use verticals to manage, track, and enhance overall productivity. In 2017, based on the end-use vertical, the global change management software market was led by the IT and telecom verticals. Change is unavoidable in IT and telecom organizations, as technological advancements and fierce competition force these organizations to adapt quickly. The rising trend towards digital transformation, coupled with increasing investments in digitization by the IT and telecom sectors, is facilitating the growth of the change management software market worldwide.
North America leads the global market for change management software.
Change management software technology is gaining massive popularity worldwide. Based on geography, North America dominated the market in 2017 and is expected to demonstrate significant growth in the coming years. The presence of prominent players such as BMC Software, Inc., International Business Machines Corp., Ivanti, Microsoft Corporation, Oracle Corporation, etc., supports the market's growth and is expected to provide lucrative opportunities in the coming years. In 2017, the U.S. dominated the North American change management software market and was likely to continue its supremacy throughout the forecast period from 2018 to 2026.
Competitive Insights
Major players in the change management software market include Axios Systems, BMC Software, Inc., CA Technologies, Cherwell Software, LLC, EasyVista Inc., Freshworks Inc., Gensuite, International Business Machines Corp., Ivanti, Micro Focus International Plc., Microsoft Corporation, Oracle Corporation, Rocket Software, Inc., ServiceNow, Inc., Serviceaide, Inc., SunView Software, Inc., and VMware, Inc., among others.
The change management software market appears to be highly fragmented and competitive in nature, owing to the presence of regional as well as international players. Prominent players present in the market are increasingly focusing on gaining deep penetration, strong momentum, and high visibility in the market. To strengthen their position in the market, these players are incorporating several strategies, including mergers and acquisitions, new product development, etc.
For instance, in August 2018, Cherwell Software, LLC, entered into a strategic collaboration with FixStream Network Inc., one of the pioneer companies in artificial intelligence (AI) solutions for IT operations (AIOps). The collaboration is aimed at accelerating digital transformation. Both organizations will be integrating their expertise and technologies to provide customers with next-generation solutions that leverage machine learning with workflow automation to help more accurately and quickly predict, find, and resolve information technology service management (ITSM) issues.
Periods of History and Forecast
The research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The change management software market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global change management software market based on offerings, deployment model, platform, organization size, end-use vertical, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of change management software in 2017, and what is the forecast up to 2026?
What are the factors driving the change management software market?
What are the key market trends in the change management software market?
Which is the most promising end-use vertical in the change management software market?
Which is the largest regional market for change management software?
Which players are leading the change management software market?
What are the sustainability strategies adopted by the key players operating in the market?
This report's distinct data points
Current and future scenarios of change management software across the globe
The adoption rate of change management software across various end-use verticals
Comparative scenario for all segments for the years 2017 (actual) and 2026 (forecast)
Qualitative and quantitative insights across different geographies and sub-geographies
comprehensive mapping of the competitive landscape and the market participants' behavior.
Must-have information for market players to enhance and sustain their market footprint
Frequently Asked Questions:
The market for Change Management Software Market is expected to reach US$ XX Mn by 2026.
The Change Management Software Market is expected to see significant CAGR growth over the coming years, at 12.8%.
The report is forecasted from 2018-2026.
The base year of this report is 2016.
BMC Software, Inc., CA Technologies, Cherwell Software, LLC, EasyVista Inc., Freshworks Inc., Gensuite, International Business Machines Corp., Ivanti, Micro Focus International Plc., Microsoft Corporation, Oracle Corporation are some of the major players in the global market.
