What Is The Overview Of The Global Change And Configuration Management Market?
Change and configuration management refers to a structured approach to managing alterations to systems, products, or services within an organization while also maintaining the integrity of their configurations. It involves processes, tools, and methodologies to control and track changes to an organization's IT infrastructure, software, hardware, documentation, and other components.
Change And Configuration Management Global Market Report 2024 provides data on the global change and configuration management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The change and configuration management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Change And Configuration Management Market?
The change and configuration management market has demonstrated solid growth, expanding from $2.06 billion in 2023 to $2.30 billion in 2024 at a CAGR of 11.7%. Historical growth has been influenced by increasing IT complexity, more frequent software releases, high downtime costs, adoption of IT service management frameworks, and demand for scalability. The market is projected to reach $3.63 billion by 2028 at a CAGR of 12.1%. This future growth is attributed to AI and machine learning advancements, the rise of hybrid and multi-cloud environments, zero-trust security principles, edge computing adoption, and a shift towards self-service and automation. Key trends include integration with DevSecOps practices, focus on hybrid cloud environments, continuous compliance measures, and adoption of infrastructure-as-code (IaC) principles.
What Are The Core Factors Supporting Growth In The Change And Configuration Management Market?
The rising importance of risk management and security is expected to propel the growth of the change and configuration management market. Risk management involves identifying and addressing potential risks, while security focuses on protecting data and assets from threats. With the rise in cyber threats and the complexity of IT environments, organizations are increasingly focused on security and risk management. Change and configuration management processes help organizations comply with security regulations and reduce the risk of security breaches. For instance, in September 2023, AAG IT Services reported that 39% of UK companies had experienced a cyberattack in 2022, and cybercrime affected 53.35 million people in the US during the first half of the year. The growing concerns about security and risk management are therefore driving the growth of the change and configuration management market.
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What Are The Major Segments Within The Global Change And Configuration Management Market?
The change and configuration management market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprise
3) By End-User: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Telecom And Information Technology (IT), Other End-User Industry
Which Trends Are Expected To Transform The Change And Configuration Management Market?
Key players in the change and configuration management market are developing advanced tools, such as web-based plan configuration management tools, to better manage complex health plan offerings across various business lines. These tools help organizations manage IT infrastructure changes while maintaining a centralized repository of configuration items and relationships. In August 2023, HealthEdge, a US-based healthcare software provider, launched HealthRules Promote, a web-based tool designed to allow analysts to quickly test configuration changes. This feature helps health plans quickly adapt to changes in member, provider, and regulatory demands, offering unmatched integrity in configuration management.
What Is The Fastest Growing Region In The Change And Configuration Management Market?
North America was the largest region in the change and configuration management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the change and configuration management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
