What Is The Overview Of The Global Change Management Software Market?
Change management software is a digital tool designed to streamline and oversee the process of implementing alterations within an organization's systems, processes, or structures. This software helps organizations drive successful change outcomes while mitigating risks and maximizing benefits by providing centralized coordination, communication, automation, and analytics capabilities.
Change Management Software Global Market Report 2024 provides data on the global change management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The change management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Change Management Software?
The market for change management software has seen significant growth in recent years, expanding from $1.80 billion in 2023 to $2.01 billion in 2024 at a CAGR of 11.9%. Historical growth drivers include the expanding IT and telecommunications sector, increasing complexity in business operations, globalization, regulatory pressures, and heightened focus on employee engagement. Looking ahead, the market is projected to grow to $3.20 billion by 2028, with a CAGR of 12.3%. This forecasted growth is fueled by rising demand for cloud-based solutions, the need for remote work collaboration tools, adoption of agile methodologies, digital transformation initiatives, and improved internet connectivity. Emerging trends include AI-powered change management, deeper integration with collaboration platforms, data analytics utilization, emphasis on employee engagement, and agile practices.
What Factors Are Driving Growth In The Change Management Software Market?
The growing frequency of cyberattacks on businesses is expected to drive the change management software market forward. Cyberattacks are attempts by malicious entities to disrupt, harm, or access computer systems, networks, or data without authorization. The increase in cyberattacks is attributed to the rising dependence on digital technologies, the broadening attack surface, and the increasingly sophisticated methods used by cybercriminals. Change management software helps businesses assess risks and evaluate proposed changes to IT systems and infrastructure by offering risk mitigation methods like testing, validation, and rollback procedures. For example, in 2022, the Federal Bureau of Investigation reported a 127% rise in complaints about business investment fraud, from $1.45 billion in 2021 to $3.31 billion, and a 183% increase in bitcoin investment fraud charges, rising from $907 million in 2021 to $2.57 billion. Consequently, the surge in cyberattacks is fueling the growth of the change management software market.
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What Are The Main Segments Of The Global Change Management Software Market?
The change management software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: On-Premise, Cloud-Based
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprise
4) By End Use Industry: Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Sciences, Education, Government And Public Sector, Telecom And IT (Information Technology), Retail And Consumer Packaged Goods, Other End Use Industries
What Emerging Trends Are Influencing The Growth Of The Change Management Software Matket?
Companies in the change management software market are focused on developing AI and machine learning-based solutions, such as Halo for Change Management, to enhance decision-making and streamline change implementation. Halo for Change Management guides teams through the impact of change orders and provides real-time visibility to address changes efficiently. For example, in January 2021, Greenlight Guru, a US-based software company, launched Halo for change management, an AI-powered recommendation engine for medical device quality. By leveraging AI and machine learning, Halo for change management helps medical device companies predict the impact of changes, improve quality, reduce risks, and shift to a more proactive approach.
What Is The Largest Region In The Change Management Software Market?
North America was the largest region in the change management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the change management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
