With the presence of a large pool of participants, the global problem management software market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Atlassian, Axios, BMC Software Inc., Cherwell Software, LLC, Freshworks Inc., IBM Corporation, Ivanti, ServiceNow, Soft Expert, SolarWinds, Team Quest Corporation, and Zendesk are some of the key vendors of problem management software across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the problem management software market study.
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Citing an instance, in June 2018, Splunk Incorporation – firm developing software for finding, monitoring, and analyzing machine-generated big data- acquired VictorOps Inc., a Columbia-based startup firm helping software developers collaborate & solve engineering issues, for USD 120 million majorly in cash along with purchase of equity shares of latter.
As estimated in this report, the global problem management software market stood at US$ 2,100 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2026, the revenue in this problem management software market is expected to reach US$ 3,500 million by the end of the forecast period. The main component type available in this problem management software market is services and software. Among them, the demand for software is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Extensive Adoption Of Cloud-Based Solutions To Boost Market Size
“Massive acceptance of cloud-based services along with growing adoption of software for detection and resolving the management problems is anticipated to boost the problem management software market trends,” says the author of this problem management software market study. Apart from this, extensive product applications across BFSI, retail, manufacturing, IT & Telecommunication, and healthcare sectors will further impel problem management software market size in the years ahead.
Presence of Established IT Infrastructure To Aid North American Dominance
Regionally, North America has been leading the worldwide problem management software market and is anticipated to continue on the dominant position in the years to come, states the problem management software market study. The presence of a well-established IT infrastructure and strong manufacturing base of software in the region is the main factor behind the dominance of the North America problem management software market. Moreover, high awareness about problem management software in the countries such as the U.S. is expected to boost the growth of the problem management software market in the region. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional problem management software market.
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