The global change management software market was worth US$ 1,063.8 Mn in 2017 and is expected to reach US$ 3,294.9 Mn by 2026, expanding at a CAGR of 13.6% from 2018 to 2026. North America held the largest share of the change management software market in 2016. Change management software solution is a part of ITSM solution and is used to handle and track changes in the IT infrastructure. It helps reduce the negative impact associated with IT related changes on an organization.
Increase in digital transformation and automation of IT processes and applications are expected to drive the change management software market. Complexities involved in the integration of technologies and toolsets is expected to restrain the market. However, growth of DevOps and rise in adoption of AI are anticipated to create huge opportunity for vendors due to the increase in demand for artificial intelligence and machine learning as value added features to their solutions. Additionally, advancement in wireless technologies, deeper internet penetration, and rise in the number of connected devices are leading to the growth of Internet of Things. This, in turn, is creating new opportunities for change management software vendors, thus boosting the market globally.
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The change management software market is segmented into deployment type, component, end-use industry, and geographical regions. Based on deployment type, the change management software market is further segregated into on-premise and cloud-based. The on-premise segment accounted for the largest share of the market in 2016. However, various organizations are adopting cloud-based solutions, especially small and medium businesses, due to increase in the number of mobile devices and surge in cloud-based and IoT applications.
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Moreover, shift from traditional systems to cloud-first approach among enterprise application buyers is expected to further propel the change management software market. Less maintenance and low costs associated with the cloud-based change management software solutions drives the cloud-based segment globally.
In terms of component, the change management software market is bifurcated into software and services. The software segment is expected to hold the largest revenue share of the market by 2026. The services segment is expected to expand at the significant CAGR during the forecast period. Based on end-use, the change management software market is divided into Banking, Financial services and Insurance (BFSI), t