Problem management software market is anticipated to grow at a CAGR of 14.5% during the forecast period. The market growth is majorly driven by the huge and the rising demand for problem management software to reduce the percentage of error occurrences in the businesses. Reduction in error occurrence leads to organization’s efficiency and openness. This software also assists in attaching problems to the present while altering them and prepare for future service disruptions. Additionally, it is projected that the growing usage of cloud-based services will drive the global problem management software market during the forecast period. 

The safe operation of database systems and the necessity to identify and address issues early on to reduce outage difficulties will cause the business scope to expand throughout the anticipated period. A lack of IT infrastructure in underdeveloped economies is hampering the global problem management software market expansion. Furthermore, the high implementation costs also restrained the market growth. 

Segmental Outlook

The global problem management software market is segmented based on deployment model and end-user vertical. Based on deployment model, the market is segmented into on-premise and cloud.  Based on end-user industry vertical, the market is sub-segmented into BFSI, IT & telecommunication, retail, healthcare, manufacturing, and others. Among the verticals, the BFSI sub-segment is anticipated to register significant growth during the forecast period. The growth of the sub-segment is attributed to the increasing need to solve problems regarding financial crimes such as money laundering, fraud, and terrorist financing. The use of problem management software in the BFSI industry helps companies to reduce the chances of complicated incidents that leads to complicated problems. The software can also provide real-time monitoring of compliance risks, automate compliance reporting, and reduce the costs associated with manual compliance processes.

Cloud Holds a Considerable Share in the Global Problem management software Market 

Cloud based model held major market share in 2022. The increased adoption of cloud-based problem management software solutions owing to its offered benefits is a contributor to the market share. It facilitates the end-users to improve customer relations using sophisticated and innovative solutions. The increasing adoption of cloud-based solutions among large enterprises is further contributing to market growth. 

Regional Outlooks

The global problem management software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global problem management software market. The growing IT infrastructure of the emerging economies of the region is a key factor driving the growth of the regional market. According to Asia-Pacific Economic Corporation, SMEs account for over 97.0% of all businesses across APEC economies. Cloud based problem management software is gaining advantage in the regional market due to its large scalability. With the launch of the cloud-based problem management software, SMEs are expected to take advantage of such solutions, thereby positively contributing to the market's growth. According to the Development Research Center of the State Council, China's Cabinet, the cloud computing industry is expected to exceed CNY 300 billion by 2023, over a threefold increase from its 2018 market value of CNY 96.28 billion.

However, the rapid adoption of cloud-based problem management software has created security concerns as applications and networks are under persistent security threats such as malicious code and service denial that can lead to data loss and leakage. Thus, the problem management software's security concern can hamper the regional market growth.

Global Problem Management Software Market Growth, by Region 2023-2030

North America is Anticipated to Hold a Considerable Share of the Global Problem Management Software Market 

The strong presence of the end-user industries such as BFSI, IT & telecommunication, retail, healthcare, and manufacturing is a key factor creating demand for the problem management software market. Furthermore, numerous IT departments across the US are battling with the detrimental effects of recurring issues on their businesses, as well as how to continue thoroughly inspecting each significant issue. Hence, the key technology manufacturers are developing various key solutions to cater to the rising demand for problem management software across the region. For instance, in March 2020, Information Technology Infrastructure Library (ITIL) introduced a new problem management solution which is a procedural way of ensuring minimal incidents emerging from Information Technology (IT) industries operations. The ITIL structure's problem management module sets the stage for each organization to adopt efficient approaches to problem-solving that will raise the caliber of internal and external IT services, which in turn will drive the regional market growth.

Market Players Outlook

The major companies serving the global problem management software market include Atlassian Inc., BMC Software, Inc., Freshworks Inc., and ServiceNow, Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2023, ServiceNow launched a problem management solution that helps in identifying the cause of errors in the IT infrastructure specifically which are reported as occurrence of related incidents.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global problem management software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.