According to a new market report published by Credence Research, Inc., “Global Change Management Software Market (By Offerings (Standalone Software and SaaS), By Deployment Model (On-premise and Cloud-based), By Platform (Web and Mobile), By Organization Size (Small and Medium Enterprises and Large Enterprises), By End-use Vertical (Automotive, BFSI, Consumer Goods, Education, Food & Beverages, Government, Healthcare, IT & Telecom, Manufacturing, Retail, and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global change management software market is expected to witness a growth of 12.8% CAGR during the forecast period from 2018 to 2026.
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The global change management software market is likely to demonstrate a remarkable growth, expanding at a CAGR of 12.8% during the forecast period from 2018 to 2026. Change management software allows organizations to monitor, manage, and optimize the change management processes within the work environment. The software enables companies to structure their processes for identifying opportunities, create a plan for implementation, manage communications, manage resources and assets, drive change, optimize auditing, and evaluate data. Increase in digital transformation and automation of IT applications and processes is one major factor driving the growth prospects of change management software market worldwide.
Change management is the discipline that guides how to prepare, support, equip and effectively adopt change for driving organizational outcomes and success. In 2017, based on offerings, standalone software segment garnered the largest market share. Based on deployment model, the global change management software market was led by on-premise segment in 2017. Several organizations across the globe are still largely dependent on the on-premise deployment model. Security features offered by the on-premise deployment model over cloud is enhancing the growth of this segment. On the other hand, cloud-based model projected to demonstrate fastest growth in the market as it allows companies to use software on a pay-per-use basis, making it cost-effective. Based on end-use vertical, market was led by IT & telecom sector. Inclination towards digital transformation coupled with growing investments in digitization by the IT & telecom sector is enhancing the growth of this segment. Based on geography, North America accounted for largest market share in the change management software market in 2017. U.S. led the North America change management software market in the same year and expected to remain dominant in the coming years. The presence of some prominent players such as BMC Software, Inc., International Business Machines Corp., Ivanti, Microsoft Corporation, Oracle Corporation, etc. expected to provide lucrative opportunities in the region.
Major players in the change management software market include Axios Systems, BMC Software, Inc., CA Technologies, Cherwell Software, LLC, EasyVista Inc., Freshworks Inc., Gensuite, International Business Machines Corp., Ivanti, Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, Rocket Software, Inc., ServiceNow, Inc., Serviceaide, Inc., SunView Software, Inc., and VMware, Inc. among others. The software providers are adopting several strategies to thrive in the competitive market environment. Strategies including new product developments, partnerships, etc. are adopted by the players to gain competitive edge over others.
For instance, in November 2017, SunView Software, Inc., one of the leading software organization released Machine Learning and Artificial Intelligence (AI) features to its flagship ChangeGear Platform. These features delivers real-time intelligence support to the end-users. The AI and machine learning features are built to equip organizations with new and powerful smart tools that helps them making informed decisions, resolve tickets faster, increase staff efficiency, improve the satisfaction of end-users, while supporting the ever-changing business environment.
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