Overview and Scope
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.
Sizing and Forecast
The change management software market size has grown rapidly in recent years. It will grow from $1.80 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to the rise in growth of the IT and telecommunication sector, increasing complexity of business operations, increasing globalization, regulatory requirements, and growing focus on employee engagement.
The change management software market size is expected to see rapid growth in the next few years. It will grow to $3.20 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to growing demand for cloud-based solutions, increasing need for remote work collaboration tools, rising adoption of agile methodologies, emphasis on digital transformation initiatives, and growing internet facilities with advanced speed. Major trends in the forecast period include AI-driven change management, focus on employee engagement, integration with collaboration tools, emphasis on data analytics, and agile methodologies adoption.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The increase in cyberattacks on businesses is expected to propel the change management software market going forward. Cyber-attacks refer to malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or data. The increase in cyberattacks on businesses is primarily due to the growing reliance on digital technologies, the expanding attack surface, and the evolving sophistication of cybercriminal tactics. Change management software enables organizations to conduct risk assessments and evaluations of proposed IT systems and infrastructure changes by providing risk mitigation strategies, such as testing, validation, and rollback procedures. For instance, according to the Federal Bureau of Investigation, a US-based law enforcement agency, complaints about business investment fraud increased by 127%, from $1.45 billion in 2021 to $3.31 billion in 2022. Further, there were 183% more charges of bitcoin investment fraud, from $907 million in 2021 to $2.57 billion in 2022. Therefore, the increase in cyberattacks on businesses is driving the growth of the change management software market.
Key Industry Players
Major companies operating in the change management software market are Microsoft Corporation, Microsoft Corporation, IBM Corporation, Broadcom Inc., Sunview Software, ServiceNow Inc., BMC Software Inc., Micro Focus International plc, Zoho Corporation, Solarwinds Worldwide LLC, Ivanti, Freshworks, Sparta Systems Inc., Chef Software, The Puppet Company, Whatfix, Cherwell Software LLC, EasyVista Inc., CA Technologies Inc., Integrify, Axios Systems plc, OMNINET, SysAid Technologies Ltd., NetZoom Inc., Cognician, Pointel, Canfigure, ideas4all Innovation, Kinvey Inc., The Change Compass
The change management software market report table of contents includes:
- Executive Summary
- Change Management Software Market Characteristics
- Change Management Software Market Trends And Strategies
- Change Management Software Market – Macro Economic Scenario
- Global Change Management Software Market Size and Growth
- Change Management Software Market Segmentation
- Change Management Software Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Change Management Software Market
- Change Management Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Change Management Software Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Change Management Software Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Change Management Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Microsoft Corporation Financial Performance
Table 76: IBM Corporation Financial Performance
Table 77: Broadcom Inc. Financial Performance
Table 78: Sunview Software Financial Performance
Table 79: ServiceNow Inc. Financial Performance
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