The cloud it service management (itsm) from The Business
Research Company provides comprehensive market statistics, including global
market size, regional shares, competitor market share, detailed segments,
trends, and opportunities. This report offers an in-depth analysis of current
and future industry scenarios, delivering a complete perspective for thriving
in the industrial automation software market.
Cloud IT Service Management (ITSM) Market, 2024 report by The Business Research
Company offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The cloud IT service management (ITSM) market size has grown rapidly in recent
years. It will grow from $7.89 billion in 2023 to $9.21 billion in 2024 at a
compound annual growth rate (CAGR) of 16.7%.
The growth in the historic period can be attributed to increased demand
for scalable and cost-effective it service management solutions, rise in demand
for it service management (ITSM) solutions in government and education,
increased demand for it service management (ITSM) solutions in travel and
hospitality, increased demand for it service management (ITSM) solutions in
healthcare, rise in need for it service management (ITSM) solutions in it and
telecommunication.
The cloud IT service management (ITSM) market size is expected to see rapid
growth in the next few years. It will grow to $17.16 billion in 2028 at a
compound annual growth rate (CAGR) of 16.9%.
The growth in the forecast period can be attributed to an increasing
shift towards remote work, rising demand for cloud services in the it industry,
rising demand for automation services in business processes, rising concept of
bring-your-own-device (BYOD), growing need for efficient execution of IT
operations. Major trends in the forecast period include the adoption of cloud
technologies across industries, the development of IT infrastructure,
investments by various operators, the adoption of artificial intelligence (AI)
in ITSM solutions, and demand for cloud IT service management software
solutions.
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Scope Of Cloud IT Service Management (ITSM) Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Cloud IT Service Management (ITSM) Market Overview
Market Drivers -
The increasing shift towards remote work is expected to propel the growth of
the cloud IT service management (ITSM) market going forward. Remote work refers
to a work environment where employees perform their duties remotely, using
technology such as laptops, smartphones, and video conferencing tools. Remote
workers are increasing due to advancements in technology, changing attitudes
towards work-life balance, and the global pandemic accelerating the adoption of
flexible work arrangements. Cloud IT service management offers tools and
technologies that ensure seamless operation, enhanced security, and an improved
user experience for remote employees. For instance, in September 2022,
according to a news article published by the Census Bureau, a US-based
government statistical agency, in 2021, the number of people primarily working
from home tripled from 5.7% to approximately 27.6 million people, comprising
17.9% of the workforce. Therefore, the increasing shift towards remote work is
driving the growth of the cloud IT service management (ITSM) market.
Market Trends -
Major companies operating in the cloud IT service management (ITSM) market are
developing AI-based data platforms ultimately aiming to optimize resource utilization
and deliver superior customer experiences. AI-based data platforms for cloud IT
service management (ITSM) integrate artificial intelligence and machine
learning technologies to enhance the efficiency, accuracy, and effectiveness of
IT service management processes. For instance, in May 2023, IBM, a US-based
software company, launched a new cloud-based platform called Watsonx, their
next-generation AI and data platform. This platform aims to provide enterprises
with an end-to-end, customizable solution for scaling and accelerating the
impact of AI across their organization through capabilities in AI development,
data management, and governance.
The cloud IT service management (ITSM) market covered in this report is
segmented –
1) By Component: Solution, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application : Configuration Management , Performance Management , Network
Management , Database Management System, Other Applications
5) By End-User Industry: Banking, Financial Services, And Insurance,
Information Technology And Telecommunication, Retail, Healthcare, Other
End-User Industries
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Regional Insights -
North America was the largest region in the cloud IT service management market
in 2023. Asia-Pacific is expected to be the fastest-growing region in the
forecast period. The regions covered in the cloud IT service management (ITSM)
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major companies operating in the cloud IT service management (ITSM) market
are Amazon.com Inc., International
Business Machines Corporation, Broadcom Inc., Hewlett Packard Enterprise
Company, Salesforce Inc., ServiceNow Inc., OpenText Corp., Splunk Inc., Citrix
Systems Inc., Atlassian, Micro Focus International PLC, BMC Software Inc.,
Zendesk Inc., Ivanti Inc., ManageEngine, Zoho Corpoation Pvt. Ltd., Cherwell
Software LLC, Freshworks Inc., Icertis Inc., EasyVista Inc., Axios Systems PLC,
SysAid Technologies Ltd., InvGate Inc., CA Technologies Inc., Sunrise Software
Ltd.
Table of Contents
1. Executive Summary
2. Cloud IT Service Management (ITSM) Market Report Structure
3. Cloud IT Service Management (ITSM) Market Trends And Strategies
4. Cloud IT Service Management (ITSM) Market – Macro Economic Scenario
5. Cloud IT Service Management (ITSM) Market Size And Growth
…..
27. Cloud IT Service Management (ITSM) Market Competitor Landscape And Company
Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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