Global Cloud Based ITSM Market Scope 2024, Forecast To 2033
16 Feb, 2024
The cloud-based ITSM market has demonstrated rapid growth, surging from $8.19 billion in 2023 to $9.18 billion in 2024, boasting a compound annual growth rate (CAGR) of 12.1%. Historical drivers include an increased focus on user experience, digital transformation initiatives, the pursuit of cost efficiency and opex models, the rise of remote work environments, and the implementation of multi-cloud strategies. The market is projected to reach $16.05 billion in 2028, reflecting a CAGR of 15.0%. The forecasted growth is attributed to evolving industry-specific requirements, a focus on customer satisfaction and experience, global regulatory and governance considerations, a continuous emphasis on improvement and analytics, and alignment with DevOps practices. Major trends in the forecast period include digital transformation initiatives, remote work and hybrid work models, the integration of automation and AI, scalability and flexibility, and a sustained emphasis on cost efficiency and opex models.
Global Cloud Based ITSM Market Key Driver
The increase in adoption of cloud-based applications is expected to propel the growth of the cloud-based ITSM (IT Service Management) market. Cloud adoption as a business strategy aims to enhance the scalability of internet-based database capabilities while reducing costs and risks. Organizations utilize cloud computing for storing, managing, and processing essential data. The data from the O'Reilly Media Cloud Adoption Survey indicates a significant acceleration in cloud adoption, with 90% of businesses using cloud computing, showcasing a growing trend. The increased adoption of cloud-based applications is a key driver for the growth of the cloud-based ITSM market.
Get A Free Sample Of The Global Cloud Based ITSM Market ReportGlobal Cloud Based ITSM Market Segments
The cloud-based itsm market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North Americawas the largest region in the cloud-based ISTM market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based itsm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Cloud Based ITSM Industry Players
ServiceNow Inc.; Hewlett Packard Enterprise Company; International Business Machines Corporation (IBM); BMC Software Inc.; Broadcom Inc.; Cherwell Software LLC; Ivanti Inc.; Axios Systems plc; Citrix Systems Inc.; Hornbill Systems Limited; Microsoft Corporation; EasyVista Inc.; Micro Focus International plc; Atlassian Corporation Plc; Alemba Limited; SysAid Technologies Ltd.; Freshworks Inc.; SolarWinds Corporation; Zendesk Inc.; Agiloft Inc.; TOPdesk International B. V.; HappyFox Inc.; Zoho Corporation Pvt. Ltd.; InvGate Inc.; Google Cloud IT Service Management (ITSM); Salesforce Service Cloud; SAP IT Service Management (ITSM); Atlassian Jira Service Desk; Ivanti Service Manager; HCL Remedy OnDemand
Get The Full Global Cloud Based ITSM Market ReportCloud Based ITSM Market Overview
The cloud-based ITSM refer to a cloud hosting system that provides access to a remote working environment. This cloud hosting allows quick and easy visualization of process workflows and gives firms more freedom and visibility on the web. The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases profit and work flexibility in their businesses.
Cloud Based ITSM Global Market Report 2023 provides data on the global cloud based itsm market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud based itsm market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.