How Has the Cloud IT Service Management (ITSM) Market Size Evolved in Recent Years?
The cloud it service management (itsm) market has seen considerable growth due to a variety of factors.
• The cloud IT service management (ITSM) market has seen rapid growth in recent years. It will rise from $9.21 billion in 2024 to $10.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.0%.
This growth is due to the rising demand for scalable and cost-effective IT service management solutions, the growing need for ITSM in government, education, travel, hospitality, healthcare, IT, and telecommunications.
What Are The Predictions for The Cloud IT Service Management (ITSM) Market in the Coming Years?
The cloud it service management (itsm) market is expected to maintain its strong growth trajectory in upcoming years.
• The cloud IT service management (ITSM) market is expected to grow quickly, reaching $20.02 billion by 2029, at a CAGR of 16.8%.
This growth is driven by the rise of remote work, increased demand for cloud services in IT, automation of business processes, BYOD trends, and the need for efficient IT operations. Major trends include cloud technology adoption across industries, IT infrastructure development, AI in ITSM, and the growing demand for cloud IT service management solutions.
Which Drivers Are Accelerating Growth In The Cloud IT Service Management (ITSM) Market?
The increasing shift towards remote work is expected to propel the growth of the cloud IT service management (ITSM) market. Remote work, facilitated by advancements in technology, offers employees the flexibility to work from home. Cloud IT service management tools help ensure smooth operations, security, and a positive user experience for remote workers. In February 2023, the UK Office for National Statistics reported that 16% of people worked exclusively from home, while 28% worked both remotely and in-office. This shift toward remote work is expected to drive the growth of the cloud ITSM market.
What Are The Core Segments Of The Global Cloud IT Service Management (ITSM) Market?
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
Subsegments:
1) By Solution: Cloud-Based ITSM Software, IT Asset Management (ITAM) Solutions, Incident Management Solutions, Problem Management Solutions, Change Management Solutions, Service Request Management Solutions, Service Desk Solutions, Configuration Management Database (CMDB) Solutions, Self-Service Or Portal Solutions, Automation And Orchestration Solutions
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Managed Services, Training And Education Services
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Which Emerging Market Trends Are Altering The Cloud IT Service Management (ITSM) Industry?
Companies in the cloud IT service management (ITSM) market are integrating AI-based data platforms to optimize resource utilization and deliver superior customer experiences. AI-based data platforms leverage artificial intelligence and machine learning to enhance IT service management processes. In May 2023, IBM launched Watsonx, an AI-powered cloud platform designed to help enterprises scale AI development, data management, and governance across their organizations.
Who Are the Key Players In The Cloud IT Service Management (ITSM) Market?
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 Corporation 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.
What Are The Regional Insights Into The Cloud IT Service Management (ITSM) Market?
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.
