What are the Historical Developments and Current Growth Metrics of the IT Service Management (ITSM) Market?
The it service management (itsm) market has seen considerable growth due to a variety of factors.
• The IT service management (ITSM) market has grown rapidly in recent years. It is expected to increase from $12.43 billion in 2024 to $14.42 billion in 2025, with a CAGR of 16.0%.
The growth is attributed to improved service quality, increased operational effectiveness, growing complexity in IT infrastructure, higher emphasis on compliance and security, and increased spending on cloud ITSM solutions.
What is the Forecasted Market Size and CAGR for the IT Service Management (ITSM) Market?
The it service management (itsm) market is expected to maintain its strong growth trajectory in upcoming years.
• The IT service management (ITSM) market is expected to grow rapidly, reaching $25.83 billion by 2029, with a CAGR of 15.7%.
The growth is driven by increased IT infrastructure adoption, digital transformation, demand for unified platforms, improved IT service delivery, and enterprises’ growing reliance on IT. Major trends include AI and automation technology integration, digital business strategies, the shift to cloud-based solutions, and ITSM software adoption.
What Key Factors and Trends Are Driving The Growth IT Service Management (ITSM) Market?
The increased adoption of cloud-based platforms is expected to fuel the growth of the IT service management (ITSM) market. The shift towards cloud platforms is driven by digital transformation, cost-effectiveness, and enhanced security, among other factors. ITSM is vital for managing cloud platforms effectively by aligning IT services with business needs. For example, the European Union reported in December 2023 that the percentage of businesses adopting cloud computing services increased by 4.2 percentage points from 2021 to 2023. This trend is driving the growth of the ITSM market.
What Are The Market Segments In The IT Service Management (ITSM) Market?
The IT service management (ITSM) market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Performance Management, Configuration Management, Network Management, Database Management System, Other Technologies
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Government And Education, Information Technology And Telecommunication, Retail, Travel And Hospitality, Healthcare, Other End-Users
Subsegments:
1) By Solution: ITSM Software, ITSM Platforms, ITSM Tools
2) By Services: Consulting, Implementation, Training And Support, Managed Services
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Which Emerging Market Trends Are Altering The IT Service Management (ITSM) Industry?
Major firms in the IT Service Management (ITSM) market are steering towards the development of sophisticated solutions like AI-based IT service management with an aim to boost effectiveness and augment the overall customer experience. AI-centric IT service management revolutionizes traditional methodologies, facilitating organisations to offer quicker, more proactive, and tailored IT services that enhance operational effectiveness and achieve cost savings. As an illustration, Spark, an American high-tech solution provider, launched ServiceFlex, a novel IT service management solution, in August 2023. This solution employs smart technology, automation, and artificial intelligence to aid corporations, enterprises, and government bodies in achieving their business targets. The solution is designed to streamline IT operations via intelligent automation to avert business disruptions, such as automating digital certificate renewals.
Who Are the Key Players In The IT Service Management (ITSM) Market?
Major companies operating in the IT service management (ITSM) market are:
• Microsoft Corporation
• IBM Corporation
• Broadcom Inc.
• Hewlett Packard Enterprise Co.
• ServiceNow Inc.
• Open Text Corporation
• Atlassian Corporation Plc
• Micro Focus International Plc
• BMC Software Inc.
• Epicor Software Corporation
• ManageEngine
• SolarWinds Worldwide LLC
• Ivanti Inc.
• Freshworks Inc.
• ASG Technologies Group Inc.
• TOPdesk Nederland B.V.
• EasyVista Inc.
• Matrix42 AG
• Spiceworks Ziff Davis Inc.
• Axios Systems Plc
• SysAid Technologies Ltd.
• SunView Software Inc.
• InvGate Inc.
• Cherwell Software LLC
• CA Technologies Inc.
What Are The Regional Insights Into The IT Service Management (ITSM) Market?
North America was the largest region in the it service management (ITSM) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
