The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

Recent Market Expansion

• The cloud IT service management (ITSM) market has grown significantly.
• Market size increased from $7.89 billion in 2023 to $9.21 billion in 2024.
• Growth rate: 16.7% CAGR.

 

Factors Driving Growth

• Increased demand for scalable, cost-effective ITSM solutions.
• Rising need for ITSM solutions in various sectors:
  • Government and education.
  • Travel and hospitality.
  • Healthcare.
  • IT and telecommunication.

 

Future Market Projections

Continued Expansion

• Market projected to reach $17.16 billion by 2028.
• Growth rate: 16.9% CAGR.

 

Key Growth Drivers

• Increasing shift towards remote work.
• Rising demand for cloud services in the IT industry.
• Growing adoption of automation services in business processes.
• Rising trend of bring-your-own-device (BYOD).
• Need for efficient IT operations execution.

 

Emerging Trends

• Adoption of cloud technologies across industries.
• Development of IT infrastructure.
• Investments by various operators.
• Integration of artificial intelligence (AI) in ITSM solutions.
• Demand for cloud IT service management software solutions.

 

Read The Full Cloud IT Service Management (ITSM) Market Report Here:

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Remote Work and ITSM Market Growth

Impact of Remote Work

• Remote work environments are driving ITSM market growth.
• Technology enables seamless operation for remote employees.
• Significant increase in remote workers during the pandemic.

 

Example Statistics

• In 2021, the number of people working primarily from home tripled in the U.S.
• Remote workers rose from 5.7% to 17.9% of the workforce.

 

Leading Companies in the ITSM Market

Major Players

• Amazon.com Inc.
• International Business Machines Corporation (IBM).
• 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.
• CA Technologies Inc.
• Sunrise Software Ltd.

 

AI Integration in ITSM Solutions

AI-Driven Platforms

• Companies are developing AI-based data platforms for ITSM.
• Aim to optimize resource utilization and enhance customer experiences.

 

Example Innovation

• IBM’s launch of Watsonx in May 2023.
• A cloud-based AI and data platform enhancing ITSM processes.

 

Strategic Acquisitions

Ivanti and Cherwell Software

• In January 2021, Ivanti acquired Cherwell Software.
• Enhances Ivanti’s capabilities in unified endpoint management and enterprise service management.
• Provides scale and cross-sell opportunities for customers.

 

Market Segmentation

Segmentation Overview

• By Component: Solution, Services.
• By Deployment: Public Cloud, Private Cloud, Hybrid Cloud.
• By Organization Size: SMEs, Large Enterprises.
• By Application: Configuration Management, Performance Management, Network Management, Database Management System, Other Applications.
• By End-User Industry:
  • Banking, Financial Services, and Insurance.
  • Information Technology and Telecommunication.
  • Retail.
  • Healthcare.
  • Other End-User Industries.

 

Regional Insights

• North America was the largest region in the ITSM market in 2023.
• Asia-Pacific expected to be the fastest-growing region during the forecast period.

Get A Free Sample On The Global Cloud IT Service Management (ITSM) Market Report:
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The Cloud IT Service Management (ITSM) Global Market Report 2024  provides an overview of the cloud IT service management (ITSM) market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cloud IT service management (ITSM) market forecast analyzes cloud IT service management (ITSM) market size, cloud IT service management (ITSM) market share, leading competitor and their market positions.

 

The Table Of Content For The Cloud IT Service Management (ITSM) Market Include:
1. Cloud IT Service Management (ITSM) Market Executive Summary
2. Cloud IT Service Management (ITSM) Market Segments
3. Cloud IT Service Management (ITSM) Market Size And Cloud IT Service Management (ITSM) Market Growth Rate
4. Key Cloud IT Service Management (ITSM) Market Trends
5. Major Cloud IT Service Management (ITSM) Market Drivers
……
25. Key Mergers And Acquisitions In The Cloud IT Service Management (ITSM) Market
26. Top Cloud IT Service Management (ITSM) Companies
27. Cloud IT Service Management (ITSM) Market Opportunities And Strategies
28. Cloud IT Service Management (ITSM) Market, Conclusions And Recommendations
29. Appendix

 

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