Unlocking Opportunities in the Cloud IT Service Management (ITSM) Market: Key Trends, Market Growth, and Forecast Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Major Innovations Are Driving the Accelerated Growth of the Cloud IT Service Management (ITSM) Market?
As more people transition to remote work, the cloud IT service management (ITSM) market is projected to expand. Remote work is characterized by tasks done away from a conventional office environment, using devices such as laptops, smartphones, and video communication tools. The rise in remote workers is driven by technological advancements, shifting views on work-life balance, and the global pandemic’s hastening effect on the adoption of flexible work models. Cloud IT service management provides the necessary tools and technologies to provide smooth operations, increased security, and a better user experience for remote workers. For example, the Office for National Statistics in the UK stated that from September 2022 to January 2023, 16% of people claimed to work solely from home, while 28% claimed to work both from home and commute to their workplace. Hence, the growing trend towards remote work is propelling the expansion of the cloud IT service management (ITSM) market.
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#What Long-Term Growth Rate is Expected for theCloud IT Service Management (ITSM) Market Between 2025 and 2034?
The size of the cloud IT service management (ITSM) market has been expanding rapidly in the recent past. It is projected that it will climb from $9.21 billion in 2024 to $10.77 billion in 2025, with a compound annual growth rate (CAGR) set at 17.0%. This substantial growth in the previous period can be traced to the escalating demand for scalable and cost-effective solutions in IT service management. There are also increasing demands for ITSM solutions in sectors like education and government, travel and hospitality, as well as healthcare. Additionally, the escalating needs in the IT and telecommunication sector for ITSM solutions also contribute to this growth.
In the coming years, the cloud IT service management (ITSM) market is anticipated to experience fast-paced growth, reaching a value of $20.02 billion by 2029 with a compound annual growth rate (CAGR) of 16.8%. Factors driving growth during this period include an upturn in remote employment, increasing demand within the IT sector for cloud services, an uptake in business process automation services, the rise of bring-your-own-device (BYOD) practices, and a mounting need for efficient IT operations management. Key trends predicted for this period entail the general adoption of cloud technologies, enhancements in IT infrastructure, substantial investments by multiple operators, the incorporation of artificial intelligence (AI) into ITSM solutions, and an increase in demand for cloud IT service management software solutions.
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What Are the Most Significant Market Trends Transforming theCloud IT Service Management (ITSM) Market?
Leading firms in the cloud IT service management (ITSM) sector are creating AI-powered data platforms that focus on enhancing resource optimization and superior customer service. These AI-driven platforms incorporate artificial intelligence and machine learning techniques to improve the efficacy, accuracy, and performance of IT service management procedures. For instance, IBM, an American software firm, unveiled Watsonx, a new cloud-centered platform in May 2023. This cutting-edge AI and data platform aims to offer businesses a comprehensive, adaptable solution for escalating and fast-tracking the impact of AI throughout their corporation through features such as AI development, data administration, and governance.
What Are the Top Market Players Propelling the Growth of theCloud IT Service Management (ITSM) Industry?
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.
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Which Primary Segments of the Cloud IT Service Management (ITSM) Market Are Driving Growth and Industry Transformations?
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 Regions Are Key Players in the Growth of the #What Major Innovations Are Driving the Accelerated Growth of the Cloud IT Service Management (ITSM) Market?# 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.
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