NEWARK, Del, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The ServiceNow tech services market size has been valued at US$ 24.8 Bn in 2023 and is expected to grow to US$ 123.2 Bn by 2033, expanding tremendously at a CAGR of 17.4% during the forecast period.
The growing demand for ServiceNow tech services from the healthcare sector to address the heightened concerns related to rising levels of security breaches is projected to aid market growth over the forecast period. The key players in the market provide solutions to help healthcare institutions to better comply with patients’ standards and regulations.
Further, the rising adoption of these services by communication and media companies to adapt to the continuously changing market, measure performance, and further optimize the metrics, is also contributing to the market growth.
Additionally, the market is predicted to be propelled by the growing adoption of infrastructure-less solutions by business services providers to efficiently manage various areas within the business. Due to the powerful cloud-based computing and storage, the employees of the business can easily access ServiceNow platform via mobile devices or any other such connected system. ServiceNow tech services also provide the on-the-go feature for invoice approvals, 24/7 system maintenance, and initiation of service requests.
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The ServiceNow tech services market is projected to further grow owing to the rising investment in these services as they provide quick access to performance metrics of a single department or entire enterprise, thus summoning up financial insights for performance as well as resource allocation. Furthermore, rapid digitalization is creating more opportunities for the market to grow, as customers of ServiceNow tech services are innovating at scale, exploring new ideas, and realizing value faster.
Key Takeaways
- The East Asia ServiceNow tech services market is estimated to grow significantly, witnessing a CAGR of 8% between 2023 and 2033. The market is expected to be positively influenced by increasing investments by end-use companies to digitize their businesses. The key industry players residing in the region are emphasizing forming strategic partnerships to elevate their revenues.
- On the basis of service, IT services attained the largest market share, accounting for about 1% in 2021. This market valuation can be attributed to the growing demand for automation of internal processes in every department, thus empowering teams to complete the task and further drive innovation.
- By enterprise size, small offices (1-9 employees) are estimated to grow at a rapid pace over the forecast period, expanding at a CAGR of 9%. The growing adoption of ServiceNow tech services by small offices is backed by the rising emphasis of key players to create SME-specific ServiceNow tech services with effective pricing.
- By industry, the services segment attained the largest market share in 2021, representing 27.9% of the overall market. The heightened adoption rate of ServiceNow tech services to boost employees’ productivity, reduce compliance risks to a minimum, escalate business profitability, and quickly enlarge the customer base is aiding the market growth.
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Competitive Landscape
The ServiceNow Tech Services market size is anticipated to observe robust growth over the forecast period owing to abundantly emerging opportunities, completion of acquisitions, formation of partnerships, and technological advancements. Following are the companies providing ServiceNow Tech Services in the market, as identified by FMI:
- ServiceNow
- Broadcom Inc. (CA Technologies, Inc.)
- Epicor Software Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- com, Inc.
- SAP SE
- SYSPRO
ServiceNow Tech Services Market by Category
By Service, ServiceNow tech services market is segmented as:
- IT Services
- Portfolio Management Services
- IT Asset Management Services
- Enterprise Asset Management Services
- Governance, Risk, and Compliance Services
- Operational Technology Management Services
By Enterprise Size, ServiceNow tech services market is segmented as:
- Small Offices (1-9 employees)
- Small Enterprises (10-99 employees)
- Medium-sized Enterprises (100-499 employees)
- Large Enterprises (500-999 employees)
- Very Large Enterprises (1,000+ employees)
By Industry, ServiceNow tech services market is segmented as:
- Service
- Distribution Services
- Public Sector
- Finance
- Manufacturing and Resources
- Infrastructure
By Region, ServiceNow tech services market is segmented as:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
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