New York, USA, Sept. 12, 2023 (GLOBE NEWSWIRE) -- ServiceNow Store Apps Market Overview
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “ServiceNow store apps market Information by Type, By Enterprise Size and By Region – Market Forecast Till 2032. Enterprises worldwide are increasingly using ServiceNow store apps to build, modernize, and manage IT infrastructure and host critical application workloads. Also, businesses are increasingly shifting their critical data to the cloud to gain more scalability and flexibility in all operations.
Seeing the proliferation of digitization and cloud computing, Market Research Future (MRFR) expects the global ServiceNow store apps market to escalate from USD 6.2 BN in 2022 to USD 82.4 BN by 2032, growing at a 33.30% CAGR throughout the forecast period (2023-2032). IT infrastructure implementation and transition are likely to continue, helping businesses manage process tracking and running the cloud environment.
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Market Key Players:
Players leading the ServiceNow store apps market include:
- Okta, Inc.
- IBM Corporation
- PagerDuty
- Dynatrace LLC
- TeamViewer
- xMatters, Inc.
- Talkdesk, Inc.
- Sailpoint Technologies Inc.
- Microsoft Corporation
- Cisco Systems Inc.
- Among others.
ServiceNow Store Apps Industry Trends:
Increased adoption of cloud computing and the growing demand for cloud-based solutions are key driving forces escalating the ServiceNow store apps market value. Many big and small businesses have successfully integrated specialized SaaS solutions through cloud computing. This, as a result, has accelerated the ServiceNow store apps adoption. Additionally, businesses are leveraging the potential of ServiceNow store apps to achieve digital transformation.
Businesses are finding it challenging to generate digital user experiences without web and mobile app environments. Therefore, organizations are increasingly embracing ServiceNow store platforms to enhance their consumers' digital experiences, as convenience and personalization are essential components of customer service. Innovative business solutions will significantly speed up the market expansion during the forecast period.
Scope of the Report – Global ServiceNow Store Apps Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 82.4 Billion |
| CAGR during 2023-2032 | 33.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | The increasing demand for servicenow Store apps from various enterprises to meet new business requirements |
| Key Market Dynamics | Increased adoption of cloud computing and rise in digitalization and adoption of new age technology |
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ServiceNow Store Apps Market Segmentation:
The ServiceNow store apps market report is segmented into types, enterprise sizes, and regions.
- By Type: The type of segment is sub-segmented into cloud-based and web-based. Of these, the cloud-based segment accounts for the largest market share, allowing users to connect through the internet to software programs running on shared computer resources. The cloud based ServiceNow app also enables IT and other departments across an organization to develop, test, and deploy apps in an integrated environment.
- By Enterprise Size: The enterprise size segment is sub-segmented into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment dominates the market, increasingly using the ServiceNow platform for IT operations management, business management, service management, and security & risk management. However, the SME segment will likely demonstrate the largest growth in the projected year, increasingly embracing the ServiceNow store app platform to consolidate business operations comprising people, data, technology, and procedures.
- By Region: The ServiceNow store apps market is segmented into the Americas, APAC, MEA, Europe, and the rest of the world.
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Regional Analysis:
North America dominates the global ServiceNow store apps market. The growing adoption of ServiceNow store apps among organizations to create & develop enterprise service catalogs and advance the IT service model to service domains. Besides, the presence of ServiceNow store platform providers substantiates the region's market share. The US is the largest, while Canada is the fastest-growing market for ServiceNow store apps.
Increasing investments in ServiceNow store apps by various well-established enterprises drive market growth. Additional factors substantiating the market size are the large base of IT service providers and the rapidly growing small & medium enterprises establishing IT infrastructure.
Europe is another substantial market for ServiceNow store apps. Various organizations in this region are increasingly embracing ServiceNow store apps to create and develop business service catalogs and advance the IT service model. Furthermore, the growing adoption of on-demand cloud services accelerates market revenues in this region. Germany is the largest, and the UK is the fastest-growing market for ServiceNow store apps in Europe.
The APAC ServiceNow store apps market is likely to witness significant growth. Rising investments in building cloud infrastructures and incorporating cutting-edge technologies like AI and ML boost the ServiceNow store app market size. Additionally, the rapid growth in the IT & telecom sectors in China, India, and Japan escalates the ServiceNow store apps market value. China is the largest, and India is the fastest-growing market for ServiceNow store apps.
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Competitive Analysis:
The well-established ServiceNow store apps market appears fragmented, with a number of large and small players forming a competitive landscape. Market players initiate strategic approaches such as acquisition, collaboration, expansion, and product launches to gain a larger competitive share in this market. These players also focus on innovating and developing new services, fueling the already intensified market competition. The high growth prospect that the market demonstrates attracts several new entrants, which will intensify the market competition further.
For instance, on June 05, 2023, BigID, a leading data intelligence platform, announced a collaboration with ServiceNow, a leading digital workflow company. In addition to making the BigID Data Classification App available on the ServiceNow Store, the partnership will enable more advanced security and privacy capabilities for workflow automation.
ServiceNow enables organizations to assess their enterprise data and act for privacy, security, and governance. The new BigID App accelerates data intelligence for governance, privacy, and security on the Now Platform. The integration enables advanced data security, privacy, and governance by protecting sensitive data.
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