Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) -- The global cloud IT service management (ITSM) market size is expected to reach USD 15.65 billion by 2027 while exhibiting a stellar CAGR of 18.2% between 2020 and 2027. This is attributable to the increasing focus on integrating advanced technologies such as artificial intelligence (AI) with cloud IT service management (ITSM) solutions across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Cloud IT Service Management (ITSM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), By Industry (IT & Telecommunication, BFSI, Healthcare, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Government & Public and Others) and Regional Forecast, 2020-2027.” The report observes that the market stood at USD 4.15 billion in 2019 and is projected to gain momentum in the forthcoming years.
Increasing Focus on Developing Remote-Working Environment amid COVID-19 to Spur Demand
The global pandemic has led to shutdown of several industries and businesses across the globe. Major IT firms have advised their employees to work from home to limit the spread of the novel coronavirus. With several adjustments and changes required to maintain a smooth flow of working operations, there is a tremendous scope for development of advanced cloud-based ITSM software solutions. This is expected to favor Cloud IT Service Management Market growth in the forthcoming years.
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Cloud IT service management (ITSM) is a technological concept that enables the organizations and business processes to maximize their business value by adopting information technology services. The cloud based software services enable efficient planning, designing, operating, delivering, and controlling several IT aspects to cater to the customer demand.
What does the Report Include?
The global market for cloud IT service management (ITSM) report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Adoption of Artificial Intelligence in ITSM Solutions to Favor Growth
The increasing adoption of artificial intelligence (AI) is propelling the demand for automation services in business processes. The surging autonomy is assisting several IT enterprises to increase productivity and reduce time required for task execution. This is driving the demand for advanced cloud IT service management (ITSM) software solutions globally. Additionally, the rising concept of bring-your-own-device (BYOD) is anticipated to favor the global cloud IT service management (ITSM) market growth in the forthcoming years.
SEGMENTATION
IT & Telecommunication Segment Held 27.4% Market Share in 2019
The IT & telecommunication segment, based on industry, held a market share of about 27.4% in 2019 and is likely to gain momentum owing to the growing demand for cloud IT service management (ITSM) to efficiently execute IT operations.
REGIONAL INSIGHTS
Increasing Investment by Key Players in North America to Promote Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global cloud IT service management (ITSM) market in the forthcoming years. This is attributable to the increasing investments by key players to develop advanced cloud IT service management (ITSM) software and solutions in the region.
The market in Europe is expected to experience considerable growth during the forecast period. This is ascribable to the factors such as the growing focus on developing IT infrastructure across several industrial applications such as retails, manufacturing, and others in the region between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Expand Their Product Portfolio & Boost Sales Revenue
The global cloud IT service management (ITSM) market is fragmented by the presence of major companies that are focusing on acquiring other small companies to expand their cloud IT service management (ITSM) services portfolio and further boost their sales revenue. Additionally, other key players are adopting strategies such as the introduction of new products, expansion of facility, and collaboration that will bode well for the market growth during the forecast period.
Industry Development:
- January 2020 – Freshworks Inc announces its partnership with Splashtop, a leading remote support solutions provider. The partnership is aimed at providing advanced remote support solutions for users adopting Freshworks software services.
Cloud IT Service Management (ITSM) Market Share Report Scope and segmentation:
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 18.2% |
| 2027 Value Projection | USD 15.65 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 4.15 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 140 |
| Segments covered | Component; Oraganization; Industry; and Region |
| Growth Drivers | Increasing Adoption of Artificial Intelligence in ITSM Solutions to Favor Growth |
| Increasing Investment by Key Players in North America to Promote Growth | |
| Pitfalls & Challenges | Lack of Awareness and Security Concerns to Restrain Market Growth |
List of the Key Players Profiled in the Cloud IT Service Management (ITSM) Market:
- ServiceNow, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Hewlett Packard Enterprise Company (California, United States)
- Citrix Systems, Inc. (Florida, United States)
- CA Technologies (New York, United States)
- BMC Software, Inc. (Texas, United States)
- Atlassian Corporation PLC (Sydney, Australia)
- Axios Systems PLC (Edinburgh, United Kingdom)
- Ivanti (Heat Software USA, Inc.) (Utah, United States)
- Cherwell Software, LLC (Colorado, United States)
- Hornbill Corporate Limited (Ruislip, United Kingdom)
- Freshworks, Inc. (California, United States)
- Serviceaide, Inc. (California, United States)
- Cherwell Software (Colorado, United States)
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Table Of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Cloud IT Service Management (ITSM) Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Cloud IT Service Management (ITSM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Configuration & Change Management
- Operations & Performance Management
- Service Desk Software
- Service Portfolio Management
- Other (Dashboard Reporting & Analytics, etc.)
- Services
- Solutions
- By Organization Size (Value)
- SMEs Enterprises
- Large Enterprises
- By Industry (Value)
- IT & Telecommunication
- BFSI
- Healthcare
- Retail & Consumer Goods
- Media & Entertainment
- Manufacturing
- Government & Public
- Others (Education, etc.)
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- Global Cloud IT Service Management (ITSM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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