Chicago, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The ITSM Market size is expected to grow from USD 10.5 billion in 2023 to USD 22.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to a new report by MarketsandMarkets™. During the forecast period, there is a growing need for efficient service management solutions to drive the global ITSM Market. Simplification and synchronization of IT resources, growing adoption of AI and 5G technologies, and automated management of IT processes and policies are some of the key driving factors of the ITSM Market.
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IT Service Management (ITSM) Market Dynamics:
Drivers:
- Increasing shift to cloud-based technologies
- Simplification and synchronization of IT resources
- Automated management of IT processes and policies
- Benefits of agile implementation, easy deployment, and OPEX model
Restraints:
- Lack of technical knowledge and expertise
- Security and privacy concerns for confidential data and business processes
Opportunities:
- Widespread adoption of BYOD trend and increasing mobile workforce
- Increasing government initiatives for necessary technology usage
- Continuous developments in 5G technology
- Emergence of AI to automate processes
List of Key Players in IT Service Management (ITSM) Market:
- ServiceNow (US)
- BMC Software (US)
- Broadcom (US)
- Ivanti (US)
- ManageEngine (India)
- SolarWinds (US)
- GoTo (US)
- Atlassian (Australia)
- OpenText (Canada)
- Zendesk (US).
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The large enterprises segment will hold a larger market share in 2023 based on organization size.
Large enterprises are enterprises that have more than 1,000 employees. Large enterprises are using ITSM solutions to provide services to their clients efficiently. Because of the growing need for automation, many large organizations are adopting ITSM solutions, and this trend is anticipated to continue in the foreseeable future. Large businesses are investing significantly in cutting-edge technologies to boost overall production and efficiency. Large companies must continuously invest in their IT infrastructure and technological know-how to automate various processes due to the ever-growing volume of data. Significant companies are widely using ITSM solutions to save infrastructure CAPEX and OPEX. It is anticipated that large businesses will need to make substantial investments to put appropriate ITSM solutions into place. These solutions would allow companies to reduce the cost of their infrastructure, enhance operational efficiency, and remain competitive.
Based on the deployment model, the on-premises segment will grow at a higher CAGR in the ITSM Market during the forecast period.
On-premises ITSM solutions refer to deploying ITSM software within an organization's physical infrastructure, managed and maintained on-site. This model offers businesses direct control over their ITSM environment, allowing them to customize the solution to specific organizational needs. With on-premises solutions, organizations can ensure data sovereignty, addressing regulatory compliance and data security concerns. The deployment model appeals to enterprises with highly regulated workflows, stringent security requirements, or a preference for maintaining control over software updates and maintenance schedules. While on-premises solutions may involve higher upfront costs and demand ongoing management responsibilities, they are often perceived as long-term investments that provide stability, customization options, and seamless integration with existing legacy systems.
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Based on vertical, the BFSI segment will hold the largest market share during the forecast period.
The BFSI vertical is one of the early adopters of cloud-based technologies and enhances the customer experience by harnessing the latest technologies. Organizations engaged in banking services, including retail financial services, corporate investment banking, cards, investment, and private banking, are all included in this category. Insurance services encompass life and general insurance policies, while financial services include mutual funds, stockbroking, and payment gateways. This industry has seen significant disruption due to the introduction of FinTech businesses. The BFSI vertical is impacted by new competitors, new technologies, and changing customer expectations. Through superior analytics and access to a new client base, digital transformation enables businesses to understand consumer behavior better and develop goods tailored to their specific market.
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