Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Global Cloud ITSM Market by Offering (Solutions (Change & Configuration Management, Operations & Performance Management), and Services), Deployment Mode (Public, Private, Hybrid Cloud), Organization Size, Vertical and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Cloud ITSM market size is expected to grow from USD 9.5 billion in 2024 to USD 17.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. IT teams know the privacy breach, downtime and service interruption, and potential data transfer risks between devices and the cloud. Cloud ITSM addresses these concerns by minimizing the need for extensive data transfer in specific environments. By leveraging a cloud platform, organizations can locally filter sensitive data and only transmit essential information required for model building to the cloud. This approach enables enterprises to maintain robust security measures and compliance frameworks tailored to their specific requirements while ensuring adherence to audit standards. 
By Offering, the services segment will record a higher CAGR during the forecast period.
Cloud ITSM market, the services segment is estimated to achieve the most substantial Compound Annual Growth Rate (CAGR) during the forecast period. This projection underscores the critical role of related services, particularly professional and managed services, in facilitating effective ITSM implementation. Professional services encompass a spectrum of offerings, from education and training to consulting and support, essential for the seamless execution of ITSM solutions. Conversely, managed services deliver tailored software solutions to meet specific user needs, guiding them through every stage of software utilization. Given factors like limited technical know-how and a focus on core business functions, ITSM services are indispensable for fostering widespread adoption among enterprises.
By Deployment mode, Public Cloud will hold the largest market share during the forecast period.
Public cloud deployment involves accessing IT service management solutions and resources provided by third-party vendors over the Internet. This model offers scalability, flexibility, and cost-effectiveness as organizations can pay only for their services without needing upfront infrastructure investments. Public cloud providers manage and maintain the underlying infrastructure, allowing businesses to focus on their core activities rather than IT management tasks. However, it may raise concerns regarding data security, compliance, and potential vendor lock-in. Since multiple tenants share the same infrastructure, limited customization options and performance variations might be based on resource allocation. Despite these challenges, public cloud deployment remains popular due to its rapid provisioning, global accessibility, and ability to support diverse workloads, making it an attractive option for organizations seeking agility and innovation in their ITSM strategies.
By Vertical, the IT & ITeS Industry is projected to record the highest CAGR during the forecast period.
During the forecast period, the IT & ITeS industry is set to experience the highest growth rate in the Cloud ITSM market. This surge is fueled by the sector's growing need for sophisticated ITSM solutions to optimize operations, enhance service quality, and ensure compliance. As these companies expand and innovate, their need for effective ITSM frameworks to manage intricate IT systems becomes more critical. These solutions are vital to boosting efficiency, minimizing downtime, and improving resource management, all of which are essential for maintaining a competitive edge and achieving operational excellence in the dynamic IT sector.
Key Players
Some of the key players operating in the Cloud ITSM market are ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), Ivanti (US), Zendesk (US), Freshworks (US), SolarWinds (US), Atlassian (Australia), OpenText (US), among others.esearch coverage:
The market analysis in all its areas covers the Cloud ITSM market. Its goal is to project market size and development potential in several segments, including Offerings, Deployment Mode, organization size, verticals, and regions. It comprises a thorough competition analysis of the major market players, company biographies, important insights regarding their offers in terms of goods and services, current advancements, and crucial market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $9.5 Billion |
| Forecasted Market Value (USD) by 2029 | $17.8 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Cloud ITSM Market Snapshot, 2021-2029 (USD Billion)
- Top Market Segments in Terms of Growth Rate
- North America to Account for Largest Share During Forecast Period
Premium Insights
- Attractive Growth Opportunities for Players in Cloud ITSM Market - Rise in Demand for Content Management Across Verticals and Increasing Digitization to Drive Cloud ITSM Market Growth
- Cloud ITSM Market, by Offering - Cloud ITSM Solutions to Account for Largest Share in 2024
- Cloud ITSM Market, by Solution - Operations & Performance Management to Account for Largest Share in 2024
- Cloud ITSM Market, by Service - Professional Services to Account for Larger Share in 2024 and 2029
- Cloud ITSM Market, by Deployment Mode - Deployment & Integration to Account for Largest Share in 2024
- Cloud ITSM Market, by Business Function - Human Resources to Account for Largest Share in 2024
- Cloud ITSM Market, by Organization Size - Large Enterprises Segment to Account for Largest Share in 2024
- Cloud ITSM Market, by Vertical - BFSI to Account to be Largest Vertical in 2024 and 2029
- Cloud ITSM Market, by Region - Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Scalability of IT Services Based on Demand, Ensuring Resources are Efficiently Allocated
- Reduced Need for On-Premise Infrastructure Leading to Lower Capital and Operational Costs
- Access to IT Services Providing Greater Flexibility for Remote Workforce
- Agility to Quickly Adapt to Changing Business Requirements and Technological Advancements
Restraints
- Regulatory Standards and Industry-Specific Rules in Sectors Needing Strict Data Protection
Opportunities
- Potential to Further Integrate Their Solutions with Other Cloud-based Services
- Leveraging AI and Automation Technologies to Open Avenues for Innovation and Growth
- Rapid Adoption Across Sectors by Delivering Industry-Specific Tailored Solutions Based on Demand
Challenges
- Data Security and Privacy Breach Concerns
- Challenges due to Downtime and Service Interruptions
Case Study Analysis
- Algar Tech Improved Its IT Service Management Using Broadcom Solutions
- Grupo Moura Used BMC Helix to Drive Optimal User Experiences
- Deutsche Telekom Met Demand for IT Efficiency with Servicenow ITSM
- Opentext's Smax SaaS Created Robust & Scalable ITSM Solution, Improving User Efficiency for Zurich Airport
- Freshworks's Streamlined, Cloud-based Support Platform Transformed Users' Relationship to IT for Elsevier
Companies Featured
- Servicenow
- BMC Software
- Broadcom
- Manageengine
- Ivanti
- Zendesk
- Freshworks
- Solarwinds
- Atlassian
- Opentext
- Microsoft
- IBM
- Goto
- Ifs
- Symphonyai Summit
- Efecte
- Easyvista
- Itarian
- Sysaid Technologies
- Invgate
- Alemba
- Hornbill
- Ninjaone
- HaloITSM
- Aisera
- 4Me
- Topdesk
- Teamdynamix
For more information about this report visit https://www.researchandmarkets.com/r/xmmzf4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
