Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Global IT Service Management (ITSM) Market by Offering (Solutions (Change & Configuration Management, Operations & Performance Management) and Services), Deployment Model, Organization Size, Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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. The market has excellent growth opportunities, such as increasing government initiatives for digital transformation and the emergence of AI to automate processes. Service management solutions with AI capabilities can automate the tagging of digital assets, such as images, text, and videos, by assigning relevant keywords or metadata based on their content. This automation allows for quick digital asset identification, classification, and retrieval. AI also helps extract metadata from digital assets, perform forensic analysis, and ensure compliance with copyright laws. 
By organization size, the SMEs segment to grow at the highest CAGR during the forecast period
An organization having less than 1,000 employees can be termed an SME. Since ITSM offers SMEs cost savings, scalability, and flexibility, the market for SMEs is anticipated to grow. For SMEs, cloud-based technology will improve business efficiency, targeted results, and more revenues. SMEs, however, confront three significant obstacles: scalability, skills, and funding. Pay-as-you-go models, which provide flexibility in managing their IT infrastructure per their needs, are used by SMEs as a solution to these problems. SMEs are up against fierce competition from larger businesses; therefore, to obtain a competitive advantage, SMEs are using ITSM solutions. These solutions allow for prompt replies, well-timed decisions, and increased productivity. It is anticipated that the use of ITSM will grow in the future as more businesses move their workloads to cloud-based environments.
By deployment model, the Cloud segment to have a higher market share during the forecast period.
Cloud-based ITSM solutions involve deploying ITSM software on remote servers maintained by a third-party provider. This model offers unparalleled scalability, accessibility, and flexibility, allowing organizations to access ITSM tools and resources from anywhere with an internet connection. Cloud solutions eliminate the need for extensive on-site infrastructure, reducing capital expenditures and providing a pay-as-you-go subscription model. The cloud enables rapid deployment, quick scalability to accommodate changing workloads, and seamless updates managed by the service provider.
By vertical, the IT & ITeS segment is projected to record the highest market share during the forecast period
The IT and ITeS verticals have grown significantly in the last few years. ITeS firms have implemented several strategies to stabilize their declining profit margins, including infrastructure sharing, revenue assurance, business processes, IT outsourcing, and infrastructure reduction. To ensure these actions are practical, it is crucial to guarantee the efficacy of the IT services that support them. In the ITeS industry, cloud management is done in a complex manner where the prime focus is on the customer's needs rather than the business. ITSM solutions are helping organizations' IT to mature to the level of IT governance aligned with the overall corporate strategy, which would further drive business performance.
Companies Profiled
- Servicenow
- Bmc Software
- Broadcom
- Manageengine
- Ivanti
- Zendesk
- Goto
- Solarwinds
- Atlassian
- Opentext
- Symphonyai Summit
- Efecte
- Microsoft
- IBM
- Ifs
- Freshworks
- 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/7hzrj0
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