New York, United States , Aug. 18, 2024 (GLOBE NEWSWIRE) -- The Global Information Technology Service Management Market Size is to Grow from USD 9.8 Billion in 2023 to USD 37.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 14.2% during projected period.
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Information Technology Service Management (ITSM) is the process of planning, delivering, managing, and enhancing IT services within a company. ITSM ensures that IT services meet the business's and customers' needs efficiently. It includes a range of processes and practices to manage IT infrastructure and services more effectively. The main goal of ITSM is to align IT services with business requirements and ensure they support business objectives. This involves managing incidents (like system failures), problems (underlying causes of issues), changes (updates to the IT environment), and service requests (such as new hardware or software). ITSM is often guided by frameworks like ITIL (Information Technology Infrastructure Library), which provides best practices for managing IT services. By using ITSM practices, companies can improve service quality, increase efficiency, and use IT resources effectively. Ultimately, ITSM helps businesses offer a better user experience and achieve their goals through efficient IT service management. Globalization, increased competition, and the demand for customized products have made it essential for organizations to focus on core business functions. Any IT department disruption can impact the entire business, requiring resources to fix the issue. Service management helps by automating processes like system restoration and network fault management, reducing the workload on system administrators, and enabling real-time problem resolution. While initial human input is needed to set guidelines and policies, automating these processes can streamline operations and minimize disruptions. However, organizations often face challenges due to a shortage of skilled workers in cloud computing, hindering their ability to fully utilize cloud solutions and affecting their growth.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Information Technology Service Management Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Technology (Configuration Management, Performance Management, Network Management, Database Management System, and Others), By Deployment (Cloud and On-premises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solution segment dominates the market with the highest market share of the information technology service management market during the projected period.
Based on the component, the information technology service management market is divided into solution and services. Among these, the solution segment dominates the market with the highest market share of the information technology service management market during the projected period. As businesses across various industries recognize the value of effective IT service management (ITSM) tools, global revenue for these solutions is on the rise. With increasing reliance on technology, there's a heightened demand for ITSM solutions that simplify operations, often incorporating automation to reduce costs and accelerate service delivery. Automation enhances efficiency, accuracy, and consistency in IT services, resulting in less downtime and improved customer satisfaction. Cloud-based ITSM solutions from providers like ServiceNow, BMC, Cherwell Software, Ivanti, Broadcom, and IBM are gaining popularity due to their integrated features and benefits for organizations of all sizes.
The network management segment is the fastest growing in the information technology service management market during the projected period.
Based on the technology, the information technology service management market is categorized into configuration management, performance management, network management, database management systems, and others. Among these, the network management segment is the fastest growing in the information technology service management market during the projected period. Network management solutions support organizations in identifying and resolving network issues, optimizing performance, and strengthening security. They provide critical network visibility, allowing for problem diagnosis and mitigation, as well as meeting the growing demand for network security in the face of evolving cyber threats.
The cloud segment is the fastest growing in the information technology service management market during the projected period.
Based on the deployment, the information technology service management market is categorized into cloud and on-premises. Among these, the cloud segment is the fastest growing in the information technology service management market during the projected period. The growth of the ITSM market is driven by cloud-based solutions, which offer scalability, flexibility, and cost-effectiveness, making them attractive to businesses of all sizes. The widespread adoption of cloud computing has increased the demand for these solutions. Additionally, the rising popularity of DevOps and agile development methodologies has significantly boosted the cloud ITSM market, as these approaches require more adaptable and scalable ITSM solutions.
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North America is expected to hold the largest share of the information technology service management market over the forecast period.
North America is expected to hold the largest share of the information technology service management market over the forecast period. The North American region's leadership is led by developed countries like Canada and the United States, which pioneered ITSM practices and continue to invest in ITSM solutions. ITSM solutions are becoming increasingly important for North American organizations that want to improve IT service delivery and cost-effectiveness. Furthermore, the presence of leading ITSM vendors with North American headquarters strengthens the region's market competitiveness.
Asia Pacific is predicted to grow at the fastest pace in the information technology service management market during the projected period. Businesses of all sizes invest heavily in IT to support their growth, increasing the demand for effective ITSM solutions. To meet rising demand, leading Asia Pacific ITSM market players are expanding their product offerings, increasing investments, and forming strategic alliances. Rapid economic growth, increased IT spending, greater awareness of ITSM benefits among businesses, and government support for the IT sector all contribute to the region's thriving global information technology service management market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the information technology service management market are ServiceNow, BMC Software, Broadcom, Ivanti, Efecte, SymphonyAI Summit, ManageEngine, SolarWinds, GoTo, Atlassian, OpenText, Zendesk, Microsoft, IBM, Freshworks, and Others Key vendors.
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Recent Developments
- In November 2023, Broadcom acquired VMware. With this USD 61 billion acquisition, VMware joins Broadcom's engineering-first, innovation-centric team, marking another critical step forward in the company's development as one of the world's leading infrastructure technology companies. Broadcom's future focus is on enabling enterprise customers to create and modernize private and hybrid clouds. Broadcom primarily invests in VMware Cloud Foundation, a software stack that serves as the foundation for private and hybrid clouds.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the information technology service management market based on the below-mentioned segments:
Global Information Technology Service Management Market, By Component
- Solution
- Services
Global Information Technology Service Management Market, By Technology
- Configuration Management
- Performance Management
- Network Management
- Database Management System
- Others
Global Information Technology Service Management Market, By Deployment
- Cloud
- On-premises
Global Information Technology Service Management Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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