The value of the Cloud ITSM market is projected to grow to US$ 26.2 Billion with an estimated CAGR of 6.5% by 2032
ITSM refers to IT service management in organizations. Combined with cloud technology it emphasizes the IT infrastructure management via the cloud. The cloud ITSM mainly comprises the management of, IT hardware, services, software, and processes. These management services are available over the cloud as well as on-premise. However, the adoption of cloud ITSM is growing rapidly due to its lower deployment costs and efficient operational benefits.
The global cloud ITSM market size is estimated to reach over USD 11 billion by 2025. This can be attributed to the Increasing adoption of cloud-based solutions across numerous organizations. Also, the integration of artificial intelligence-based tools with IT solutions is boosting the global cloud ITSM market growth.
However, the growing data privacy and security concerns are expected to hamper the market growth. Furthermore, the increasing trend of BYOD and mobile workforce among enterprises globally is anticipated to provide growth opportunities for the cloud ITSM market in the upcoming years.
Key Segment Of The Cloud ITSM Market
by Type, 2022-2032 (USD Million)
by ITOM Type, 2022-2032 (USD Million)
• Configuration Automation and Discovery
• Event Management
• Cloud Provisioning
• Workload and IT Automation
by Industry Verticals, 2022-2032 (USD Million)
• Telecom and IT
• Healthcare/ Medical/ Pharmaceutical
• Aerospace/ Defense
• Retail/ Wholesale/Distribution
• Hospitality/ Entertainment/ Recreation/ Travel
• Energy Utilities
Regional Overview, 2022-2032 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
With the growing trend of BYOD among various organizations, the cloud-based services and technologies are gaining traction. Moreover, the adoption of cloud-based ITSM allows users to get access to enterprise resources and data from remote locations. Additionally, the cloud-based ITSM offers transparency along with providing high-quality solutions. Also, the cloud ITSM eliminates the need for infrastructural and their maintenance cost. Hence, such factors combined driving the demand for cloud ITSM solutions among global organizations.
Based on the solutions segment, the market is divided into operations & performance management, service portfolio management, service desk software, dashboard reporting & analytics, and configuration & change management. In the year 2019, the operations & performance management segment accounted for the highest market revenue and it is anticipated to hold the major market share throughout the forecast period. On the contrary, the service portfolio management segment accumulated the highest growth and it is expected to keep its position during the forecast period.
Based on the services, the market is segmented into managed services and professional services. The professional services segment leads the market growth in 2019 and it is projected to hold its position during the forecast years. On the contrary, the managed services segment accounted for the highest growth and it is expected to maintain its position over the forecast period. The growth of this segment is mainly attributed to the increasing need to update and maintain software to ensure efficient functioning throughout the business processes.
Industry Vertical Segment
In terms of industry vertical, the market is segmented into IT & telecom, healthcare, BFSI, retail, manufacturing, and others. The IT & telecom industry captured the major market share in 2019 and it is expected to do so throughout the forecast period. The growth of this segment is mainly attributed to the advantages associated with cloud ITSM services such as reduced operational costs, efficiency, and others. However, the retail industry is projected to accumulate the major market growth over the forecast period due to the growing need to streamline the supply chain and business operations.
The North American region dominated the overall market in 2019 and it is expected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the growing adoption of cloud-based services among enterprises to stay competitive in the market. On the contrary, the Asia-Pacific region is estimated to accumulate the highest growth during the forecast period.
The major players of the global cloud ITSM market are Citrix Systems, IBM, HPE, CA Technologies, Axios Systems, Atlassian, ServiceNow, BMC Software, Microsoft, and Micro Focus. Moreover, the other prospective players in the cloud ITSM market are Cherwell Software, Ivanti, Freshworks, ManageEngine, and LogMein. The recognized companies are coming up with innovative and new cloud ITSM solutions and services. The cloud ITSM market comprises well established local as well as global players. Also, the already recognized market players are coming up with new innovative cloud solutions to stay competitive in the global market.