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 Segments of the Global Cloud ITSM Market
Solutions Overview, 2018-2025 (USD Billion)
- Operations & performance management
- Service portfolio management
- Service desk software
- Dashboard reporting & analytics
- Configuration & change management
Services Overview, 2018-2025 (USD Billion)
- Managed services
- Professional services
Industry Vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
Regional Overview, 2018-2025 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cloud ITSM market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global cloud ITSM market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Cloud ITSM industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solutions, services, and industry verticals. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global cloud ITSM market. The report will benefit: Every stakeholder involved in the cloud ITSM market.
- Managers within the cloud ITSM industry looking to publish recent and forecasted statistics about the global cloud ITSM market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global cloud ITSM market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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.