The increasing trend of BYOD and mobile workforce are anticipated to create opportunities for the Cloud ITSM market
The global Cloud ITSM market size is anticipated to reach over USD 11 billion by 2025. In addition, it is expected to exhibit a CAGR of over 18% during the forecast period 2018-2025. Cloud solutions and services are transforming the conventional business process into digital ones. The cloud- ITSM primarily involves three service strategies that are financial management, demand management, and portfolio management. Moreover, to comply with the constantly growing workload across organizations, these services are being used for efficient management of workloads and cost calculations.
The recent and future cloud ITSM market progresses is defined to state the attractiveness of the market. Key impacting aspects focus on the cloud ITSM of market opportunities and trends over the forecast period. Factors such as the rising acceptance of cloud-based solutions among numerous organizations and industries are driving the market growth. 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.
The report also highlights various aspects of the global cloud ITSM industry by analyzing the market through value chain analysis. Besides, the cloud ITSM market report covers different qualitative aspects of the cloud ITSM industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The cloud ITSM market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
Based on the services, the market is segmented into managed services and professional services. The managed services segment is having the highest growth and it is expected to witness the highest growth 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. On the contrary, the professional services segment leads the market growth in 2019 and it is projected to hold its position during the forecast years.
The Asia-Pacific region is projected to experience the highest growth throughout the forecast period. However, 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.
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. In addition, the already recognized market players are coming up with new innovative cloud solutions to stay competitive in the global market.
Segment Overview of Global Cloud ITSM Market
Solutions Overview, 2018-2025
- Operations & performance management
- Service portfolio management
- Service desk software
- Dashboard reporting & analytics
- Configuration & change management
Services Overview, 2018-2025
- Managed services
- Professional services
Industry Vertical Overview, 2018-2025
- IT & Telecom
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America