The global cloud information technology service management (cloud ITSM) market size to grow at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period
MarketsandMarkets forecasts the global cloud information technology service management (ITSM) market size is likely to grow from an estimated value of USD 4.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 18.6% during 2019–2024. Major growth factors for the market include increasing shift to cloud-based technology and integration of AI-enabled tools with ITSM solutions. While the lack of standard procedures and integration concerns with traditional architectures may restrain the market growth of the cloud ITSM industry.
By solution, the service desk software solution segment is expected to grow at the highest CAGR during the forecast period
The component segment is subdivided into solutions and services segments. Based on solutions, the cloud ITSM market is segmented into service portfolio management; configuration & change management; service desk software; operations & performance management; and dashboard reporting & analytics. Among the solutions, service desk software solutions segment is expected to grow with the highest growth rate during the forecast period. This growth is attributed to the high demand for automation and streamlining business processes that deal with large volumes of customer queries and facilitate personal customer engagement to drive the adoption of service desk software.
The retail & consumer goods vertical to grow at the highest rate during the forecast period
The cloud ITSM market by vertical covers IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others. Other includes education, and energy and utilities verticals. These verticals are expected to witness high adoption of cloud ITSM solutions and services to achieve various benefits, such as increased efficiency, higher RoI, and cost-effectiveness. Among these, retail & consumer goods vertical is expected to grow at the highest rate due to the increasing need to offer best-in-class customer experience to drive the adoption of cloud ITSM solutions.
Among regions, APAC to grow at the highest CAGR during the forecast period
The cloud ITSM market by region covers North America, Europe, APAC, MEA, and Latin America. APAC is expected to grow at the highest CAGR, owing to a rapid increase in considerations of cloud ITSM solutions usage. Major APAC countries, including China, Australia, India, and New Zealand, are expected to record high growth rates. However, large companies, such as BMC Software, CA Technologies, ServiceNow, and IBM, are expanding their cloud business rapidly in the region due to the availability of huge customer potential and growing economic outlook. However, North America is expected to be the highest revenue-generating market during the forecast period. With the rise in competition in the cloud ITSM market in the region, service organizations across verticals are likely to embrace professional services to gain competitive advantage.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the CLOUD ITSM market.
- By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
- By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
- By Region: North America: 40%, Europe: 30%, APAC: 20%, MEA: 5%, and Latin America: 5%
The major cloud ITSM vendors operating globally include ServiceNow (US), HPE (US),IBM (US), BMC Software (US), CA Technologies (US),Cherwell Software (US), Ivanti (US),Citrix Systems (US), Hornbill (UK), Axios Systems (US),Efecte (Finland), ManageEngine (US), EasyVista (US),Atlassian (Australia), Alemba (UK),SysAid (Israel),Microsoft (US),LogMein (US), Micro Focus (UK), and Freshworks (US)., along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
- The report segments the global cloud ITSM market by components (solutions and services), organization size, verticals, and regions.
- The solutions segment includes service portfolio management; configuration & change management; service desk software; operations & performance management; and dashboard reporting & analytics. While the cloud ITSM market is segmented based on services into professional services and managed services.
- The cloud ITSM market has been segmented by organization size into SMEs and large enterprises.
- The verticals segment includes IT & telecommunication, healthcare & life sciences, retail & consumer goods, manufacturing, BFSI, media & entertainment, government & public, travel & hospitality, and others (education, and energy & utilities).
- The report covers the cloud ITSM market in five major regions: North America, Europe, APAC, Middle East & Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the global cloud ITSM market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are split further across applications and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.