The Global Cloud IT Service Management (ITSM) Market size is expected to reach $14.6 billion by 2025, rising at a market growth of 20.3% CAGR during the forecast period. The rising mobile workforce, together with security and privacy concerns, will boost the growth of the cloud-based ITSM market demand over the years to come. In addition, the major shift of small and medium-sized enterprises towards cloud technology has a positive impact on cloud-based ITSM solutions that enhance data security, integrity and service delivery. In addition, training and service centers are introducing a new Foundation Cloud course for trainers to raise awareness of ITSM solutions, which is expected to contribute to the growth of the sector.

Increasing adoption of cloud-based technology is a key driver of market growth for the ITSM cloud industry. Moreover, the convergence of AI-Enabled technologies with ITSM solutions is expected to fuel market growth. Nevertheless, security & privacy concerns for confidential data and business processes are expected to hinder market growth of the cloud IT service management market over the forecast period. In addition, the increased adoption of the BYOD trend and the increase in mobile workforce are anticipated to offer major growth opportunities for the ITSM cloud market in the years to come. Also, increased demand among small and medium-sized enterprises is also expected to provide lucrative opportunities for market growth in cloud IT service management (ITSM) in the coming years.

The industries are projected to witness a rapid adoption of IT service management technologies and services in order to gain numerous benefits including higher RoI, increased efficiency, and cost-effectiveness. Among the verticals, IT & telecommunications is projected to have the largest market share during the forecast period. IT & ITES businesses have taken a number of steps, such as outsourcing of business processes, network sharing, IT outsourcing and revenue assurance, to minimize their operating costs and raise their revenues.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into Operations & Performance Management, Service Portfolio Management, Configuration & Change Management, Reporting & Analytics and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into Telecom & IT, BFSI, Manufacturing, Retail, Healthcare and Others. The report also covers geographical segmentation of Cloud IT Service Management (ITSM) market. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix, IBM Corporation and Microsoft Corporation are some of the forerunners in the Cloud IT Service Management (ITSM) Market. Companies such as Atlassian Corporation PLC, Freshworks, Inc., and ServiceNow, Inc., Cherwell Software, LLC, BMC Software, Inc., Hewlett Packard Enterprise Company, Serviceaide, Inc., and Citrix Systems, Inc. are some of the key innovators in Cloud IT Service Management (ITSM) Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Hewlett Packard Enterprise Company, Citrix Systems, Inc., ServiceNow, Inc., BMC Software, Inc. (KKR & Co., Inc.), Atlassian Corporation PLC, Serviceaide, Inc., Cherwell Software, LLC, and Freshworks, Inc.

Market Segmentation:
By Component

  • Operations & Performance Management
  • Service Portfolio Management
  • Configuration & Change Management
  • Reporting & Analytics
  • Others
  • Services

By Organization Size

  • Large Enterprises
  • Small & Medium Enterprises

By End User

  • Telecom & IT
  • BFSI
  • Manufacturing
  • Retail
  • Healthcare
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Australia
  • Rest of Asia Pacific
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

  • IBM Corporation
  • Microsoft Corporation
  • Hewlett Packard Enterprise Company
  • Citrix Systems, Inc.
  • ServiceNow, Inc.
  • BMC Software, Inc. (KKR & Co., Inc.)
  • Atlassian Corporation PLC
  • Serviceaide, Inc.
  • Cherwell Software, LLC
  • Freshworks, Inc.