The global cloud ITSM market reached a value of US$ 6.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2027, exhibiting a CAGR of 18.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Cloud IT service management (ITSM) refers to the process of designing, implementing, delivering, supporting and managing IT services of an organization. It comprises hardware, software, computing resources, cloud storage, web and mobile applications, and virtual servers. It provides a fast, agile and risk-free response to unexpected events, new opportunities and competitive threats. Moreover, it assists in improving productivity in small or mid-sized businesses using limited resources. Cloud ITSM also helps in setting and meeting realistic expectations for services, which results in improved transparency and user satisfaction.

Cloud-based technology is cost-effective and aids in the deployment of various solutions and services. Apart from this, it enables organizations to manage their data efficiently and effectively. Consequently, the demand for cloud ITSM is escalating across the globe. Furthermore, owing to the sudden surge in the cases of the coronavirus disease (COVID-19), governments of various countries have imposed lockdowns and are promoting the adoption of social distancing measures to minimize the spread of the pandemic. Therefore, several organizations have resorted to working remotely, which in turn is driving the sales of cloud ITSM. Besides this, the increasing adoption of the bring your own device (BYOD) trend is allowing employees to access organizational data and resources from anywhere, which, in turn, is boosting the demand for advanced ITSM solutions. Moreover, the advent of technologies such as Big Data, blockchain, machine learning, Internet of Things (IoT), predictive analytics, augmented reality (AI) and virtual reality (VR) is anticipated to propel the market growth in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cloud ITSM market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, end user and vertical.

Breakup by Component:

Operation and Performance Management
Service Portfolio Management
Service Desk Software
Dashboard Reporting and Analytics
Configuration and Change Management
Professional Services
Managed Services

Breakup by End User:

Large Enterprises
Small and Medium Enterprises

Breakup by Vertical:

IT and Telecommunication

Breakup by Region:

North America
United States
Asia Pacific
South Korea
United Kingdom
Latin America
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Axios Systems, BMC Software Inc., CA Technologies (Broadcom Inc.), Cherwell Software LLC, Citrix Systems Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Micro Focus International Plc, Microsoft Corporation, Oracle Corporation, ServiceNow and SysAid Technologies Ltd.

Key questions answered in this report:
How has the global cloud ITSM market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cloud ITSM market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the end user?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cloud ITSM market and who are the key players?
What is the degree of competition in the industry?