Press release
IT Service Management Market Size and Forecast by BMC Software, HP, CA Technologies, IBM, Absolute Software, Microsoft, Axios Systems, Cherwell Software, Citrix Systems, Compuware, EMC Corp., LANDESK Software, Manage Engine, Service Now
IT Service Management Market Insights
The global IT service management market has been predicted to grow at an impressive 12% CAGR during the forecast period of 2017 to 2018. This figure has been reported by Market Research Future in its recently published market report on the subject. The growing demand for the end to end management of all IT activities and services such as designing, creating, delivery, deployment, support and management of various IT services has greatly fueled the growth for the market.
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The increasing adoption of cloud computing has changed the way enterprises operate and have thus increased market growth for IT services and their management. This has been adopted across various industrial verticals, thus being responsible for the rapid growth of this market. Cloud deployment is the primary motivator of growth for IT services management market as it allows businesses to focus on core business practices and efficiently provide protection of date, storage management, data integrity and privacy issue among other services.
Growing businesses are adopting ITSM at a fast pace, and reduced IT costs, reduced risks, flexibility, agility for new services, and improved governance are several factors that are expected to facilitate growth in the coming years,
Market Segmentation
Evaluation of the segments reveals market trends and allows for accurate identification of leading components of the market and provides indications of various factors that affect growth. The global IT service management market has been segmented on the basis of type, deployment, end-user, and region.
By Type, the market has been segmented into configuration management, IT asset management, application performance management, network management, and DBMS management. The configuration management segment is expected to dominate with the largest market share.
By Deployment, the market has been divided between cloud-based, and on-premise. Cloud-based deployment has gained significant traction in popularity and is predicted to be the largest segment during the forecast period.
By END-USER, the market has been segmented into manufacturing, healthcare, media & entertainment, IT & telecommunication, BFSI, retail, and others.
By Region, the market has been segmented into North America, Europe, the Asia-Pacific, and the Rest of the World.
IT Service Management Market Regional Analysis
North America has the market lead in the global IT Service Management Market due to a presence of market leaders who offer affordable and efficient ITSM solutions that are up to date with the latest technology.
Europe closely follows North America's lead and is predicted to follow the latter's growth pattern during the forecast period.
Meanwhile, the Asia Pacific is expected to have the fastest growing and highest CAGR during the forecast period due to the widespread availability of opportunity that has not yet been realized. Countries such as India, Japan, South Korea and China have many market leaders investing in the region. Additionally, India has emerged as an IT hub in the past few years, thus propelling growth.
IT Services Management Market Key Players
Some prominent market players that have been analyzed in the report include Axios Systems, Cherwell Software, BMC Software, HP, CA Technologies, IBM Corporation, Microsoft Corp., Absolute Software, Citrix Systems, Landesk Software, Compuware, EMC Corporation, Manage Engine, Service Now Inc., and others.
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Latest Industry News
Infosys has just released enhancements to its AI-powered plug & play solution - Infosys Enterprise Service Management Cafe. The upgrades provide more than 40 solutions that are ready for deployment in IT service management. ServiceNow now comes with preconfigured process templates and provide a streamlined, smart and intuitive user experience.
IFS is close to a full launch of major updates after recently previewing the same at the IFS World Conference in Atlanta. The new IT service management platform includes brand new user experience, high performance of IFS planning & scheduling optimization (PSO), high congifurability, pay and deploy with flexibility and other functional enhancements.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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