Cloud ITSM Market Trends 2023 | Growth, Share, Size and Forecast 2028

According to the latest report by IMARC Group, titled "Cloud ITSM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cloud ITSM market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 17.76% during 2023-2028.

Cloud information technology service management (ITSM) refers to the process of implementing, delivering, and managing IT services of an organization over the cloud. It assists in improving efficiency, reducing operational costs, providing accountability through standardization, enhancing productivity, minimizing workload, and increasing return on investment (ROI). It also helps organizations in setting and meeting their realistic expectations for services, which results in improved transparency and user satisfaction.

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Market Trends

The increasing demand for cloud-based solutions to maintain business data efficiently and effectively represents one of the key factors bolstering the market growth. In addition, the rising adoption of remote working solutions is contributing to the market growth. Apart from this, key players are focusing on offering cloud ITSM services integrated with predictive analytics solutions and advanced technologies, such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI). This, in turn, is propelling the growth of the market.

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List of Key Companies Covered in this Market Report:

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
SysAid Technologies Ltd.

The report has segmented the market on the basis of component, end-user, vertical and geography.

Breakup by Component:

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

Breakup by End User:

Large Enterprises
Small and Medium Enterprises

Breakup by Vertical:

BFSI
IT and Telecommunication
Healthcare
Manufacturing
Retail
Education
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.