Cloud-Based ITSM Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

The global cloud-based ITSM market size was valued at $5.24 billion in 2022, and is projected to reach $14.98 billion by 2030, registering a CAGR of 16.2% during the forecast period (2023-2030). Personal devices are progressively being accepted as technology tools among enterprise IT environments. In addition, a lot of organizations have started supporting work from home with their employees' own devices. Hence, it is anticipated to create major challenges for IT managers and CIOs. Thus, such factors are anticipated to be opportunistic for the market in near future. Operational efficiencies, cost savings, and performance improvement are some of the major factors that drive the adoption of bring your own device (BYOD) among numerous organizations, which is in turn anticipated to be opportunistic for the cloud ITSM market growth in the upcoming years. Moreover, BYOD has the potential to change the way companies organize infrastructure & IT services and eventually the operation & management of IT. Thus, such factors are projected to create opportunities for the market in near future.

The increasing adoption of artificial intelligence (AI) is propelling the demand for automation services in business processes. The surging autonomy is assisting several IT enterprises to increase productivity and reduce the time required for task execution. This is driving the demand for advanced cloud ITSM software solutions globally. Additionally, the rising concept of BYOD is anticipated to favour the global cloud ITSM market growth in the forthcoming years.

The cloud-based software services enable efficient planning, designing, operating, delivering, and controlling of several IT aspects to cater to customer demand. The global cloud IT service management (ITSM) market is fragmented by the presence of major companies that are focusing on acquiring other small companies to expand their cloud IT service management (ITSM) services portfolio and further boost their sales revenue. Additionally, other key players are adopting strategies such as the introduction of new products, expansion of the facility, and collaboration that will bode well for the market growth during the forecast period. For instance, in January 2020, ServiceNow, Inc. completed the acquisition of Loom Systems. ServiceNow's IT Service Management (ITSM) and IT Operations Management (ITOM) solutions are combined with Loom Systems Technology. This acquisition is expected to aid the company in strengthening its product portfolio to cater to the growing demand across industries.

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Market Coverage

• The market number available for - 2022-2030

• Base year- 2022

• Forecast period- 2023-2030

Segment Covered-

• By Component

• By Organization Size

• By Industry Vertical

Regions Covered-

• North America

• Europe

• Asia-Pacific

• Rest of the World

Competitive Landscape- ServiceNow, Inc., IBM Corporation, Hewlett Packard Enterprise Company, Citrix Systems, CA Technologies, and others.

Cloud-Based ITSM Market Report Segment

By Component

• Solutions

• Services

By Organization Size

• Large Enterprises

• Small & Medium Enterprises

By Industry Vertical

• IT & Telecommunication

• Healthcare

• Manufacturing

• Retail

• Education

A full Report of Cloud-Based ITSM Market is Available @ https://www.omrglobal.com/industry-reports/cloud-based-itsm-market

Cloud-Based ITSM Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

• Atlassian Corp.

• Axios Systems PLC

• BMC Software

• CA Technologies

• Cherwell Software

• Citrix Systems

• Freshworks, Inc.

• Hewlett Packard Enterprise Co.

• Hornbill Corporate Ltd.

• IBM Corp.

• Ivanti

• Serviceaide, Inc.

• ServiceNow, Inc.

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