Press release
Cloud ITSM Market Projected to Grow at a CAGR of 17.4% by 2026 and to Generate $15.66 billion by 2026
Cloud ITSM Market
The global cloud IT service management (ITSM) market size was valued at $4.32 billion in 2018, and is projected to reach $15.66 billion by 2026, registering a CAGR of 17.4% from 2019 to 2026.
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Increase in adoption of cloud-based technologies and integration of AI-Enabled tools with ITSM solutions are the key factors that drive the market growth for cloud ITSM industry. However, security and privacy concerns for confidential data and business processes restrain the growth of the cloud IT service management (ITSM) market.
Furthermore, widespread adoption of BYOD trend, increase in mobile workforce, and surge in demand among small & medium enterprises are the factors anticipated to provide lucrative opportunities for the market growth in the forthcoming years.
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Competitive Analysis:
The competitive environment of Cloud ITSM Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Cloud ITSM Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Axios Systems
BMC Software
CA Technologies
Citrix Systems
Hewlett Packard Enterprise
International Business Machines Corporation (IBM)
ManageEngine
Micro Focus
Microsoft Corporation
ServiceNow and Many More
Region wise, North America dominated the global cloud IT service management (ITSM) market in 2018 and is expected to remain dominant during the forecast period due to the presence of major market players and rise in investment & spending on cloud technologies. In addition, increase in focus on automation and end-user services boosts the adoption of cloud ITSM solutions and services in North America.
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By organization size, the large organizations segment dominated the global cloud ITSM market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to the increase in adoption of artificial intelligence (AI) technologies, such as machine learning, image processing, and others.
In terms of industry vertical, the IT & telecommunication segment is expected to witness high adoption of cloud ITSM solutions and services Among these, IT & telecommunication is expected to have the largest market size during the forecast period due to increase in adoption of ITSM solution because of its numerous benefits such as reduced operating costs, increased revenues, infrastructure sharing, and others. However, the retail segment is expected to witness highest growth rate in the upcoming years due to the increase in need to streamline business operations and supply chains by supporting and refocusing on IT resources.
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