IT Service Management Market worth $39.14 billion by 2030, growing at a CAGR of 22.44% - Exclusive Report by 360iResearch

The "IT Service Management Market by Component (Services, Solutions), Deployment (On Premises, On-Cloud), Organization Size, Vertical - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global IT Service Management Market to grow from USD 9.48 billion in 2023 to USD 39.14 billion by 2030, at a CAGR of 22.44%.

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Information technology (IT) service management refers to the strategic approach, processes, policies, and practices employed by an organization to plan, design, deliver, operate, and control IT services offered to its customers. It primarily focuses on aligning IT resources with business needs and objectives while maintaining a high level of service quality. IT service management encompasses end-to-end management of the entire IT infrastructure of the organization, including hardware, software, networks, and applications. The shift to remote working and the use of cloud-based services enable organizations to streamline operations and facilitate the transition to digital workplaces, accelerating the need for efficient IT service management. Government initiatives promoting digitalization across industries have encouraged businesses to optimize their IT infrastructure and embrace innovative solutions. Adopting DevOps and Agile practices has allowed organizations to effectively manage their IT resources while fostering collaboration among development and operations teams, ultimately improving service delivery and customer satisfaction. However, certain challenges exist in implementing ITSM solutions, such as incompatibility with existing services or concerns associated with security or privacy breaches, which hinder the seamless deployment of these new technologies within an organization. Market players are introducing innovative AI-based tools with their ITSM solutions to offer customers a more effective IT management experience. Moreover, the accelerating use of ITSM for proactive and predictive maintenance presents another vital opportunity for end-users.

The IT service management market in the Americas is mature, driven by the presence of well-established technology sectors and increasing investments in modernizing their technological infrastructures. Companies in the region are prioritizing multi-cloud management capabilities as businesses continue migrating more applications into cloud-based environments. These companies emphasize integrating artificial intelligence (AI) into their ITSM strategies for predictive analytics-driven decision-making and enhanced customer support through chatbots. The Americas is home to major global corporations prioritizing a robust IT infrastructure to support their operations, resulting in high demand for advanced IT service management solutions. The Asia-Pacific region encompasses a diverse mix of developing and developed economies with varying levels of IT maturity. Enterprises in Japan, South Korea, Singapore, and Australia have heavily invested in technology adoption and innovation. Consequently, there is an increased demand for advanced IT service management solutions that cater to these rapidly evolving digital ecosystems. Small-to-medium enterprises (SMEs) make up a larger share of businesses within Asia-Pacific markets, and they contribute significantly to adopting ITSM solutions as they often lack in-house resources for managing IT services. In the European region, many large-scale organizations with extensive resources are dedicated to maintaining complex IT systems, driving significant demand for high-end IT service management offerings. European companies prioritize ITSM solutions that focus on complying with specific stringent data privacy laws and General Data Protection Regulation (GDPR). European ITSM providers offer customizable solutions to ensure adherence to these regulations while maintaining operational efficiency.

Market Segmentation & Coverage:

This research report categorizes the IT Service Management Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Component, market is studied across Services and Solutions. The Services is further studied across Managed Services and Professional Services. The Solutions is further studied across Configuration & Change Management, Dashboard Reporting & Analytics, Operations & Performance Management, Service Desk Software, and Service Portfolio Management. The Services commanded largest market share of 59.77% in 2023, followed by Solutions.

Based on Deployment, market is studied across On Premises and On-Cloud. The On-Cloud commanded largest market share of 81.38% in 2023, followed by On Premises.

Based on Organization Size, market is studied across Large Enterprises and Small & Medium-Sized Enterprises. The Large Enterprises commanded largest market share of 66.28% in 2023, followed by Small & Medium-Sized Enterprises.

Based on Vertical, market is studied across Banking, Financial Services, & Insurance, Government & Public Sector, Healthcare & Life Sciences, IT & ITES, Manufacturing, Media & Entertainment, Retail & Consumer Goods, Telecommunications, and Travel & Hospitality. The Banking, Financial Services, & Insurance commanded largest market share of 23.48% in 2023, followed by IT & ITES.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 35.90% in 2023, followed by Asia-Pacific.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the IT Service Management Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the IT Service Management Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the IT Service Management Market, highlighting leading vendors and their innovative profiles. These include 4me, Inc., Atlassian Corporation PLC, AutomationEdge Pvt. Ltd., BMC Software, Inc., Broadcom Inc., Cisco Systems, Inc., Citrix by Cloud Software Group, Inc., ClickUp Service, Freshworks Inc., Halo Service Desk, Hewlett Packard Enterprise Company, Hornbill Corporate Limited, International Business Machines Corporation, ITarian LLC, Ivanti, Inc., Kaseya Inc., Microsoft Corporation, NinjaOne, LLC, Open Text Corporation, Oracle Corporation, Rworks, Inc., Serviceaide, Inc., ServiceNow, Inc., SolarWinds Corporation, Splunk Inc., SymphonyAI Summit, SysAid Technologies Ltd., Tata Consultancy Services Limited, TeamDynamix, TOPdesk Nederland BV, Vivantio Holdings Inc., Wipro Limited, and Zendesk, Inc..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. IT Service Management Market, by Component
7. IT Service Management Market, by Deployment
8. IT Service Management Market, by Organization Size
9. IT Service Management Market, by Vertical
10. Americas IT Service Management Market
11. Asia-Pacific IT Service Management Market
12. Europe, Middle East & Africa IT Service Management Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the IT Service Management Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the IT Service Management Market?
3. What is the competitive strategic window for opportunities in the IT Service Management Market?
4. What are the technology trends and regulatory frameworks in the IT Service Management Market?
5. What is the market share of the leading vendors in the IT Service Management Market?
6. What modes and strategic moves are considered suitable for entering the IT Service Management Market?

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