Cloud-Based ITSM Market Size, Industry Trends, Regional Outlook, Competitive Landscape, And Forecast To 2033

The cloud-based itsm market size has grown rapidly in recent years. It will grow from $8.19 billion in 2023 to $9.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased focus on user experience, digital transformation initiatives, cost efficiency and opex models, remote work environments, multi-cloud strategies..

The cloud-based itsm market size is expected to see rapid growth in the next few years. It will grow to $16.05 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to evolving industry-specific requirements, focus on customer satisfaction and experience, global regulatory and governance considerations, continuous improvement and analytics focus, alignment with devops practices.. Major trends in the forecast period include digital transformation initiatives, remote work and hybrid work models, automation and ai integration, scalability and flexibility, cost efficiency and opex models..

Market Overview -
The cloud-based ITSM refer to a cloud hosting system that provides access to a remote working environment. This cloud hosting allows quick and easy visualization of process workflows and gives firms more freedom and visibility on the web. The purpose of the ITSM platform is to ensure that the IT department lowers its operational cost and increases profit and work flexibility in their businesses.

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Rapid Growth Of Cloud-Based Itsm Market Fueled By Increased Adoption Of Cloud-Based Applications
The increase in adoption of cloud-based applications will propel the growth of the cloud-based ITSM market in the forecasted period. Cloud adoption is a business strategy aiming to improve internet-based database capabilities' scalability while lowering costs and risks. Organizations use cloud computing, or remote computers hosted on the Internet, to store, manage, and process essential data. For instance, in November 2021, a 2021 Cloud Adoption Survey published on O'Reilly Media, a US-based learning company, showed that COVID-19 accelerated the cloud adoption application. According to the O'Reilly survey, cloud adoption is rapidly increasing across industries, with 90% of businesses using cloud computing. This is an increase from last year's poll (2020), which found that 88% of respondents were using the cloud, demonstrating that cloud use is accelerating. Therefore, the adoption of cloud-based applications will drive the cloud-based ITSM market growth.

Competitive Landscape -
Major companies operating in the cloud-based itsm market report are ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Cherwell Software LLC, Ivanti Inc., Axios Systems plc, Citrix Systems Inc., Hornbill Systems Limited, Microsoft Corporation, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., InvGate Inc., Google Cloud IT Service Management (ITSM), Salesforce Service Cloud, SAP IT Service Management (ITSM), Atlassian Jira Service Desk, Ivanti Service Manager, HCL Remedy OnDemand

Technological Innovation Drives Advancements In The Market
Technological innovation is a key trend gaining popularity in the cloud-based ITSM market. Major companies operating in the cloud based ITSM market are focused on providing technologically advanced solutions and platforms to strengthen their market position. These companies are implementing next-generation cloud-based ITSM technologies into their services and platform, such as virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, and others. For instance, In October 2023, Sherweb, a Canadian-based cloud solutions provider and technology company, launched an all-in-one IT service management (ITSM) solution, C2 MSP. This customizable solution is designed to help streamline and automate cloud business operations, simplifying the delivery of managed IT services and improving partners' end-client experience. C2 MSP offers a tailored, fully integrated ticketing solution and a self-service portal to centralize all customer requests, designed to stop manual management and help partners automate their business workflows, improving overall operational efficiency.

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Key Segments -
The cloud-based itsm market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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