Cloud ITSM Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments And Forecast To 2029

Cloud ITSM Market by Offering (Solutions (Change & Configuration Management, Operations & Performance Management), and Services), Deployment Mode (Public, Private, Hybrid Cloud), Organization Size, Vertical and Region - Global Forecast to 2029.
The Cloud ITSM market [https://www.marketsandmarkets.com/Market-Reports/cloud-based-itsm-market-261087410.html?utm_campaign=paidpr&utm_source=abnewswire&utm_medium=referral] is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 13.5% from USD 9.5 billion in 2024 to USD 17.8 billion in 2029 throughout the forecast period. IT services, cost reduction, remote access, business agility, 5G, IOT, AI & ML, and higher adoption of digital transformation initiatives are expected to drive the growth of the global Cloud ITSM market.

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The Service Desk Software segment will record the highest CAGR under Offerings during the forecast period.

The service desk software solutions in the Cloud ITSM market have revolutionized how organizations handle IT service requests and incidents. These cloud-based platforms provide a centralized and accessible interface for managing all service desk operations, ensuring that issues are logged, tracked, and resolved efficiently. The scalability of cloud technology allows businesses to adapt to changing demand without significant infrastructure investments. Service Desk Software often includes features such as automated ticketing systems, self-service portals, knowledge bases, and integrated communication tools, which streamline the support process and enhance user experience. Additionally, advanced analytics and reporting tools offer valuable insights into service desk performance, enabling continuous improvement in service delivery. Integrating AI and machine learning further enhances these solutions by enabling predictive analytics, automated responses, and intelligent routing of requests. As a result, Service Desk Software solutions in the Cloud ITSM market empower organizations to provide prompt, effective and cost-efficient IT support, driving higher customer satisfaction and operational efficiency.

Based on Organization Size, Large Enterprises hold a larger share of the Cloud ITSM market during the forecast period.

Large enterprises are set to lead the cloud IT Service Management (ITSM) market during the forecast period. Their dominance is attributed to the need to manage extensive and intricate IT infrastructures, which demand robust and scalable ITSM solutions. These companies heavily invest in advanced cloud ITSM platforms to optimize operations, improve service delivery, and comply with industry regulations. Cloud ITSM adoption offers significant flexibility, efficiency, and cost benefits, which are crucial for large-scale operations. Consequently, large enterprises utilize these comprehensive solutions to maintain a competitive edge and achieve operational excellence in an increasingly digital business landscape.

By region, Asia Pacific will record the highest CAGR during the forecast period.

The Asia Pacific Cloud ITSM market is experiencing robust growth driven by regulatory reforms, Scalable resources, Cost reduction, Remote flexibility, Business agility, and technological innovation. Countries like China, Japan, Australia & New Zealand have progressive regulatory frameworks promoting competition and innovation. The affordability and ease of Cloud ITSM deployment would be the major driving factors for adopting cloud technologies. The Asia Pacific region is witnessing rapid growth in the Cloud ITSM market, driven by the increasing adoption of IoT devices, AI, and the expansion of 5G networks. Countries like China and Japan are at the forefront, leveraging Cloud ITSM to enhance BFSI services, innovative data migration, and retail and healthcare services. Additionally, the proliferation of cloud services and the rise of digital transformation initiatives in various industries further propel the demand for Cloud ITSM solutions. As a result, the Asia Pacific region is bound to experience significant investment and innovation in Cloud ITSM technologies over the coming years, facilitating efficient data processing and enabling real-time decision-making across diverse sectors in countries, especially China, Japan, Australia & New Zealand, and others.

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Unique Features in the Cloud ITSM Market

The ability to access cloud-based ITSM tools from any location with an internet connection is a big benefit for today's mobile and remote workforce. Employees may now log in and request IT services or track incidents from any place, doing away with the geographical restrictions of traditional on-premises solutions.

Because cloud ITSM solutions are naturally scalable, companies may quickly add or remove users and functionality in response to changing business needs. This lowers the recurring expenses related to maintaining on-premises infrastructure and does away with the requirement for initial investments in hardware and software.

Artificial intelligence (AI) and machine learning (ML) are two cutting-edge technologies that cloud ITSM platforms are well-positioned to interface with. These integrations can foresee and prevent accidents, automate repetitive operations, and give end users self-service capabilities.

Improved communication between IT staff and end users is facilitated by cloud ITSM solutions. They offer a centralized forum for knowledge exchange, incident handling, and communication, all of which can greatly increase the effectiveness of IT service delivery.

Vendors of cloud-based ITSM solutions frequently provide new features and upgrades, which cause the solutions to constantly change. This eliminates the need for difficult on-premises upgrades by guaranteeing that companies always have access to the newest features and security updates.

Major Highlights of the Cloud ITSM Market

The Cloud ITSM market is expected to grow strongly over the next five to eight years, according to analyst projections, which range from a CAGR of 13.5% to 16.92% [2, 6]. By 2029 or 2032, this amounts to a market size that might range from $17.8 billion to $36.0 billion.

Scalability and Cost-Effectiveness: Businesses find cloud ITSM appealing since it lowers the initial expenses related to software and infrastructure. Furthermore, without requiring large infrastructure investments, businesses can quickly adjust to changing needs thanks to the inherent scalability of cloud solutions.

Growing Need for Agility: Cloud ITSM adoption is being driven by the need for agile IT solutions and the growing complexity of IT environments. These cloud-based solutions give businesses the adaptability they need to meet changing customer needs.

One significant benefit of Cloud ITSM is its ability to interface with AI and ML. Efficiency-boosting features like self-service capabilities, predictive issue management, and automated chores are all provided by these interfaces.

Widespread Industry Adoption: Cloud ITSM is no longer restricted to certain industries. Its advantages are being acknowledged by a number of sectors, including as manufacturing and healthcare, which is driving market expansion.

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Top Companies in the Cloud ITSM Market

Major vendors in this market are based in North America, Asia Pacific, and Europe. Some of the key players operating in the Cloud ITSM market are - ServiceNow (US), BMC Software (US), Broadcom (US), ManageEngine (US), and Ivanti (US), among others. These companies have strengthened their positions in the market by implementing a variety of growth tactics. To increase their market share in Cloud ITSM offerings/market, they have been practicing organic and inorganic growth strategies such as product launches, agreements, collaborations, mergers and acquisitions, and the creation of new products.

ServiceNow :

ServiceNow, Inc. is a significant player in the Cloud IT Service Management (ITSM) market, offering a complete platform that reshapes digital workflows for businesses. Specializing in IT service management, IT operations management, and IT business management, ServiceNow's smart, cloud-based platform brings together various departments and processes under one roof. Their product range covers IT service management, customer service management, IT operations management, HR service delivery, security operations, and more, serving industries like government, finance, healthcare, telecom, manufacturing, and tech, where it earns substantial revenue.

ServiceNow has evolved to focus on providing comprehensive intelligent workflow automation solutions, harnessing artificial intelligence, machine learning, and robotic process automation. Its standout features include seamless platform integration, a unified view of operations and processes, and the ability to streamline work, boost productivity, and drive business innovation.

BMC Software :

BMC Software is one of the major players in the Cloud IT Service Management (ITSM) market, offering a wide range of products tailored to meet the diverse needs of enterprises across different industries. Their flagship offerings, including BMC Helix ITSM, BMC Helix Remedyforce, and BMC Remedy IT Service Management, provide smart, cloud-based solutions for IT service management, IT operations management, and IT business management. These products find widespread adoption in industries like government, BFSI, healthcare, manufacturing, and IT & Telecom, driving significant revenue for the company.

BMC has shifted its strategy towards delivering predictive service management, incorporating features like auto-classification, assignment, and routing of incidents, along with embedded multi-cloud capabilities to manage incidents, changes, and releases across cloud providers. Its standout feature lies in transforming IT into a strategic business partner, steering crucial stakeholder initiatives while focusing on collaboration and innovation among employees.

Broadcom :

Broadcom is a significant contender in the Cloud IT Service Management (ITSM) domain, offering a varied range of products tailored to meet enterprise requirements. Their flagship suite, CA Service Management, delivers smart, cloud-native solutions for overseeing IT services, operations, and business procedures. Its components include CA Service Desk Manager, handling incidents, problems, and changes; CA Service Catalog for user-friendly self-service IT requests; CA Asset Portfolio Management for optimizing IT investments; and CA Business Service Insight for monitoring business service performance. These tools find widespread use across sectors like government, finance, healthcare, telecom, manufacturing, and technology, driving substantial revenue for Broadcom.

Broadcom has shifted its focus from on-premises solutions to adopting cloud-based ITSM and focusing on market trends. The company has heavily invested in cloud-native technologies, integrating AI, machine learning, and automation to bolster predictive service management. Broadcom's standout feature lies in its multi-cloud capabilities, facilitating seamless IT service management across diverse cloud platforms, which are crucial for intricate hybrid IT setups, with a solid global presence spanning North America, Europe, Asia-Pacific, and Latin America.

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