ITSM Market Anticipated to Expand $28,683.68 Million With a CAGR of 12.4% by 2032

ITSM Market by Component (Solution and Services), Function (Network Management, Performance Management, Configuration Management, and Database Management System), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise, and Small & Medium-sized Enterprise), End User (BFSI, Healthcare, Retail & E-commerce, IT & Telecom, Manufacturing, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032"

According to the report, the global ITSM market generated $9,142.48 million in 2022, and is estimated to reach $28,683.68 million by 2032, witnessing a CAGR of 12.4% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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The ITSM market is expected to witness notable growth owing to rising adoption of its infrastructure across the end user industries, surge in digital business transformation, and increasing demand for a unified platform. Moreover, the need for improved it service delivery is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, implementation and lack of quality standards in service-level limits the growth of the ITSM market.

COVID-19 scenario-

The COVID-19 pandemic has significantly impacted IT Service Management (ITSM) by reshaping the way organizations approach and implement IT services. One of the most notable changes has been the acceleration of digital transformation initiatives.

The sudden shift to remote work necessitated the rapid adoption of cloud-based ITSM tools to ensure seamless service delivery and support for remote teams. This shift not only emphasized the importance of scalable and flexible ITSM solutions but also highlighted the need for agility and adaptability in the face of unforeseen disruptions.

Incident management faced unprecedented challenges as the number of remote users surged, requiring IT teams to navigate complex issues related to connectivity, security, and user support.

The demand for quick and effective problem resolution underscored the importance of robust ITSM frameworks that could handle the increased strain on IT resources.

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By region, North America garnered the highest share in 2022, holding nearly two-third of the global ITSM market revenue in 2022, and is projected to retain its dominance by 2032, owing to surge in the integration of artificial intelligence (AI) and machine learning (ML) within ITSM frameworks, aimed at automating routine tasks, improving predictive analytics, and enhancing overall service delivery. The Asia-Pacific region would also portray the fastest CAGR of 16.3% during the forecast period, owing to the organizations leveraging ITSM to navigate through digital transformation by adopting machine learning algorithms and integration of artificial intelligence within digital technologies. Cloud computing is a prevailing trend, offering scalability and flexibility for IT service delivery.

Leading Market Players-

Atlassian

BMC Software, Inc.

Broadcom

Cloud Software Group, Inc.

Freshworks Inc.

Hewlett Packard Enterprise Development LP

IBM Corporation

Ivanti, Inc.

Open Text Corporation.

ServiceNow, Inc.

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The healthcare segment is expected to experience the fastest growth in the coming years, owing to the growing reliance on advanced technologies and data-driven solutions to enhance patient care and operational efficiency. Moreover, increasing adoption of telehealth and remote patient monitoring, driven by the need for flexible and accessible healthcare services.

The report analyzes these key players in the global ITSM market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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