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IT Service Management (ITSM) Market Outlook, Segments, Overview And Trends 2024 - 2033
IT Service Management (ITSM) Market Outlook
As per the report, the IT service management (ITSM) market size has grown rapidly in recent years. It will grow from $10.77 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $22.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
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The Role Of Increased Cloud Adoption In Driving IT Service Management Market Growth
The increased adoption of cloud-based platforms is expected to propel the growth of the IT service management market going forward. Cloud-based platforms, often referred to as cloud platforms or cloud computing platforms, are online environments that provide a range of computing services over the internet. The adoption of cloud-based platforms is due to digital transformation, cost-effectiveness, security and compliance, integration and interoperability, and disaster recovery. ITSM principles and practices are crucial in effectively managing cloud-based platforms by aligning IT services with business needs, ensuring service quality and availability, promoting continual improvement, and addressing security and compliance requirements. For instance, in December 2023, according to the European Union, a Netherlands-based international organization, the percentage of European Union businesses that bought cloud computing services increased by 4.2 percentage points in 2023 compared to 2021. Therefore, the increased adoption of cloud-based platforms is driving the growth of the IT service management market.
Advancing IT Service Management Harnessing Smart Technology And AI For Enhanced Efficiency And User Experience
Major companies operating in the IT service management (ITSM) market are focused on developing advanced solutions, such as AI-based IT service management, to improve efficiency and enhance the overall user experience. AI-based IT service management transforms traditional practices, enabling organizations to deliver faster, more proactive, and personalized IT services while driving operational excellence and cost savings. For instance, in August 2023, Spark, a US-based high-tech solution, launched ServiceFlex, a new IT service management solution. It leverages smart technology, automation, and artificial intelligence to help corporations, enterprises, and government organizations achieve their business goals. This solution streamlines IT operations through intelligent automation to prevent business disruption, such as automating digital certificate renewals.
The IT service management (ITSM) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Performance Management, Configuration Management, Network Management, Database Management System, Other Technologies
3) By Deployment : Cloud , On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Government And Education, Information Technology And Telecommunication, Retail, Travel And Hospitality, Healthcare, Other End-Users
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Major companies operating in the IT service management (ITSM) market are Microsoft Corporation, IBM Corporation, Broadcom Inc., Hewlett Packard Enterprise Co., ServiceNow Inc., Open Text Corporation, Atlassian Corporation Plc, Micro Focus International Plc, BMC Software Inc., Epicor Software Corporation, ManageEngine, SolarWinds Worldwide LLC, Ivanti Inc., Freshworks Inc., ASG Technologies Group Inc., TOPdesk Nederland B.V., EasyVista Inc., Matrix42 AG, Spiceworks Ziff Davis Inc, Axios Systems Plc, SysAid Technologies Ltd, SunView Software Inc., InvGate Inc., Cherwell Software LLC, CA Technologies Inc.
Contents of the report:
1. Executive Summary
2. IT Service Management (ITSM) Market Report Structure
3. IT Service Management (ITSM) Market Trends And Strategies
4. IT Service Management (ITSM) Market - Macro Economic Scenario
5. IT Service Management (ITSM) Market Size And Growth
…..
27. IT Service Management (ITSM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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