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Cloud IT Service Management (ITSM) Market Strategies 2024-2033 | Size, Insights, Demand, Outlook
Cloud IT Service Management (ITSM) Market
As per the report, the cloud IT service management (ITSM) market size has grown rapidly in recent years. It will grow from $7.89 billion in 2023 to $9.21 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The cloud IT service management (ITSM) market size is expected to see rapid growth in the next few years. It will grow to $17.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
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Surge In Remote Work Accelerates Growth Of Cloud IT Service Management Market
The increasing shift towards remote work is expected to propel the growth of the cloud IT service management (ITSM) market going forward. Remote work refers to a work environment where employees perform their duties remotely, using technology such as laptops, smartphones, and video conferencing tools. Remote workers are increasing due to advancements in technology, changing attitudes towards work-life balance, and the global pandemic accelerating the adoption of flexible work arrangements. Cloud IT service management offers tools and technologies that ensure seamless operation, enhanced security, and an improved user experience for remote employees. For instance, in September 2022, according to a news article published by the Census Bureau, a US-based government statistical agency, in 2021, the number of people primarily working from home tripled from 5.7% to approximately 27.6 million people, comprising 17.9% of the workforce. Therefore, the increasing shift towards remote work is driving the growth of the cloud IT service management (ITSM) market.
AI-Driven Data Platforms Revolutionize Cloud IT Service Management For Enhanced Efficiency And Customer Satisfaction
Major companies operating in the cloud IT service management (ITSM) market are developing AI-based data platforms ultimately aiming to optimize resource utilization and deliver superior customer experiences. AI-based data platforms for cloud IT service management (ITSM) integrate artificial intelligence and machine learning technologies to enhance the efficiency, accuracy, and effectiveness of IT service management processes. For instance, in May 2023, IBM, a US-based software company, launched a new cloud-based platform called Watsonx, their next-generation AI and data platform. This platform aims to provide enterprises with an end-to-end, customizable solution for scaling and accelerating the impact of AI across their organization through capabilities in AI development, data management, and governance.
The cloud IT service management (ITSM) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application : Configuration Management , Performance Management , Network Management , Database Management System, Other Applications
5) By End-User Industry: Banking, Financial Services, And Insurance, Information Technology And Telecommunication, Retail, Healthcare, Other End-User Industries
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Major companies operating in the cloud IT service management (ITSM) market are Amazon.com Inc., International Business Machines Corporation, Broadcom Inc., Hewlett Packard Enterprise Company, Salesforce Inc., ServiceNow Inc., OpenText Corp., Splunk Inc., Citrix Systems Inc., Atlassian, Micro Focus International PLC, BMC Software Inc., Zendesk Inc., Ivanti Inc., ManageEngine, Zoho Corpoation Pvt. Ltd., Cherwell Software LLC, Freshworks Inc., Icertis Inc., EasyVista Inc., Axios Systems PLC, SysAid Technologies Ltd., InvGate Inc., CA Technologies Inc., Sunrise Software Ltd.
Contents of the report:
1. Executive Summary
2. Cloud IT Service Management (ITSM) Market Report Structure
3. Cloud IT Service Management (ITSM) Market Trends And Strategies
4. Cloud IT Service Management (ITSM) Market - Macro Economic Scenario
5. Cloud IT Service Management (ITSM) Market Size And Growth
…..
27. Cloud 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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