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2024 Cloud IT Service Management (ITSM) Market Report : Market Size, Growth Drivers, And Key Trends
Cloud IT Service Management (ITSM) Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased demand for scalable and cost-effective it service management solutions, rise in demand for it service management (ITSM) solutions in government and education, increased demand for it service management (ITSM) solutions in travel and hospitality, increased demand for it service management (ITSM) solutions in healthcare, rise in need for it service management (ITSM) solutions in it and telecommunication.
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%. The growth in the forecast period can be attributed to an increasing shift towards remote work, rising demand for cloud services in the it industry, rising demand for automation services in business processes, rising concept of bring-your-own-device (BYOD), growing need for efficient execution of IT operations. Major trends in the forecast period include the adoption of cloud technologies across industries, the development of IT infrastructure, investments by various operators, the adoption of artificial intelligence (AI) in ITSM solutions, and demand for cloud IT service management software solutions.
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Market Drivers and Trends:
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.
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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 Corporation 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.
Cloud IT Service Management (ITSM) Market 2024 Key Insights:
• 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%.
• Surge In Remote Work Accelerates Growth Of Cloud IT Service Management Market
• AI-Driven Data Platforms Revolutionize Cloud IT Service Management For Enhanced Efficiency And Customer Satisfaction
• North America was the largest region in the cloud IT service management market in 2023
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