Cloud ITSM Market Achieves 26.18 Billion USD Valuation, with a Projected CAGR of 13.5% by 2032

The size of the cloud information technology services management (ITSM) market was evaluated at USD 8.38 billion in 2023. The market is expected to grow from USD 9.50 billion in 2024 to USD 26.18 billion by 2032, exhibiting a CAGR of 13.5% between 2024-2032.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐜𝐨𝐩𝐞

The report focuses mostly on the growth promoters, market share, size, trends applications in various industries, and insight into recent developments and challenges in order to present us with a through on thorough analysis of the cloud ITSM market.

𝐂𝐡𝐞𝐜𝐤 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬: https://www.polarismarketresearch.com/industry-analysis/cloud-itsm-market/request-for-sample

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐨𝐧

The cloud ITSM reflects an industry entirely focused on providing IT service management solutions with the help of cloud computing platforms. They offer scalability and improved flexibility and are cost-effective compared to conventional on-premises solutions. It enables various firms to have an access at ITSM tools and abilities over the internet, deleting the need for on-premises framework. The ITSM solutions are organized over cloud servers, enabling its users to have access to them from any place within the connection of the internet.

𝐌𝐚𝐣𝐨𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐢𝐧 𝐌𝐚𝐫𝐤𝐞𝐭

The cloud ITSM market is highly disorganized. Many big companies across the globe are remarkably driving forward with numerous strategic activities meant for expansion, such as acquisitions along with investments, partnerships, collaborations, and so on. Following are some of the major companies impacting the market significantly, that are:

• 4ME
• Aisera
• Alemba
• Atlassian
• BMC Software
• Broadcom
• EasyVista
• Efecte
• Freshworks
• GOTO
• HaloITSM
• Hornbill
• IBM
• IFS
• InvGate

𝐂𝐥𝐨𝐮𝐝 𝐈𝐓𝐒𝐌 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• In terms of the offering, the solutions segment is anticipated to witness a higher growth rate during the forecast period. It is due to the increasing demand for automated workflows, enhanced IT service management capabilities, and integration of AI and machine learning for improved operational efficiency.
• The public cloud segment, based on deployment mode, accounted for the largest market share in 2023 due to its scalability, cost-efficiency, and ease of deployment for businesses of all sizes.
• Based on organization size, the small and medium enterprises segment held a larger revenue share in 2023 due to the increasing adoption of cloud-based ITSM solutions for cost-effective IT management and streamlined operations.
• APAC is projected to register the fastest growth during the forecast period, attributable to the growing adoption of cloud solutions.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.polarismarketresearch.com/industry-analysis/cloud-itsm-market/inquire-before-buying

𝐆𝐫𝐨𝐰𝐭𝐡 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐫𝐬

• The eruption of the COVID-19 pandemic pushed most of the companies to adapt to work from home model. This led to various businesses requiring cloud solutions, which ultimately gave a boost to the cloud ITSM market. Nowadays, more employees prefer to opt for work from a home setup for more convenience and reduced traveling time. Companies are too agreeing to it, and thus, they are in need of more cloud solutions and ITSM services.
• The ease of installation and a lower rate of maintenance cost is proving to be one of the main reasons for the rising demand for the adoption of cloud services and hence creating new opportunities for its market.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

In 2023, North America completely dominated the market share of the cloud ITSM market as a result of the presence of developed and highly digitalized countries such as Canada and the USA. In the region, numerous companies are implementing these solutions into their business models, which is helping them to get data-driven insights in order to prepare strategic planning and thus improve performances. In the forecasted period, Asia Pacific is expected to be the fastest-growing region across the globe. This is because countries like India, China, Japan, and South Korea are experiencing high adoption of cloud servers in various industries.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.polarismarketresearch.com/industry-analysis/cloud-itsm-market

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐡𝐚𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐭𝐡𝐞 𝐜𝐥𝐨𝐮𝐝 𝐈𝐓𝐒𝐌 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐛𝐚𝐬𝐢𝐬 𝐨𝐟 𝐨𝐟𝐟𝐞𝐫𝐢𝐧𝐠, 𝐝𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐦𝐨𝐝𝐞, 𝐨𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐬𝐢𝐳𝐞, 𝐚𝐧𝐝 𝐯𝐞𝐫𝐭𝐢𝐜𝐚𝐥:

By Offering Outlook (Revenue - USD Billion, 2019-2032)
• Solutions
• Services

By Deployment Mode Outlook (Revenue - USD billion, 2019-2032)
• Public Cloud
• Private Cloud
• Hybrid Cloud

By Organization Size Outlook (Revenue - USD billion, 2019-2032)
• SMEs
• Large Enterprises

By Vertical Outlook (Revenue - USD billion, 2019-2032)
• BFSI
• Education
• Energy & Utilities
• Government & Public Sector
• Healthcare & Life Science
• IT & ITeS
• Manufacturing
• Media & Entertainment
• Retail & Consumer Goods
• Telecommunications
• Other Verticals

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