Press release
Cloud-Based ITSM Market: Exploring Market Size, Growth Drivers, Key Players, and Leading Trends
Cloud-Based ITSM Market
Riding the Wave of Digital Transformation: Unprecedented Growth Projected for the Global Cloud-Based ITSM Market
What Is The Projected Market Size Of The Global Cloud-Based ITSM Market And Its Growth Rate?
• In 2024, the cloud-based ITSM market size was approximately $8.98 billion and is anticipated to reach $10.07 billion in 2025, showing a compound annual growth rate (CAGR) of 12.2%.
• The growth in the historic period has been influenced by increased emphasis on user experience, digital transformation efforts, cost efficiency and opex models, the shift to remote work environments, and multi-cloud strategies.
• The cloud-based ITSM market size is likely to see rapid expansion in the forthcoming years, with a projected value of $18.89 billion in 2029 and a CAGR of 17.0%.
• Growth factors such as evolving industry-specific requirements, focus on customer experience, global regulatory and governance considerations, continuous improvement and analytics focus, alignment with devops practices are set to aid this surge.
What Is Driving The Growth In The Cloud-Based ITSM Market?
The accelerating adoption rate of cloud-based applications is a potent force propelling the growth of the cloud-based ITSM market in the forecasted period. Companies aim to expand the scalability of their internet-based databases while simultaneously decreasing costs and risks with a strategic focus on cloud adoption. In this context, cloud computing refers to the use of remote computers hosted on the Internet employed to store, manage, and process crucial data. A 2023 report from Flexera highlighted that 93% of organizations are using cloud services, and 87% are adopting multi-cloud strategies. This sharp increase is mainly due to the demand for agility and flexibility in response to market demands.
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Who Are the Key Players Driving Cloud-Based ITSM Market Growth?
• ServiceNow Inc.
• Hewlett Packard Enterprise Company
• International Business Machines Corporation (IBM)
• BMC Software Inc.
• Broadcom Inc.
• Ivanti Inc.
• Hornbill Systems Limited
• Microsoft Corporation
• EasyVista Inc.
• Micro Focus International plc
• Atlassian Corporation Plc
• Alemba Limited
• SysAid Technologies Ltd.
• Freshworks Inc.
• SolarWinds Corporation
• Zendesk Inc.
• Agiloft Inc.
• TOPdesk International B. V.
• HappyFox Inc.
• Zoho Corporation Pvt. Ltd.
• InvGate Inc.
• Google Cloud IT Service Management (ITSM)
• Salesforce Service Cloud
• SAP IT Service Management (ITSM)
• Atlassian Jira Service Desk
• Ivanti Service Manager
• HCL Remedy OnDemand
What Are The Key Trends In The Cloud-Based ITSM Market?
• Digital Transformation Initiatives
• Remote and Hybrid Work Models
• Automation and AI Integration
• Scalability and Flexibility
• Cost Efficiency and Opex Models
What Are The Segments Of The Global Cloud-Based ITSM Market?
• By Component: Solutions, Services
• By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
• By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education
Which Region Leads The Cloud-Based ITSM Market?
North America emerged as the largest region in the cloud-based ITSM market in 2024. However, Asia-Pacific is predicted to be the fastest-growing region in the forecast period. The report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Cloud-Based ITSM Market Global Market Report?
- Market Size Analysis: Analyze the Cloud-Based ITSM Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cloud-Based ITSM Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cloud-Based ITSM Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cloud-Based ITSM Market .
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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