ServiceNow Store Apps Market Drivers Shaping Future Growth, Revenue USD 94.9 Billion by 2031: CAGR 32.5%

The ServiceNow Store Apps market has witnessed significant growth, with its valuation reaching $5.9 billion in 2021 and projected to surge to $94.9 billion by 2031, at a remarkable CAGR of 32.5% from 2022 to 2031, according to a report by Allied Market Research.

The ServiceNow Store serves as a software marketplace for integrating apps developed on the ServiceNow platform, offering both free and paid versions. It enables third-party independent software vendors (ISVs), solution providers, and system integrators to commercialize and market cloud-native enterprise applications. The user-friendly tools provided by the platform enhance productivity, leading to widespread adoption among enterprises. Furthermore, its flexibility and innovative features contribute to corporate growth, making it a key driver of market expansion.

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Businesses benefit from a vast selection of NOW Certified free and paid applications, allowing them to integrate existing software, discover new solutions, and streamline operations. ServiceNow Store Apps facilitate live data visualization through interactive formats, eliminating the need for external tools. Additionally, these apps enable automated security features, such as simulating phishing attempts in corporate settings and conducting real-time code quality evaluations. The increasing adoption of these apps is helping businesses achieve cost efficiency and improved employee productivity.

Organizations today face challenges such as outdated workflows, technological disruptions, and increasing service demands. ServiceNow addresses these issues through enhanced connectivity, real-time information sharing, and improved collaboration, leading to better issue resolution and higher productivity for both employees and customers. The rise in cloud computing adoption, digital transformation, and emerging technologies further drive market growth. However, high licensing costs remain a limiting factor. On the other hand, growing investments in app stores are expected to unlock new expansion opportunities.

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In terms of deployment type, the cloud-based segment dominated the market in 2021 and is expected to maintain its lead due to its seamless, user-friendly experience. Meanwhile, the web-based segment is projected to witness the highest growth, driven by increasing adoption of augmented reality (AR), artificial intelligence (AI), and low-code tools for workplace applications.

By type, the cloud-based segment held the major share in 2021, accounting for more than two-thirds of the global ServiceNow store apps market revenue and is projected to lead the trail by 2031. This is due to the platform's single data model and common services which enable developers in IT and other enterprise departments to build, test, and deploy applications in an integrated development environment. The web-based segment, on the other hand, would showcase the fastest CAGR of 34.8% during the forecast period.

By enterprises size, the large enterprises segment contributed to the highest share in 2021, holding more than two-thirds of the global ServiceNow store apps market revenue. This is because this segment possesses greater market shares, technical know-how, and successful business plans. The SMEs segment, however, would showcase the fastest CAGR of 34.8% from 2022 to 2031.

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The COVID-19 pandemic accelerated the adoption of ServiceNow Store Apps as businesses sought solutions to identify vulnerabilities and enhance operational efficiency. The rising integration of AI and ML technologies has further fueled demand, with advanced technologies such as AR and IoT expected to create new growth opportunities in the coming years.

Regionally, North America led the market in 2021, with businesses leveraging ServiceNow Store Apps to develop enterprise service catalogs and modernize IT service management. However, Asia-Pacific is anticipated to witness substantial growth due to increased investment in cloud infrastructure and the integration of AI and ML technologies.

Key market players include Dynatrace LLC, Talkdesk, Inc., Microsoft Corporation, xMatters, Inc., TeamViewer, IBM, Cisco Systems Inc., Okta, Inc., PagerDuty, and SailPoint Technologies Inc. These companies have adopted strategies such as collaborations, partnerships, investments, product launches, and acquisitions to strengthen their market presence. For instance, in November 2022, Microsoft Corporation partnered with ServiceNow to enhance service desk management, accelerating digital IT transformation and optimizing IT service management through continuous improvements and new feature testing.

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