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Key Trend Reshaping the Cloud IT Service Management (ITSM) Market in 2025: AI-Driven Data Platforms Revolutionize Cloud IT Service Management For Enhanced Efficiency And Customer Satisfaction
Cloud IT Service Management (ITSM) Market Report
The market size of cloud IT service management (ITSM) has seen a significant uptick in its growth in recent years, with a projection set to increase from $9.21 billion in 2024 to an estimated $10.77 billion in 2025, maintaining a compound annual growth rate (CAGR) of 17.0%. The escalating growth during the historical period is a result of the mounting demand for expandable and budget-friendly IT services management solutions. In addition, the demand for ITSM solutions in sectors like government and education, travel and hospitality industry, as well as healthcare have contributed to this growth. Moreover, the need for ITSM solutions within IT and telecommunications is also on the rise.
Expectations are high for the cloud IT service management (ITSM) market to experience significant growth in the coming years, with predictions suggesting it will reach a worth of $20.02 billion by 2029. This implies a compound annual growth rate (CAGR) of 16.8%. Several factors are believed to contribute to this future growth, including the continual shift towards remote work, increased demand for cloud services and automation services in business processes, the rising popularity of the bring-your-own-device (BYOD) concept, and the growing need for effective IT operations management. Future trends expected to shape this market include the widespread adoption of cloud technologies across various industries, the overall enhancement of IT infrastructure, investments from various market players, the implementation of artificial intelligence (AI) in ITSM solutions, and the increasing demand for cloud IT service management software solutions.
What Factors Are Propelling the Expansion of the Cloud IT Service Management (ITSM) Market?
The growth of the cloud IT service management (ITSM) market is anticipated to be accelerated by the growing tendency towards remote work. A remote work arrangement involves employees utilising technology like laptops, smartphones, and video conferencing tools to execute their tasks from a distance. This trend is upsurging due to technological advancements, shifts in attitudes regarding work-life equilibrium, and the worldwide pandemic fast-tracking the implementation of flexible work structures. Cloud IT service management facilitates tools and technologies that provide a consistent operation, strengthened security, and a superior user experience for remote personnel. For instance, The Office for National Statistics, a non-ministerial department in the UK, revealed that from September 2022 to January 2023, 16% of individuals in Great Britain worked solely from home, while 28% adopted a hybrid work method comprising both remote work and commuting to their workplace. Thus, the surging trend towards remote work is contributing significantly to the progression of the cloud IT service management (ITSM) market.
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Which Businesses Are at the Forefront of Cloud IT Service Management (ITSM) Market Development?
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 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.
What Are the Latest Innovations in the Cloud IT Service Management (ITSM) Market?
Leading corporations in the cloud IT service management (ITSM) market are focusing on the creation of AI-driven data platforms. The ultimate goal of these developments is highlighting efficient resource utilization and delivering superior customer experiences. These AI-based data platforms are designed to incorporate artificial intelligence and machine learning technologies in order to boost the efficiency, precision, and effectiveness of IT service management procedures. For instance, in May 2023, the American software company IBM unveiled their next-generation AI and data platform named Watsonx. This enterprise-grade platform is designed to serve businesses by offering a comprehensive, adaptable solution for amplifying the influence of AI throughout their operations, through abilities in AI development, data management, and governance.
How Is the Cloud IT Service Management (ITSM) Market Segmented?
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
Subsegments:
1) By Solution: Cloud-Based ITSM Software, IT Asset Management (ITAM) Solutions, Incident Management Solutions, Problem Management Solutions, Change Management Solutions, Service Request Management Solutions, Service Desk Solutions, Configuration Management Database (CMDB) Solutions, Self-Service Or Portal Solutions, Automation And Orchestration Solutions
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Managed Services, Training And Education Services
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Where Is the Cloud IT Service Management (ITSM) Market Growth Most Prominent?
North America was the largest region in the cloud IT service management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud IT service management (ITSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Cloud IT Service Management (ITSM) Global Market Report?
- Market Size Analysis: Analyze the Cloud IT Service Management (ITSM) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cloud IT Service Management (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 IT Service Management (ITSM) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cloud IT Service Management (ITSM) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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