Press release
Cloud IT Service Management (ITSM) Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Cloud IT Service Management (ITSM)
What Is the Expected Cloud IT Service Management (ITSM) Market Size During the Forecast Period?
The cloud IT service management (ITSM) market is set to grow from $9.21 billion in 2024 to $10.77 billion in 2025, at a CAGR of 17.0%. Growth is attributed to the increasing demand for scalable and cost-effective ITSM solutions, particularly in government, education, travel, healthcare, IT, and telecommunications sectors.
The cloud IT service management (ITSM) market is expected to experience rapid growth, reaching $20.02 billion in 2029 with a CAGR of 16.8%. The growth is driven by the increasing shift to remote work, rising demand for cloud services, and automation in business processes. Trends include AI-driven ITSM solutions, cloud technology adoption across industries, and increased investments in IT infrastructure.
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What Are the High-Growth Segments in the Cloud IT Service Management (ITSM) Market?
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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What Key Drivers Are Expected to Influence Future Cloud IT Service Management (ITSM) Market Growth?
The shift toward remote work is expected to propel the growth of the cloud IT service management (ITSM) market. Remote work, made feasible by technology such as laptops, smartphones, and video conferencing tools, is increasing due to technological advances and changes in work-life balance preferences. Cloud IT service management tools ensure smooth operations and enhanced security for remote employees. According to The Office for National Statistics in February 2023, 16% of people worked entirely from home in the UK, while 28% combined remote work with commuting. The ongoing shift toward remote work is a key driver for the growth of the cloud ITSM market.
Which Companies Hold the Largest Share Across Different Cloud IT Service Management (ITSM) Market Segments?
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 Developing Trends in the Cloud IT Service Management (ITSM) Market?
Leading companies in the cloud IT service management (ITSM) market are working on AI-based data platforms to improve resource utilization and deliver superior customer experiences. These AI platforms integrate artificial intelligence and machine learning to optimize IT service management processes. For example, in May 2023, IBM launched Watsonx, an AI and data platform designed to help enterprises scale and accelerate the impact of AI across their organizations, providing tools for AI development, data management, and governance.
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What Are the Emerging Geographies for The Cloud IT Service Management (ITSM) Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cloud IT Service Management (ITSM) Market?
2. What is the CAGR expected in the Cloud IT Service Management (ITSM) Market?
3. What Are the Key Innovations Transforming the Cloud IT Service Management (ITSM) Industry?
4. Which Region Is Leading the Cloud IT Service Management (ITSM) Market?
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