Press release
Emerging Trends Influencing The Growth Of The IT Service Management (ITSM) Market: Advancing IT Service Management Harnessing Smart Technology And AI For Enhanced Efficiency And User Experience
IT Service Management (ITSM)
How Big Is the IT Service Management (ITSM) Market Size Expected to Be by 2034?
The IT service management (ITSM) market will grow from $12.43 billion in 2024 to $14.42 billion in 2025, at a CAGR of 16.0%. Growth drivers include improved service quality, increased operational effectiveness, compliance and security priorities, and higher spending on cloud-based ITSM solutions.
The IT service management (ITSM) market is projected to grow rapidly, expected to reach $25.83 billion by 2029 at a CAGR of 15.7%. This growth is attributed to increased adoption of modern IT infrastructure, the rise in digital business transformation, demand for unified platforms, and a reliance on IT in modern enterprises. Key trends include AI and automation integration, digital business strategies, cloud-based ITSM solutions, and the transition to ITSM software platforms.
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What Are the Emerging Segments Within the IT Service Management (ITSM) Market?
The IT service management (ITSM) market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Performance Management, Configuration Management, Network Management, Database Management System, Other Technologies
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Government And Education, Information Technology And Telecommunication, Retail, Travel And Hospitality, Healthcare, Other End-Users
Subsegments:
By Solution: ITSM Software, ITSM Platforms, ITSM Tools
By Services: Consulting, Implementation, Training And Support, Managed Services
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What Long-Term Drivers Are Shaping IT Service Management (ITSM) Market Trends?
The growing use of cloud-based platforms is expected to accelerate the IT service management (ITSM) market. Cloud platforms deliver various computing services via the internet and are increasingly adopted due to cost benefits, agility, disaster recovery capabilities, and regulatory compliance. ITSM helps businesses manage and optimize cloud services, ensuring alignment with business needs and service standards. In December 2023, the European Union reported that cloud service adoption among EU businesses rose by 4.2 percentage points between 2021 and 2023. As such, the growing use of cloud platforms is fueling the ITSM market.
Who Are the Top Competitors in Key IT Service Management (ITSM) Market Segments?
Major companies operating in the IT service management (ITSM) market are Microsoft Corporation, IBM Corporation, Broadcom Inc., Hewlett Packard Enterprise Co., ServiceNow Inc., Open Text Corporation, Atlassian Corporation Plc, Micro Focus International Plc, BMC Software Inc., Epicor Software Corporation, ManageEngine, SolarWinds Worldwide LLC, Ivanti Inc., Freshworks Inc., ASG Technologies Group Inc., TOPdesk Nederland B.V., EasyVista Inc., Matrix42 AG, Spiceworks Ziff Davis Inc., Axios Systems Plc, SysAid Technologies Ltd., SunView Software Inc., InvGate Inc., Cherwell Software LLC, CA Technologies Inc.
What Are the Major Trends Shaping the IT Service Management (ITSM) Market?
Leading firms in the IT Service Management (ITSM) market are concentrating on creating sophisticated services like AI-driven IT service management in order to boost efficiency and augment users' experience. Such AI-based ITSM alters conventional methods, facilitating organizations to provide IT services that are quicker, more proactive and tailored, while also promoting operational effectiveness and budgetary savings. A notable example is Spark, a high-tech solution based in the US, which introduced ServiceFlex, a novel ITSM solution, in August 2023. This solution uses smart tech, automation, and AI to assist businesses, enterprises, and government bodies in accomplishing their objectives. ServiceFlex simplifies IT activities by using intelligent automation to avert potential business interruptions, such as automating digital certificate renewals.
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Which Regions Are Becoming Hubs for IT Service Management (ITSM) Market Innovation?
North America was the largest region in the it service management (ITSM) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the 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 IT Service Management (ITSM) Market?
2. What is the CAGR expected in the IT Service Management (ITSM) Market?
3. What Are the Key Innovations Transforming the IT Service Management (ITSM) Industry?
4. Which Region Is Leading the IT Service Management (ITSM) Market?
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