Press release
Cloud IT Service Management (ITSM) Market Insights 2025-2034: Growth Forecast and Strategic Priorities
Cloud IT Service Management (ITSM) Market Size
Cloud IT Service Management (ITSM) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the cloud IT service management (ITSM) market has been expanding at a rapid pace in recent years, escalating from $9.21 billion in 2024 to an expected $10.77 billion in 2025 with a compound annual growth rate (CAGR) of 17.0%. The exceptional growth during the historic period is a result of an increased need for scalable and affordable IT service management solutions as well as a surge in demand for ITSM solutions in various fields including government, education, travel, hospitality, healthcare, and IT and telecommunication sectors.
Cloud IT Service Management (ITSM) Market Size Forecast: What's the Projected Valuation by 2029?
We can anticipate substantial growth in the cloud IT service management (ITSM) market size in the upcoming years, escalating to $20.02 billion in 2029 with a compound annual growth rate (CAGR) of 16.8%. The expansion in the projected timeline is due to a rising trend towards remote work, amplified necessity for cloud services in the IT sector, increased demand for automation services in corporate processes, the emerging concept of bring-your-own-device (BYOD), and the growing requirement for proficient implementation of IT operations. Prominent tendencies in this forecasted timeline encompass the embracement of cloud technologies across various industries, enhancement of IT infrastructure, investments by numerous operators, integration of artificial intelligence (AI) in ITSM solutions, and the rising demand for cloud IT service management software solutions.
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What Are the Drivers Transforming the Cloud IT Service Management (ITSM) Market?
The surge towards remote working is anticipated to stimulate the advancement of the cloud IT service management (ITSM) industry. Remote working is a setup where employees execute their tasks from a distance, utilizing technologies such as laptops, smartphones, and virtual conference tools. There is a growing number of remote workers due to technological progressions, evolving perspectives on work-life balance, and the worldwide health crisis, which has expedited the adoption of adaptable work models. Cloud IT service management delivers essential tools and technologies that ensure smooth operation, increased security, and an enriched user experience for remote workers. For instance, The Office for National Statistics, a non-ministerial department based in the UK, reported that from September 2022 to January 2023, 16% of individuals in Great Britain stated they exclusively worked from home, and 28% indicated a combination of home and office working. Thus, the swelling trend towards remote work is fuelling the growth of the cloud IT service management (ITSM) industry.
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What Long-Term Trends Will Define the Future of the Cloud IT Service Management (ITSM) Market?
Leading companies in the cloud IT service management (ITSM) field are creating AI-driven data platforms with the primary goal of enhancing resource efficiency and boosting the quality of customer service. These AI-infused platforms are designed to blend artificial intelligence and machine learning capabilities to significantly improve the effectiveness, accuracy and efficiency of ITSM procedures. For example, in May 2023, the US-based software firm IBM unveiled Watsonx, their advanced AI and data platform hosted on the cloud. The primary objective of this platform is to offer businesses a comprehensive, tailor-made solution that rapidly scales and makes a more considerable impact of AI across their setup via capabilities in AI programming, data handling, and governance.
Which Segments in the Cloud IT Service Management (ITSM) Market Offer the Most Profit Potential?
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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Which Firms Dominate the Cloud IT Service Management (ITSM) Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Cloud IT Service Management (ITSM) Market?
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.
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