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Cloud-Based ITSM Market Poised to Hit $18.81 Billion by 2029 with Accelerating Growth Trends
Cloud-Based ITSM Market
Cloud-Based ITSM Market Size Growth Forecast: What to Expect by 2025?
The market size of cloud-based itsm has seen a significant expansion in the past few years. The market is projected to rise from $8.98 billion in 2024 to $10.02 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.6%. The remarkable growth during the historical period can be ascribed to an increased focus on user experience, initiatives for digital transformation, cost-effectiveness and opex models, remote work settings, and multi-cloud tactics.
How Will the Cloud-Based ITSM Market Size Evolve and Grow by 2029?
Forecasts indicate a swift expansion in the market size of cloud-based ITSM in the upcoming years, reaching $18.81 billion by 2029, with a compound annual growth rate (CAGR) of 17.0%. Factors contributing to this rise in the predicted period encompass the adaptation to industries' specific needs, emphasis on enhancing customer satisfaction and experiences, global regulatory and governance influences, ongoing improvements and a focus on analytics, as well as alignment with DevOps practices. Key trends projected during this forecast period embrace initiatives towards digital transformation, remote and hybrid working models, automation and AI assimilation, scalability and malleability, and potential cost efficiencies brought about by OPEX models.
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What Drivers Are Propelling the Growth of Cloud-Based ITSM Market Forward?
The surge in the use of cloud-based applications is expected to fuel the expansion of the cloud-based ITSM market during the projected period. The strategy of adopting the cloud is aimed at enhancing the scalability of internet-based database capabilities, simultaneously reducing expenses and potential risks. Firms exploit cloud computing, or online-hosted remote computers, for the storage, management, and processing of vital data. For example, a Flexera report from April 2023 pinpointed that 93% of establishments are capitalizing on cloud services, and 87% implement multi-cloud strategies. This growth is primarily spurred by the need for adaptability and speed in meeting market requirements. Consequently, the use of cloud-based applications will stimulate the growth of the cloud-based ITSM market.
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Which Emerging Trends Are Transforming the Cloud-Based ITSM Market in 2025?
The growing popularity of technological innovation is a crucial trend in the cloud-based ITSM market. Major businesses in this market are concentrating on offering technologically enhanced solutions and platforms to solidify their market standing. These firms are integrating cutting-edge cloud-based ITSM technologies into their services and platforms, including virtualization, grid computing, service-oriented architecture, artificial intelligence, mining, cloud computing, automated cloud orchestration, among others. As an example, in October 2023, Sherweb, a Canadian based cloud solutions provider and tech company, released C2 MSP - an all-encompassing IT service management (ITSM) solution. This modifiable solution is engineered to optimize and automate cloud business processes, simplify the provision of managed IT services, and enhance the end-client experience of partners. C2 MSP provides a customized, fully integrated ticketing solution and a self-service portal that centralizes all client requests, designed to eliminate manual management and facilitate automation of partners' business workflows, thereby enhancing overall operational performance.
What Are the Key Segments in the Cloud-Based ITSM Market?
The cloud-based itsmmarket covered in this report is segmented -
1) By Component: Solutions, Services
2) By Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End User: Telecom And IT, BFSI, Manufacturing, Retail, Healthcare, Education
Subsegments:
1) By Solutions: Incident Management Software, Change Management Tools, Problem Management Solutions, Service Request Management, Knowledge Management Systems,
2) By Services: Implementation Services, Training And Support Services, Consulting Services, Maintenance And Upgrades
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Who Are the Key Players Shaping the Cloud-Based ITSM Market's Competitive Landscape?
Major companies operating in the cloud-based itsm market include ServiceNow Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), BMC Software Inc., Broadcom Inc., Ivanti Inc., Hornbill Systems Limited, Microsoft Corporation, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., InvGate Inc., Google Cloud IT Service Management (ITSM), Salesforce Service Cloud, SAP IT Service Management (ITSM), Atlassian Jira Service Desk, Ivanti Service Manager, HCL Remedy OnDemand
What Geographic Markets Are Powering Growth in the Cloud-Based ITSM Market?
North America was the largest region in the cloud-based ISTM market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based itsm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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